The CIBIL score is a 3-digit number that ranges from 300 to 900. It is assigned to every individual by the Credit Information Bureau (India) Limited. The score is based on the Credit Information Report (CIR) which includes the credit history of an individual.
The following parameters are used in the CIR to calculate the credit score:
Financial institutions prefer borrowers who have a credit score of 750 or above to sanction a loan.
Loan Against Property is a secured loan. This means that you need to mortgage an asset such as a house, or a commercial space to avail a loan against property. So, in case of defaults, the lender can liquidate the mortgaged asset to recover the outstanding dues. Thus, the lender has lower risks if a borrower fails to repay such a loan.
Therefore, this loan can be sanctioned even if the applicant has a CIBIL score close to 750. However, the score needs to be at a minimum of 750 or more when you apply for unsecured credits.
Also Read: Loan Against Property vs Education Loan
Having a good credit score can help you apply for a loan against property and get it approved quickly. You may also enjoy lower loan against property interest rates with a high credit score.
Here are some of the features of a Bajaj Finserv Loan Against Property:
So, meet the simple loan against property eligibility criteria and documentation requirements and avail a high loan amount with a loan against property.
Bajaj Finserv brings you the fastest Loan Against Property with loan amount disbursal within 4 days.
