Loan Against Property: How Your CIBIL Score Affects Approval
When applying for a Loan Against Property (LAP), your CIBIL score plays a crucial role in determining loan approval and the interest rate. Lenders use the CIBIL score to assess your creditworthiness and ability to repay the loan. A higher CIBIL score increases your chances of getting a loan with favorable terms, while a low score may result in higher interest rates or rejection. It’s important to check your CIBIL score beforehand and take steps to improve it if necessary to ensure you meet the lender’s criteria for approval.