Credit history generally plays a significant role in any loan approval process. The Reserve Bank of India has mandated the four credit bureaus in the country to keep a record of your repayment history of credit card bills and all forms of loans. Before approving your loan, the lender shall check your repayment track record. A good credit score will help you fetch higher loan amounts at competitive interest rate.
Please note that for the purpose of this loan application, it is not mandatary for you to have a credit score. The lender may approve your loan application even if you do not have a credit score subject to you fulfilling the other relevant eligibility criteria for this loan.