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Cibil score update: Whenever the CIBIL score is mentioned, the first thing that comes to mind is a loan (cibil score for loan). Every bank checks it before giving a loan or credit card, and only after that, any loan is given to anyone.

Due to incomplete information about CIBIL score (how to check cibil score), people are forced to visit banks. In such a situation, if you know these 10 things, then this tension of yours will also go away. It is also important to know all this about CIBIL Score so that if you need a loan in the future, you do not have to worry.

1. Range of CIBIL score-

CIBIL score (cibil score update) is a 3-digit number, which is decided based on the history of repaying loans and credit etc. It is decided by the CIBIL company. Its range is from 300 to 900 (cibil score range). Generally, a CIBIL score of 750 or above is considered suitable for taking a cheap loan.

2. CIBIL score is also important for banks-

Nowadays CIBIL score is not only considered for a loan but also a good job in a bank (bank loan news). Anyway, it is important for banks, because on this basis banks or financial institutions decide to give a loan to someone. This shows whether someone has repaid the loan etc. properly in the past (loan repayment rules) or not.

3. What should be the CIBIL score for loan-

The closer the CIBIL score is to 900, the more likely it is to get a loan easily. A CIBIL score of 750 and above is considered good. At the same time, a CIBIL score below 600 is considered bad (bad cibil score range).

4. Effect of loan default on CIBIL-

Although there are many reasons for a bad CIBIL score, loan default is one of the main reasons. The CIBIL score falls by several points when the loan is defaulted. If you are a loan guarantor for a person who defaults on the loan, then your CIBIL score will be bad.

5. How to improve CIBIL score-

Paying loan EMI on time improves CIBIL score. Paying credit card bills on time and not taking too many loans also improves CIBIL scores. If you use up to 30 percent of your credit card limit and pay bills on time, then your CIBIL score improves.

6. How many times can you check the CIBIL score-

There is no specific rule regarding checking CIBIL score (how to check CIBIL score). It can be checked from time to time. When you feel that you have made or missed any bill payment (loan and bill payments), then its effect can be seen on CIBIL.

7. This is how the CIBIL score becomes good or bad-

After taking a loan or credit card, the CIBIL score becomes good by paying EMI and bills on time. On the other hand, it becomes bad (bad cibil score reasons) due to not paying bills on time and not paying loan EMI. There are many reasons for its badness.

8. When is CIBIL score updated-

Usually CIBIL score is updated twice a month (cibil score update kab hota h). It is updated every 15 days. Therefore, its information should be gathered from time to time. Many times, CIBIL (cibil score knowledge) information is updated incorrectly by the bank or other financial institution. Due to this, the CIBIL score is affected. You can get it corrected by complaining about it.

9. Role of CIBIL in interest rates-

Loan approval is given by banks or NBFCs only when the CIBIL score figure is known. Only after this the interest rates are determined. If the CIBIL score is low then the interest rates will be expensive and if this figure is 750 or above then a cheap loan is available at a low interest rate.

10. The CIBIL Score report will be available here-

Any customer can get the complete report related to his CIBIL score from the CIBIL website. Nowadays many banks and loan-giving apps also provide the facility to check CIBIL score for free. Extra caution is required while taking loan from apps.

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