CIBIL Score: To get a loan from a bank, it is necessary to have at least this much CIBIL score, otherwise no bank will give money
CIBIL Score: You are not able to get a loan because your CIBIL score is low. 6 out of 10 Indians have to face this problem. In today's news, we will talk about CIBIL score, so that you can understand why it is so important and how it can be improved-
News, Digital Desk- (How To Improve CIBIL Score) Are you not able to get a loan because your CIBIL score is low? 6 out of 10 Indians have to face this problem. In today's news, we will talk about CIBIL score, so that you can understand why it is so important and how it can be improved. Also, what benefit does a common citizen get from a good CIBIL score?
What is CIBIL score?
CIBIL score is a measure of your ability to repay loans. It is based on your previous loans and their repayment history. If you have paid your loans on time, your CIBIL score will be good.
Conversely, if you have delayed paying EMIs, your score will go down. A good CIBIL score helps you get loans easily in the future, while a low score may make banks look at you with suspicion.
What to do if CIBIL score is bad?
If your CIBIL score is bad, don't worry! It is easy to improve it. All you have to do is take a small loan and pay its EMI on time. If you can make an advance payment, it is even better. By doing this, your CIBIL score will gradually start improving on its own.
These are the disadvantages of a bad CIBIL score-
Having a CIBIL score of 350 is a cause for concern, as a score between 750 and 900 is considered ideal. The higher your CIBIL score, the easier it is to get a loan from banks and the less interest you have to pay. A good CIBIL score offers many financial benefits.