Question: Will a loan against life insurance policy be denied if I have a low CIBIL Score?
Answer: Technically speaking your CIBIL Score is not checked if you are opting for a loan against life insurance policy. Therefore anyone with low CIBIL Score can also avail the loan although it is always advisable to maintain a decent credit score. If you are applying for a loan against life insurance from a bank and the bank is offering you an overdraft loan, then in that case the bank will check your CIBIL score. Also any default on your life insurance policy repayment can negatively affect your CIBIL score.
Question:
Will a loan against life insurance policy be denied if I have a low CIBIL Score? Answer:
Technically speaking your CIBIL Score is not checked if you are opting for a loan against life insurance policy. Therefore anyone with low CIBIL Score can also avail the loan although it is always advisable to maintain a decent credit score. If you are applying for a loan against life insurance from a bank and the bank is offering you an overdraft loan, then in that case the bank will check your CIBIL score. Also any default on your life insurance policy repayment can negatively affect your CIBIL score. Source: CoolInterview.com
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