Why is this CIBIL score so important?…
In order to pass any loan, banks not only ask you for some important documents but at the same time they also ask for information about your credit score or CIBIL score. Most employees or business people come across the term credit score or CIBIL score. Now the question is, what is this CIBIL score or credit score and why is it so important in today’s economic era?
How to obtain the CIBIL score?
The CIBIL report is published by TransUnion CIBIL Limited. It is also called CIBIL Company. A credit score is a 3-digit number, according to which the decision to grant a business loan or another loan is provided. A credit score is determined by a PAN number and this CIBIL score itself makes it easier to use your loan.
What is the CIBIL score for lending?
Often a question arises: what should be the civil score for the loan? The simple answer is that there is no fixed answer or number for this. It should be noted that most banks consider a CIBIL score of 750 and above to be good. This is considered one of the first conditions to be eligible for the loan.
How to check credit score?
To know your credit score, you must first create your account by going to the CIBIL company website. Credit score is initially checked for free, but later a fee has to be paid for it.
How to improve your CIBIL or your credit score?
Now the question arises if someone’s CIBIL score is low then what should he do to increase the CIBIL score. For this, you need to adopt the following methods.
Pay the EMI of the existing loan on time.
Ask no more for a loan.