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CIBIL Score: People Who Have This Much Score Will Not Get Loan, increase Your CIBIL Like This

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CIBIL Score: Today everyone may need to take a loan at some time or the other. Buying a new house, getting married or giving higher education to children, people usually approach banks for loans for these purposes. But CIBIL score is very important in the loan process. This is good. But later the loan gets approved. And it becomes difficult to get loan. If this is the case with you too. So by following some tips you can make it better.

Understand CIBIL Score

It is very easy to understand the loan importance of CIBIL score. In simple words, the bank will be your CIBIL to give you loan more easily. Banks know this score. That you are capable of repaying the loan and will not delay in repaying it. That is, it gives confidence to the banks to give you loan. Looking at the standards of banks, a CIBIL score above 700 is considered good. If your CIBIL is low. So how to fix it?

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Pay EMI-dues on time

You have already taken any loan like home loan, personal loan or auto loan. Whether it is taken from credit card or not. Making this payment on time will not affect your CIBIL score. These are the reasons. It is best to pay the EMI of the loan on time. So that you can keep your CIBIL in order.

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Use credit cards carefully

Today, credit card is becoming a major means of fulfilling people's needs. But it also has some negative effects. Talking about CIBIL score, you should use your credit limit very carefully. Use 30 to 40 percent of the credit limit given by the bank, if there is no urgent need.

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Apply after paying off old loan

Often people have trouble in making payments after taking several loans together. But doing so spoils your financial health as well as your CIBIL score. In such a situation, if someone wants to take a new loan. So first apply only after repaying your old loan. This will reduce the share of debt in your income and it will be easier for you to take a new loan.

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Take as much loan as you can easily repay

Another thing that should be kept in mind is that to improve your credit rating, you should take as much loan from any bank or financial institution as you can easily repay. Because if you take more loan, the EMI will be higher, and payment defaults will affect your CIBIL score. It will be difficult to get a new loan if the CIBIL score is bad.

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Publish Date: December 04, 2023  

Posted By Sunil

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