CIBIL score or credit score is a scale based on which every bank decides whether to give a loan to someone or not. If someone does not have a credit history, then it is zero.
Therefore, for this, first of all, it is necessary to have a credit history. After this, to get a loan, the CIBIL score should be up to a certain figure; only then can you get a loan from a bank. Know in the news how much the CIBIL score is required for a loan.

Know the range of CIBIL score -

The CIBIL score is always in the three-digit range. It ranges from 300 to 900. The minimum figure is 300 and the maximum is 900. If you have paid all kinds of bills on time, including loan EMIs, then your CIBIL score can be better.

The CIBIL score gets spoiled if you miss an EMI or default on the loan. CIBIL score is decided by CIBIL companies based on a customer's history of bill payment, EMI payment, and credit card usage (how to use a credit card).

The loan will be available on this CIBIL score-

If the CIBIL score is 750, it is considered better. You will easily get a personal loan on CIBIL in this range. You can get cheaper interest rates on a CIBIL score above 800. You can also get some other discounts. The closer it is to 900, the easier it will be to get a loan. Insurance companies can also give discounts on premiums on a good CIBIL score (good cibil score for a loan).

It is difficult to get a loan with a low CIBIL score-

If the CIBIL score (cibil score update) is less than 600, it is considered bad. You may get a loan for this at a high interest rate. The bank can also refuse, so it is important to have a good CIBIL score (good and bad cibil score).

This is how you can get a loan if your CIBIL score is low-

If your CIBIL score is bad, you can take a loan from an NBFC instead of a bank (bank loan news). These are non-banking financial institutions that usually give less importance to CIBIL score (a loan with a low cibil score) for giving loans, but here you will get loans at higher interest rates than banks.

You can choose the option of a secured loan-

If your CIBIL score is low, you can apply for a secured loan. If you are unable to take out even a secured loan, then you can apply for a secured credit card. For this, you do not need to mortgage anything in the bank, but there should be a fixed deposit in the bank.

Will the defaulter get a loan-

Often, a question remains in the minds of people that after defaulting from one bank (bank news), can one take a loan from another bank or not? Let us tell you that every bank gets the report of your CIBIL score. If you default on a loan from one bank, then another bank can immediately refuse to give you a loan. The reason for this is that due to loan default in the past, your CIBIL score becomes bad (bad cibil score reasons).

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