- What is a CIBIL Score?
- What Should be the Ideal CIBIL Score if you are Considering to Take a Bike Loan
- Shriram Citys Two-wheeler Bike Loan
What is a CIBIL Score?
Before lending, financial institutions have a system that validates an individual's creditworthiness seeking out credit to meet their financial requirements.
This system mandates that the financial institution, or the creditor, review the individual's financial performance by assessing their transactional records obtained from an organization called CIBIL.
These records are finally summarized into a 3-digit credit score, also known as the consumer's CIBIL score.
What is the Scale of the CIBIL Score?
The CIBIL score ranges from a score of 300 to 900. As CIBIL score inches towards 900, the market considers an individual worthier of new credit.
A good CIBIL score also suppresses the potential transaction's risk factor and ensures better repayment chances within the given loan tenure.
What Should be the Ideal CIBIL Score if you are Considering to Take a Bike Loan
A bike loan always elevates you to purchase your dream bike. But, your CIBIL score for Bike Loan can have a huge impact on your access to the credit.
A low or medium CIBIL score can act as a hindrance to secure the credit.
Even if you are well-positioned to clear all existing dues and complete your EMIs on time, there are chances that your application might get rejected due to a poor CIBIL score.
Fixate on a Credible Financial Lender
Your financial lender plays a huge role when it comes to applying for a bike loan. It has the power to limit the credit score requirement for bike loan and increase the worthiness of your overall profile.
A good financial lender gauges your financial profile from a bird's eye view. It also assesses other vital factors like your salary, your business's health, and much more.
This solidifies the belief that a low CIBIL score for Bike loan is not the end of the road for you.
Shriram City Union Finance: Money When You Need It the Most
Shriram City Union Finance is India's most well established and agile financial lender. It has made a niche for itself when offering customizable credit plans.
The two-wheeler financing sector has made a name for itself by limiting the cap on credit requirement for bike Loan and smoothening the credit application process. Its consumer-first policy facilitates a hassle-free and quick credit disbursal as soon as it gets approved.
Shriram City's Two-wheeler Bike Loan
Shriram City Union Finance has been standing strong in the retail financial lending space since 1986. It brings with it an extensive network of partnerships and rooted presence across India. It is one of the largest financiers of two-wheelers because it understands the needs of economic assets such as a bike, a symbol of aspiration and arrival.
Shriram city acknowledges that consumers still have to loosen their purse strings when they step out to purchase a bike. Therefore, Shriram City is a rare financial institution that takes a relaxed stand on CIBIL score requirement for bike loan.
Features of Shriram City Union Finance Two-wheeler Loan
Shriram City offers varied benefits if you decide to avail bike loan through its flagship two-wheeler scheme.
The only major decision you have to take from your end is zeroing on the bike model you will choose. You can leave the rest to Shriram City Union Finance.
If you have carved out your budgets and demands, reach out to the nearest Shriram City office or contact a representative through the website. If you have leveraged the Shriram city's bike EMI calculator and have carved out a financial budget for yourself, then go ahead and fill the online application form.
Apart from the basic documentation, you need not worry about the CIBIL or credit requirement for bike loan. The Shriram City application process is flexible, and the credit disbursal process is instantaneous.
Remember, your CIBIL score requirement for a bike loan is an important factor in securing credit. Nevertheless, you can always tone down its monopoly in the application process by choosing the right lender. All the best for your next ride!!