15-Oct-2015 written by : FSI-Team
A healthy credit score enables to speed up your loan process. Although lending institutions and banks do not advertise that low interest rates or benefits are linked to high credit score, it is definitely a key factor on interest being charged. The lower the credit score, the higher the rate of interest. Low credit scores may even lead to rejection of loans. Hence, a good CIBIL score helps in saving a considerable amount of money.
Missing such opportunities due to delay in the loan process owing to your low credit score could lead to huge losses of tens of thousands of rupees. A good CIBIL score can hence assist you in accessing credit at economical rates with fewer hassles and in lesser time.