CIBIL Score: The range of CIBIL score is between 300 and 900, this CIBIL score is necessary to get a loan from the bank..

CIBIL Score Range: Many people are familiar with the name CIBIL score, but very few people know what is its role in taking a loan (cibil score for loan) and what should be its value. If you want to take a loan, then before going to the bank (bank news), you must know what CIBIL score you will get for the loan. If you are planning to take a loan without knowing this, then it can go to waste. Let us know in detail how much the CIBIL score should be there to take a loan.

What is the CIBIL score-

CIBIL score (CIBIL score news) is the credit history of any person. It is decided by a private company. CIBIL score is a number determined in three digits which is decided based on the customer's credit transactions. It is decided between 300 to 900 (cibil score range).

Range of good CIBIL score-

The closer the CIBIL score (good cibil score for a loan) is to 750 to 900, the better it is considered. It is decided by looking at the customer's bill payment, EMI payment (Loan EMI), and credit card usage habits. If you pay bills and EMIs on time, then the CIBIL score (how to improve the cibil score) will be good, otherwise, it can be bad.

You will not get a loan without such a CIBIL score-

If the CIBIL score is 750 or above, the banks will rush to give you a loan (a good cibil score for a loan), otherwise, you will be deprived. You can get many discounts and offers with a CIBIL score above 800. It is also necessary for a good job in the banking sector (bank job). Nowadays, insurance companies also give discounts on premium to those with a good CIBIL score. With a CIBIL score of 700 or below, you will get a loan (bank loan process) at expensive interest rates and the bank can also refuse.

What are the options if the CIBIL score is bad-

If you need a loan despite having a bad CIBIL score, then you will have to go for another option. If the CIBIL score is bad or low, you can apply for a secured loan. You can get a secured loan by pledging your valuables in the bank. You can also get a loan with a low CIBIL score from NBFC.

Rules for getting a secured credit card-

If you fail to get a secured loan due to a low CIBIL score, then you can get a secured credit card. You can get this without pledging anything, but for a secured credit card, there is a condition of having a fixed deposit in the bank. If you have an FD, you can get a secured credit card.

Will you get a loan if you default? -

It is often seen that people do not repay the loan of one bank and go to take a loan from another bank. In such a case, the other bank will not give you a loan (loan default). Because you have already been declared a defaulter. Your CIBIL score has deteriorated and every bank knows about this. You cannot hide it even if you want to.

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