CIBIL Score: Now you should have this much CIBIL score to get a loan, know these important rules before going to the bank..
Bank Loan Rules: Banks have set many rules for giving loans. These rules also include rules related to CIBIL score (how to improve cibil score). For taking any kind of loan, CIBIL score is checked first. Now, to take a loan, you will need a CIBIL score (cibil score news) up to the prescribed range; only then will you get a loan. Many people are unaware of what the CIBIL score is for a loan. Know about this in the news below.
Range of CIBIL score for taking a loan-
CIBIL score ranges from 300 to 900 (cibil score range). For any loan, it should be at least $750. Only on this CIBIL score, you can get a loan at a cheap interest rate. It is difficult to get a loan on a CIBIL score below this, or you will get a loan at expensive interest rates (loan kaise le). If you have a CIBIL score near 900, then the bank can also give you a special offer.
Benefits of good CIBIL score-
If the CIBIL score is above 750, then apart from getting a discount on insurance premium from insurance companies, you can also get a good job in the bank. The bank can also give you a better offer, like a loan with zero down payment.
Know this aspect of CIBIL score too -
When a customer takes a credit card or loan from the bank (bank news), their credit history starts. If you pay the EMI of this credit card bill and loan on time, then your credit history will become good. In such a situation, your CIBIL score will also improve. That is, the CIBIL score is decided according to the credit history. It is decided by the CIBIL company.
How to take a loan with a low CIBIL score-
It is not that you will not get a loan if you have a low CIBIL score. You can take a loan even if you have a low CIBIL score. In this situation, you can apply for a secured loan (how to get a secured loan). You can also get a Secured Credit Card against FD. There is no need to pledge anything for this. If you have gold, you can pledge it and take a loan. Nowadays, NBFC (non-banking financing companies) also provide loans with low CIBIL score, but their interest rates can be high.
Option of getting loan in case of default -
If you take a loan from a bank and are unable to repay it, then you fall into the category of defaulter. In such a situation, you will not get a loan from another bank. The reason for this is that your CIBIL score has deteriorated. Every bank immediately gets to know the CIBIL score report. In this situation, if you get a loan anywhere, it will be at a high interest rate.
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