Mumbai, 16 August, 2018: Bank of Maharashtra has announced CIBIL Score-based preferential pricing for vehicle loans and housing loans, based on consumers’ CIBIL Score. This initiative acknowledges and rewards a consumer’s good credit behavior and high CIBIL Score with better rates of interest.
A consumer’s CIBIL Score is a 3-digit numeric summary of the credit information report (CIR) — based on past credit behavior and repayment history — and ranges from 300 to 900. The higher the Score, the better are the chances of a loan being approved. Most banks check a consumer’s CIBIL Score and Report before approving loans, making it a critical influencer in the loan underwriting process.
Bank of Maharashtra’s Executive Director, A C Rout spoke on the development, “In an endeavor to highlight the importance of credit discipline, we decided to link the housing loan and vehicle loan rates of interest to customers’ CIBIL Scores. Simply put, higher the customer’s score, better the rate of interest. This initiative will encourage those with a lower score to improve their credit behavior, and in time increase their CIBIL Score. This will lead to more informed, credit-conscious customers of tomorrow.”
The CIBIL Score-based rates of interest for Housing Loans are as follows:
The CIBIL Score-based rates of interest for Vehicle Loans are as follows:
Speaking about the offering, TransUnion CIBIL’s Head of Direct to Consumer Interactive Sujata Ahlawat said, “Lenders are looking to build long-lasting relationships with diligent, credit-disciplined consumers, and preferential pricing is a win-win situation for both. This is a positive move towards reinforcing financial responsibility and credit discipline. Consumers should leverage this offer by checking their credit profile, and monitoring their CIBIL Score regularly.”
For more information about the CIBIL Score, visit www.cibil.com.
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