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What is the CIBIL Score Range?

Typically, the CIBIL score ranges between 300 and 900, where 300 is considered a bad score and 900 is considered an excellent score. Here’s a quick summary of the CIBIL score range and what it means while taking a loan from a bank or financial institution.

 

CIBIL Score

Rating

Probability of Approval

Above 750

Excellent

Very High

700 - 749

Good

Great

699 - 650

Fair

Average

649 - 600

Poor

Possible

Below 599

Bad

Low

Impact of CIBIL Score Ratings

Your CIBIL score rating can have a direct impact on your loan or credit card application. Let us take a look at it:

1. “Excellent” CIBIL Score:

Having an ‘excellent’ CIBIL score of 750 or more makes the loan application process exceedingly simple for you. With this score, the chances of loan approval are the highest. In addition to that, your high creditworthiness puts you in a position to negotiate interest rates. The banking institutions may also agree to offer you a loan on favourable terms.

2. “Good” CIBIL Score:

The CIBIL score in the range of 700 and 749 is considered “good” and puts you in a position where your chances of loan approval are fairly good. However, you must note that some institutions may still reject your application. The banks that approve your loan may not get you the best interest rates and the terms may not be as favourable compared to the borrowers with ‘excellent’ scores.

3. “Fair” CIBIL Score:

Having a CIBIL score between 699 and 650 is considered to be an average score. With this score, the scope of rejection of your loan application increases. Even if the banker agrees to offer you the loan, they may ask for a guarantor. In the case of housing or car loans, a higher down payment may also be demanded. Moreover, the banks may also charge you a higher interest rate on the loan.

4. “Poor” CIBIL Score:

The CIBIL score between 600 - 649 is considered ‘poor’ and can have a negative impact on your credibility. With such a score, the chances of your loan application being approved decline drastically. However, getting a loan with this score is not impossible. However, you may be required to submit collateral to borrow the required funds.

5. “Bad” CIBIL Score:

A CIBIL score of 600 or lower is not considered ideal. It puts you in the risky borrower’s category as the bankers may worry about the repayment of the loan based on the credit history. To improve the score, you must maintain low outstanding debt and never miss the loan instalments.

FAQs on CIBIL Score Range

 A CIBIL score between 700 and 799 is considered a “good” credit score range. With such a score, you hold a fairly good chance of loan approval.

 A CIBIL score of 800 or above is considered an ‘excellent’ credit score. You can enjoy quick loan approval and other benefits like lower interest rates on the sum borrowed and favourable terms.

 A CIBIL score below 600 is considered a bad credit score. A bad CIBIL score can significantly reduce your chance of getting a loan as you are reflected as a high risk for the banks and financial institutions.

 Although the acceptable range of credit score may vary for each lender, typically a CIBIL score range above 600 is considered acceptable. However, the range below 600 is unacceptable and has the highest chance of rejection.

Each credit bureau has a different scoring methodology. For instance, some bureaus may give equal weightage to your credit behaviour over a vast period of time. Meanwhile, some bureaus may give higher weightage to recent credit behaviour.

With a Poor CIBIL score of below 600, there are high chances that your loan or credit card request may get rejected. To improve your score, you must pay the dues on time, avoid utilising credit above 50%, stop applying for new credit cards, and avoid closing old accounts until you improve your score.

The 5 major levels of a CIBIL score range are as follows:

  • Above 750 - Excellent
  • 700 - 749 - Good
  • 699 - 650 - Fair
  • 649 - 600 - Poor
  • Below 599 - Bad

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