Here's how higher CIBIL score can help you get cheaper loans

While the Reserve Bank of India continues doing its best to fight high levels of inflation, borrowing money has become tougher for many consumers. Many banks have followed the RBI’s stance in its latest Monetary Policy Committee meeting to raise interest rates. However, there is one way for individuals to get loans at cheaper rates- a good Credit Information Bureau Limited (CIBIL) score. CIBIL score is a three-digit number that decides your creditworthiness. It is used by lenders, banks and other financial institutions to determine if you should get a loan. A good CIBIL score can help an individual get a loan more easily. What else does the CIBIL report contain? A CIBIL report also contains details on whether a person has ever defaulted on a loan in the past. A CIBIL score rates an individual between 300 and 900. A score of over 750 is generally considered good for easier approval of loans. A good CIBIL score can also help an individual get loans at a lower rate of interest. How to check your CIBIL score: ― Visit the website- cibil.com. ― Choose the link to get your CIBIL score. ― Enter the required details to get access to a free annual CIBIL score check-up. ― Select ‘Accept and Continue’. ― Enter the one-time password sent to your registered mobile number and press ‘continue’. ― Click on member login and enter the required data to access your CIBIL score. What are the ways to boost your CIBIL score: CIBIL scores depend on several things such as an individual’s credit history, number and type of loans taken, outstanding debt and other factors. You can improve your CIBIL score by a variety of methods: 1. Do not delay your monthly payments: Make sure you make your loan repayments timely. Timely payments can help convince lenders of your eligibility for a lower rate of interest. 2. Keep a check on how much you’re borrowing: Ensure that you do not have too much unpaid debt as it can adversely impact your CIBIL score. 3. Keep a regular check on your credit score: You should track your credit score at regular intervals so that you can catch which decisions are adversely impacting your eligibility. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.