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.