As per CIBIL website
(as on January 31, 2017), 79% of the loans are approved for individuals with a CIBIL score
of 750 or more. CIBIL score
ranges from 300 to 900. Higher the better. Your credit score
is considered a measure of your credit worthiness. No surprise, a higher score increases your chances of getting a loan.
Recently, Bank of Baroda
has moved a step further. The bank has now linked the interest rate (that you get) with your credit score
. Higher the credit score, lower the interest you have to pay. It wouldn’t be unwise to expect other banks to follow suit soon.