CIBIL Score: Apart from not getting a loan, people with a bad CIBIL score will now have to face another problem..

Cibil Score: The CIBIL score shows the credit history of a person. In such a situation, it becomes very important to maintain the credit score. Everyone knows that if the CIBIL score (cibil score ki jankari) is bad, then it causes many problems for the person in getting a loan, but let us tell you that due to a bad CIBIL score, not only the loan, the person may have to face another big problem. Let us know in the news what other problems can be caused by a bad CIBIL score.

You will not get a job in a government bank-

If you are dreaming of a job in a government bank, then according to the notification, it is very important for the candidates who are applying for the job to maintain a better credit history. Now only hard work will not work to get a job in the bank, but to get a job you will also have to maintain the CIBIL score. Rules have been made for this. The banking recruitment agency Institute of Banking Personnel Selection has added credit score as a qualification for candidates applying for jobs in other government banks except the country's largest private sector bank SBI (State Bank of India). According to the rules, such candidates need to have a CIBIL score of 650 or more.

The offer letter of the application may be canceled

As per the IBPS guidelines (IBPS Guidelines on credit score), if the CIBIL score of the candidates is less than 650, then they may face many problems in getting a job in a government bank. If the credit score of the person is not generated, then in such a case it will be mandatory for the applicant to get a No Objection Certificate i.e. NOC (no objection certificate) from the bank and if NOC is not there, the offer letter of the application may be canceled. Adding the CIBIL score (Cibil score importance) to the qualifications for bank jobs shows its importance.

Importance of CIBIL Score

The CIBIL score tells us when and how many loans a person has taken how many loans he has to repay how many credit cards he is using and how many liabilities he still has. If you pay for everything on time, then your responsibility is also known through your credit score. The CIBIL score is checked by the bank before loan approval. Banks get information about the loan applicant through CIBIL score (good credit history), credit history tells whether the loan taker is in a position to repay the loan on time or not.

What should be the CIBIL score to take a loan-

Even if your CIBIL score is poor, the bank can give you a loan, but on a poor CIBIL score, you get a loan at higher interest rates. Due to this, you will have to pay more money in the form of interest rates on the loan. RBI (Reserve Bank of India) has advised the banks that they should check CIBIL before providing a loan. This decreases the chance of loan default. Banks have set standards for CIBIL scores. According to these standards, if a person's CIBIL score is above 750, then the person can get a loan at low interest rates.

Disadvantages of a bad CIBIL score -

There are many reasons for a bad CIBIL score. If you pay your loan EMI late or any of your bills remain pending, then your score decreases. Your CIBIL score is affected in many ways. If you spend money from a credit card and do not pay the bill on time, then this can also spoil your CIBIL score (rules of CIBIL score), because by doing this, the companies that check the credit reduce your credit score due to payment default.

Improve CIBIL score in these ways-

If your CIBIL score remains bad (bad cibil score), then you will also have trouble getting a loan in the future. If your CIBIL score is also bad and you want to improve it, then make payment on time for it. Along with this, to improve the CIBIL score (Cibil Score Kaise share), it will be beneficial to make payment through a credit card or pay any other bill or EMI on time. While using a credit card (improvement in credit score), make only necessary expenses and pay the pending on time. You should use your credit card cautiously.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.