How To Improve CIBIL Score: You might already know that when you approach a bank for a loan, the first thing they do is check your CIBIL score. Your loan approval is based on this score. However, the RBI has now made changes to the rules governing the CIBIL score. Let’s understand the new rules for the CIBIL score.
You applied for a loan, your CIBIL score was checked, but unfortunately, it was low, and you couldn’t secure the loan. This problem is being observed commonly with 6 out of 10 Indians. So, today’s blog will focus on the CIBIL score. We’ll tell you what this score is, how to improve it if it’s low, and the advantages a good CIBIL score offers to the general public.
What is a CIBIL Score?
Firstly, understand what a CIBIL score is. The CIBIL score indicates your creditworthiness, how efficiently you repay your loans, in other words, your credit history. If you’ve taken a loan and repaid it on time, your CIBIL score will be good. However, if you’ve defaulted on loan payments in the past, your CIBIL score goes down. This could lead to banks scrutinizing your loan applications with skepticism.
What to Do If Your CIBIL Score Is Poor?
The next question is, what can be done if your CIBIL score is poor? If you’ve made mistakes in the past by taking loans and not repaying them on time, there’s no need to panic. You can easily improve your damaged CIBIL score. For this, you’ll need to take a small loan and make sure to pay its EMIs on time. It’s even better if you can pay in advance. Subsequently, your CIBIL score will gradually improve on its own.
The Greatest Benefit of a Good CIBIL Score
A CIBIL score, usually considered perfect between 750 and 900, determines how easily banks grant you loans. Additionally, you’ll not be charged excessive interest rates with a higher CIBIL score. Hence, maintaining a good CIBIL score offers the greatest benefit to individuals.
Several Rules Changed for CIBIL Score
RBI has cautioned NBFIs to inform their customers regularly about their CIBIL scores, ensuring customers don’t delay loan repayments. Alongside, RBI has mandated that all NBFIs resolve any issues within 30 days, failing which they’ll be penalized ₹100 per day.
Subscribe to MakaanBhai.com for accurate information, guidelines, and fair property pricing. We, at MakaanBhai.com, are the leading property advisors in Mumbai, providing complete assistance without brokerage. We pride ourselves on having extensive knowledge about the real estate market in various areas like Mumbai, Navi Mumbai, Thane and surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others. We aim to offer our customers the best available options. Contact MakaanBhai.com now to secure your home investment.
Information Source : Internet
