Cibil Score: Do you need a loan? Then first know your Cibil Score
Is your CIBIL score the savior or the obstacle to your loan dreams? Know how a small number can completely change your money decisions. Improve your CIBIL score in time and get easy loan approval.
Cibil Score: In today's expensive times, whenever there is a need for money, many people think of taking a loan. But to get a loan, it is very important that your CIBIL score is good.
If your CIBIL score is good, you can get a loan at a lower interest rate. But if the CIBIL score is bad, it can be difficult to get a loan and your loan file can also be rejected. Many people apply for a loan, but not everyone gets a loan.
The bank or the loan giving institution decides whether to give you a loan or not by looking at your CIBIL score. Therefore, before taking a loan, it is important to know what your CIBIL score should be for a loan.
If your CIBIL score is good then there is no tension in taking a loan
CIBIL score is a very important thing. When your CIBIL score is good, the bank approves your loan quickly. But if your score is bad, it becomes difficult to get a loan.
If the bank is delaying or refusing to give you a loan, then first check your CIBIL score. The higher your CIBIL score, the easier it will be for you to get a loan. A CIBIL score of 700 or above is considered good and is placed in the better category.
What problems does a poor Cibil Score cause?
If your Cibil Score is below 700, it may be difficult to get a loan. The bank doubts your ability to repay the loan and may even reject your loan. Therefore, it becomes necessary to improve it.
How to improve Cibil Score?
1. Pay EMIs on time:
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If you have already taken a loan, always pay its EMI on time. By doing this your score will not deteriorate and the bank will trust you.
2. Use credit cards wisely:
Avoid using the full credit card limit. Spend only up to 30-40%, this keeps your credit score better.
3. Do not take multiple loans at once:
Taking multiple loans at the same time can cause problems in repayment, which can lower your Cibil Score. Therefore, take a new loan only after repaying the old loan.
4. Take loan as per your need:
Take a loan according to your budget so that EMI can be repaid easily. Taking a large loan can cause problems in repayment and has a negative impact on the score.
5. Keep an eye on your credit report:
Keep checking your credit report daily so that if there is any mistake, you can correct it immediately.