ZipLoan believes in evaluating the creditworthiness of the borrower in a holistic fashion and does not go only by the CIBIL Score for business loan. We have our own credit evaluation process that we use to measure the creditworthiness of the borrower in a holistic way.
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CIBIL Score For Business Loan
A CIBIL TransUnion Score is a 3-digt number which essentially represents the individual’s credit history. It is calculated on the basis of the individual’s credit history and past debts and ranges between 300 and 900. Most lending institutions need CIBIL score to check the creditworthiness of the borrower.
One of the most important business loan eligibility criteria is the high CIBIL score. A CIBIL score, also known as credit score, is a summarised report of an individual’s payments of loans taken from banks and other financial institutions. Based on the timely payment of the credit, a CIBIL score is generated. The CIBIL score range for business loan is 300-900. The minimum CIBIL score for business loan is generally 750; the best CIBIL score for business loan is said to the number which is near to 900.
The CIBIL score information is considered to be very important and a good CIBIL score signifies timely payment of all the business loans. It is generally the first eligibility criterion that most of the banks, NBFCs, and other financial institutions apply when reviewing the borrower’s business loan application form. A number of factors can affect the CIBIL score and a low CIBIL score can simply mean rejection while applying for a business loan. But not is the case with ZipLoan.
ZipLoan understands that many factors together can affect the CIBIL score and therefore does not only follow the CIBIL score norms but have their own holistic credit evaluation process called ZipScore that calculates the creditworthiness of the borrower in a holistic fashion.
ZipLoan understands that every business is unique and the limited parameters of calculating CIBIL score for a business loan cannot capture all the peculiarities of such small businesses. To provide a solution to this, ZipLoan has developed its own credit evaluation process called ZipScore in order to underwrite each small business segment separately.
Removing human bias, ZipScore captures data from the qualified database only and offers real-time credit decision. The following are the points that ZipScore takes into account:
