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 of the employed or business people are faced with 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 get CIBIL Score?
CIBIL Report is released by TransUnion CIBIL Limited. It is also called CIBIL Company. A credit score is a 3-digit number, according to which the decision of granting a business loan or other loan is provided. A credit score is ascertained through a PAN number and this CIBIL score itself creates convenience in availing of your loan.
What is the CIBIL Score for the loan?
Often a question comes that what should be the civil score for the loan? The simple answer is that there is no fixed answer or number for this. It is worth noting that most of the banks consider 750 and above CIBIL score as 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, first, you have to create your account by visiting the website of CIBIL company. The credit score is initially checked for free, but later a fee has to be paid for it.
How to Improve your CIBIL or Credit Score?
Now the question arises if someone's CIBIL score is low, then what should they do to increase the CIBIL score. For this, you should adopt the following methods.
Pay the EMI of the existing loan on time.
Do not ask more for a loan.
