In today’s time, the CIBIL score has become a big problem. People often do not pay attention to CIBIL, resulting in them having to face many difficulties in taking a loan from the bank.
If your CIBIL score is good, then the bank keeps requesting you to take a loan. Credit card people also call you and give you many offers. If your CIBIL score is good, then many things become easy in your life.
What is the CIBIL score?
CIBIL score is based on your credit. It is calculated between 300 to 900. It completely depends on how your CIBIL score should be. If you have paid your loan, credit card bill, or any other type of loan on time, then your CIBIL score will be good.
On the other hand, if you do not pay any bills on time or default, then it affects your CIBIL. The result of this is that your CIBIL score becomes bad and you have to face difficulties in taking any loan.
On which score will you get a credit card
If you purchase something on loan, then you get the benefit of a CIBIL score. CIBIL score is kept in some categories.
If your score is between 300 to 500 then it is considered bad.
If your CIBIL score is between 500 to 650 then it is considered average.
If your score is between 650 to 750 then your score is considered good and on this score, you keep getting credit card offers.
If your score is between 750 to 900 then it means that you come in the excellent category.
What happens with a good CIBIL score
If you have paid all your bills or credit card on time then your CIBIL score is considered good. If your CIBIL score is good then you can easily get a credit card. Also, if you want to take a loan from any bank, then the bank easily gives you a loan based on CIBIL.
What will happen if the CIBIL score is bad
If your CIBIL score is bad for any reason, it has a very bad impact.
1. If you apply for a loan from any bank, your application gets rejected due to bad CIBIL.
2. If your CIBIL score is bad and a bank gives you a loan, then it is possible that it can charge more interest from you to cover its risk.
3. If your loan is running due to bad CIBIL, then you may have to pay more EMI.
4. There can also be problems with home and car loans. You will also face problems with home loans or car loans given by the bank.
5. If your CIBIL score is bad and you have applied for any type of loan in the bank, then it is possible that you may get a delay in getting the loan or your application may go into the post.