CIBIL Score: After how many days of loan repayment will the CIBIL score be updated, know the RBI rules..

RBI new rules: After taking a loan, the burden of repaying it remains on the borrower. Often it is also seen that somehow the loan is repaid (loan repayment rules) but even after that, the problem of updating the CIBIL score remains.

Now RBI has issued new rules (RBI rules for cibil score) given this problem of the customers. Instructions have also been issued to all the banks in this regard. If you have also repaid the loan, then know after how many days your CIBIL score will be updated.

Credit score will be updated after this many days -
According to the new rules of RBI, after repaying the loan (loan repayment), it will not take much time for the CIBIL score to be updated. Now every 15 days the CIBIL score i.e. credit score will be updated. Both banks and customers will benefit from the credit score being updated quickly. As per RBI's suggestion, banks should ensure to send the CIBIL score report to the credit information companies (CIC) every two weeks.

Banks will have to strictly follow the rules-

According to RBI, now fortnightly reporting of the CIBIL score will be fixed. With this system, customers will be able to get updated information in the credit information report provided by CIC (credit information companies). After repaying the loan, the customer's CIBIL score will now be updated after 15 days. Banks have also been instructed to strictly follow these rules of RBI (RBI guidelines).

Bank customers will benefit from this-

This decision of RBI will benefit banks as well as credit information companies. They will be able to decide to give a loan easily and quickly by looking at the CIBIL score (Cibil Score News). It will also be beneficial for the customer to can prepare his upcoming credit strategy by looking at his updated CIBIL score (how to improve cibil score).

Range of CIBIL score -

CIBIL score is also called credit score (credit score update). Its range is from 300 to 900 (cibil score range). The closer it is to 900, the easier it is to get loans and loan offers. It is difficult to get a loan if you have a bad CIBIL score, but you can easily get a loan with a good CIBIL score.

The loan will be available on this CIBIL score -

Usually, a loan is easily available on a CIBIL score of 750. A CIBIL score less than 600 is considered low, it is difficult to get a loan on this CIBIL score or you will get a loan at a high interest rate. While taking a loan, the bank first checks the CIBIL score. Therefore, it is always right to keep it correct.

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