By Tricitynews
Chandigarh
10th May:- Bank of India (BOI) is offering
preferential pricing to consumers with a good CIBIL Score on a home loan of INR
30 lakhs or more.
This initiative will see the bank
offer a home loan at marginal cost of funds based lending rate (MCLR) for
consumers with a CIBIL Score of 760 and above. MCLR is the minimum
interest rate of a bank below which it cannot lend.
A consumer’s CIBIL Score is a 3-digit
numeric summary of the credit information report (CIR) summarizing the past credit behaviour and
repayment history and ranges from 300 to
900. The higher the Score, the better are the chances of loan approval. Most
banks check a consumer’s CIBIL Score and Report before approving a loan.
Bank of
India shared that we are committed to providing superior,
pro-active and innovative offerings to our customers, helping them access
credit whenever required. Consumers with a good credit discipline should be
rewarded, as it helps propagate the importance and need to maintain a good
financial history. Our preferential pricing model aims to reward high-scoring
home-loan aspirants with competitive ROI, thereby helping them making their
dream home a reality.
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