iStockA higher credit score may now get you a cheaper loan. Those borrowing Rs30 lakh or above with a credit score of 760 or more will get a loan rate that will be 10 basis points (bps) cheaper than the rates on offer for those with a lower credit score. For a Rs30 lakh loan for a period of 20 years at 8.5%, your EMI per Rs1 lakh is Rs867. Hrushikesh Mehta, Cibil’s head of Direct to Consumers Interactive, said that banks have started rewarding customers with a good credit score. Those who don’t need a loan right now should keep track of their credit score as that could reward them in the future.

Source: Mint May 14, 2018 03:00 UTC