There are many people whose CIBIL score (CIBIL SCORE) has deteriorated or do not have a CIBIL score. In such a situation, these people face many problems in taking a loan from the bank. For those who do not have a CIBIL score, there are still fewer problems. Because these people are freshers, they have never taken the loan facility.
But for those who have taken a loan and due to not being able to repay that loan on time, their CIBIL score has deteriorated. In such a situation, the bank’s trust has also been lost to these people. Such people have many problems in taking a loan from the bank. If you are also facing the problem of poor CIBIL SCORE, we are giving you information to correct CIBIL, which can be useful for you.
What is the CIBIL score?
CIBIL score is useful only in the financial sector. That is, to avail loan facility in banks, it is necessary to have your CIBIL score. Without this, there are problems in taking a loan. But let us tell you that you do not need CIBIL for gold loans or KCC loans. You need CIBIL for personal loans, car loans, etc. In the CIBIL score, when and from which bank you have taken a loan and when you have repaid it. Whether any EMI was paid on time, all this information is included, proof of trust in you for the bank.
How CIBIL gets spoiled
CIBIL score gets spoiled only for those who do not pay EMI on time after taking the loan facility. They come in the default category. Or those who leave EMI in between, that is, do not pay EMI every month; the instalment stops in between. This also affects the CIBIL score. Also, checking your CIBIL score repeatedly affects the CIBIL score.
On the other hand, the CIBIL of those who have never taken a loan is always 0. But these people do not have any problem. Because as soon as these people take a loan, their CIBIL score starts to build up. If these people repay the loan on time, their CIBIL score remains good.
How to improve a bad CIBIL
Suppose your CIBIL score was good earlier but has become bad now. So, to improve it, first, you must clear all the loans. Whatever loan you have taken, or a penalty has been imposed on them, you have to clear all of them. After this, you have to take the loan facility again and repay it on time. Slowly, your CIBIL score will start to improve. But it can take 1 to 3 years. No one’s CIBIL score can be corrected immediately. To correct CIBIL, clearing the loan and penalty taken earlier is necessary.
