CIBIL score: CIBIL score is a very important thing to get a loan. Reserve Bank of India (RBI) has made a big rule regarding this. According to this new rule. now the credit score of the customers will be updated every 15 days.
In this way, now customers will have to work a little extra to keep their CIBIL score better or say that they have to keep themselves right all the time. Let us tell you that this rule will be effective from January 1, 2025.
If you do not know this rule and due to this your CIBIL score gets spoiled, then you may have to visit banks to take a loan next time.
Who will be affected by this?
People who take a loan and do not repay it on time, forget to pay EMI on time or get the loan settled. it can have a big effect on them. This will drop their credit score, due to which they will have to face difficulty in taking a loan next time.
CIBIL will be updated every 15 days
Now the credit score of customers will be updated every 15 days as per the new rule. RBI has said that banks and financial institutions should now update the credit score as soon as possible. The RBI governor himself has recently announced this and said that the credit data will be updated every 15 days.
On which date will the data be updated?
The CIBIL score of customers can be updated on the 15th of every month and at the end of the month. If credit institutions (CI) and credit information companies (CIC) want. they can also fix any fixed dates according to themselves. under which the data can be updated every 15 days. It is mandatory for credit institutions (CI) to give the credit information of the customer to CIC every month.
This way both the bank and the customer will benefit
This step will prove beneficial for both the loan taker and the loan giver. Correct credit information is very important for both banks and NBFCs. With this. they can take a better decision about who should be given a loan and who should not. Along with this, it will also help in deciding the interest rate on the loan. Customers with good credit score will be able to get loans at a lower rate.
The number of defaults can decrease
If the credit score is updated every 15 days, then the banks will have accurate data of the customers. That is, they will know which customer is good at repaying the loan and which is not.
In such a situation, they will be able to offer interest at the right rate to the right customer. It is expected that this will also reduce the number of defaults, because if a customer makes a mistake, then the CIBIL score will be updated within 15 days.