Credit Score: Through CIBIL score, the bank gets an idea of your financial condition and the bank gives you a loan only if the CIBIL score is good. Or let's say that if you have to apply for a loan, then your credit score decides whether you get a loan or not. Therefore, you should maintain the credit score. Let us know through the news on what CIBIL score (CIBIL Score News Updates) the bank can approve the loan and under what conditions it can refuse to give you a loan.
What is the number of CIBIL scores-
The CIBIL score (cibil score kya hai) is between 300 to 900 and the higher it is, the more the person gets the surety of getting a loan. If the CIBIL score of a customer is between 300 to 550, then it comes in the bad category. Along with this, if the CIBIL score (CIBIL score Updates) of a person is between 550 to 650, it is considered average and if the CIBIL score is between 650 to 750, it is considered good and if the CIBIL score is between 750 to 900, then it is considered very good.
This much CIBIL score is necessary to get a loan-
The CIBIL score reveals the transaction history of a person. According to sources, if the CIBIL score (best cibil score) is between 750 and 900, then this CIBIL score falls in the good category, and with this CIBIL score, the bank offers you a loan with the best interest rate without any delay. Along with this, if the CIBIL score is between 650 to 750, then also the bank can give you a loan immediately (minimum CIBIL score for loan) and if the CIBIL score is between 550 to 650, then it will be considered average. In this CIBIL score, banks can give you a loan or can also refuse to give a loan. Whether to give a loan or not depends entirely on the bank.
Disadvantages of low CIBIL score-
If the CIBIL score is bad, then the person has to face difficulties in getting a loan. Whether you should get a loan or not depends on your credit score. If the CIBIL score (best CIBIL score) is low, then there is a high possibility of the loan being rejected.
A bad CIBIL score also affects the loan amount. That is, even if the loan is approved with a bad CIBIL score, you may not get as much approval (bank loan approval) amount from the bank as you need. On the other hand, in case of a poor CIBIL score, you get a loan at higher interest rates, because in a way, banks take risks by giving loans to the customer due to poor CIBIL score.
Know who and how to prepare CIBIL score-
You must be wondering who issues the CIBIL score (how to correct CIBIL score), so let us tell you that credit information companies like TransUnion CIBIL, Equifax, Experian, and CRIF Highmark issue the CIBIL score. These companies collect financial records of people and these companies have the license to maintain the records of people and generate credit reports/credit scores based on this data.
How to improve CIBIL score-
A person can improve their CIBIL score in many ways. The first way is that the person pays the loan on time. Whatever loan a person takes (importance of cibil score). Like- taking home loans, auto loans, personal loans and using credit cards, then maintaining balance in all these.
If a person uses a credit card (Cibil Score Kaise Sudhare) then pay their bills on time. Apart from this, keep the credit utilization ratio low and do not take loans on credit card. Check your credit score from time to time so that if there is any default, it can be corrected.
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