CIBIL Score: 400, 500 or 600, what should be the CIBIL score to get a loan, know this important thing before going to the bank..

CIBIL Score News: The CIBIL score ranges from 300 to 900. It is decided according to the credit history of the customer. For most people, the question remains whether a CIBIL score of 400, 500, or 600 (loan with a low cibil score) is enough to take a loan or not.

That is, it is not known at what CIBIL score a loan (bank loan rules) can be obtained. It is very important to know about this before taking a loan. Let us know in the news below what should be the CIBIL score to take a loan.

This is beneficial for the customer-

The loan is needed for many types of financial needs. Sometimes a home loan is needed to buy a house (home loan kaise le) and sometimes a car loan is needed to buy a car. But also know that for taking any loan, it is necessary to have a better CIBIL score (cibil score for loan).

Many times there is a doubt as to how much it should be, the answer to this will be known here. Before this, know that the closer the CIBIL score is to 900 (the highest cibil score), the more beneficial it is for the customer.

This is how the CIBIL score is decided -

Bank customers sometimes take a loan from the bank (bank news) and sometimes pay EMI (Loan EMI) for their car or house etc. This transaction remains in the record and on this basis, the credit history gets created. The CIBIL score or credit score is decided by this credit history. It is decided by a private company with the consent of the Reserve Bank of India (RBI) and the government.

Role of good and bad CIBIL score -

It is difficult to get a loan if the CIBIL score is bad (good and bad cibil score), whereas a good CIBIL score helps get more loan amount than required at less interest. Therefore, a better CIBIL score (loan with a low cibil score) is beneficial for the customer.

If you want to take a loan, keep this much CIBIL score-

The minimum CIBIL score is 300 (lowest CIBIL score) and the maximum is 900. Although the closer the CIBIL score is to 900, the better it is for the customer, a CIBIL score of 750 is considered suitable for taking a loan. If a customer has a CIBIL score above 800, then you can get discounts on premiums from insurance companies, good jobs in banks, and better loan offers from banks.

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

If you want to take a loan with a low CIBIL score, then you can choose the option of a secured loan (how to get a secured loan). This is available by pledging some valuable thing in the bank in exchange for a loan. If you cannot even take a secured loan, then you can get a Secured Credit Card on FD without pledging anything. Apart from this, you can also plan to take a loan from NBFC (non-banking financing companies). Many NBFCs give loans even on low CIBIL scores.

Will I get a loan after defaulting -

Many times people think that after defaulting from one bank (loan default hone ke nuksan) they can take a loan from another bank. But this is not the case at all, because the CIBIL score report reaches every bank and as soon as the loan defaults, the CIBIL score becomes bad. If it becomes bad, no bank gives loan or expensive interest rates will be applicable.

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