CIBIL score: Lenders often speed up the approval process for applicants with high credit scores, as they are less of a risk.
There are many long term benefits of having a high CIBIL score or credit score. This gives you access to financial products like premium credit cards and exclusive banking services. Some companies even check the credit score of employees while recruiting them. This especially happens in vacancies related to finance and sensitive information. In this way, a high CIBIL score can also help you in getting a job. Today we will tell you 5 such long term benefits of high CIBIL score which will make you try to keep your CIBIL score high.
1. It will be easy to get loan
A high credit score makes the customer’s profile attractive to banks. This increases the chances of approval of your loan, credit card etc. When your credit score is high, you are also eligible for higher credit limits. This means you can get a higher loan amount and the terms are also easier.
2. Interest rates will remain low
Be it home loan, personal loan or auto loan, if your credit score is high, you will be offered lower interest rates. You will also get a credit card with low interest rate. Having a low interest rate can save you a lot of interest over time.
3. Speeding up the loan approval process
Lenders often have a faster approval process for applicants with high credit scores because they are less of a risk. That means, if your credit score is good, you will get the loan quickly. You can also get a pre-approved loan.
4. You can get the deal of your choice
A high credit score gives you more bargaining power, meaning you can negotiate to get the deal you want. You can get loan at low interest rate. You can also negotiate more favorable repayment terms.
5. Lower insurance premium
Some insurance companies also look at credit score while deciding the insurance premium. A higher credit score can get you lower insurance premiums.
