For Foreign National the Copy of passport is mandatory. All foreign nationals and non – resident Indians should provide notarised or apostilled or counsularised documents from the Indian Embassy in that country. It is mandatory to provide documents in the languages English or Hindi only, if In any case the documents are not in English or Hindi, then the certified translation copy should be attached.
It’s important to note that CIBIL is merely a database that processes a credit score with information that it receives. It does not contribute anything to lower or raise a score. The parties that are involved in giving CIBIL your information are the banks and lenders whom you’ve done business with.
Your CIBIL score is one of the main factors that determine your eligibility to avail a loan or a credit card. CIBIL scores can affect your financial journey depending on how good or bad it is.
CIBIL scores are calculated based on various factors such as one’s payment history, number and type of loan accounts, length of one’s credit history, outstanding debt and many other factors. Once the CIBIL score is calculated, it is sent to banks and financial institutions for evaluation. Each bank or credit institution has its own benchmark that constitutes as a good score. It differs across banks.
CIBIL scores are calculated based on many factors but there are some factors that don’t make a difference to your CIBIL score.
CIBIL score is a numeric summary of one’s credit history and it helps one get their loan applications evaluated and approved. Banks and other financial institutions rely on CIBIL scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses. CIBIL score plays a very important role in India’s financial system and helps consumers secure credit quicker and also help loan providers manage their business efficiently.
CIBIL scores are very important when it comes to availing credit, especially loan approvals. The banks check your CIBIL score or credit score through CIBIL. A CIBIL score helps determine your creditworthiness which in turn will help you avail loans faster and easier.
When a borrower applies for a loan or credit card at a bank or a financial institution, the lender checks the credit or CIBIL score first to determine if the applicant is eligible to avail the loan. The lender will not consider or reject an application if the CIBIL score doesn’t meet their expectations or if it’s too low. But if the credit score is high, the lender will consider the application and move on to evaluate other factors before approving the application.
Your CIBIL score acts as the first impression for the lender, the higher the score, the better chances of the loan/credit card being approved.
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