CIBIL Score: key to your financial luck, know why 750+ score is so important

News India Live, Digital Desk: Cibil score: Yes, we are talking about your cibil score! In today’s run -of -the -mill life, if you ever need money and go to take a loan from the bank, then first of all, banks or financial institutions check your ‘CIBIL score’. This CIBIL score is like your financial report card, which suggests how many disciplined way you have been paying your loan (loan or credit card bill).

Why is CIBIL score so important?

It is not just a number, but a mirror of your financial credibility. When you apply for a loan, banks by looking at this score decide whether you have to give a loan or not, and if you want to give it at what interest rate.

• If the score is good (750+): So the bank will trust you more. You will get the loan easily, at a low interest rate and quickly. It will be less heavy on your pocket.

• If the score is bad (less than 750): So it can be difficult to get a loan. Even if you get, the interest rate will be very high, which will increase your EMI and you will have more difficulty in repaying. Many times banks also reject the application directly.

So, how much should your CIBIL score be?

The CIBIL score is between 300 and 900.

• Excellent: 800-900

• Very good (very good): 750-799 (This score is considered the best, because the loan is easily found on it)

• Good: 650-749

• Average: 550-649

• Poor (Poor): 300-549

If your score is 750 or above, then your financial credit is very strong.

How to strengthen your CIBIL score? (Some easy tips):

1. Pay on time: Always pay your EMI or credit card bill on time. A single lapse can affect your score.

2. Do not use the credit limit completely: Do not use your credit limit more than 30-40%. This indicates that you are not very dependent on credit.

3. Do not apply a lot of loans simultaneously: Applying for repeated loans negatively affects your score.

4. Take different types of loans: The correct mixture of safe (eg home loan, car loan) and unsafe (such as personal loan, credit card) is considered good for your score.

5. Check your CIBIL report: Check your report regularly so that if there is any mistake or fraud, it can be improved in time.

Remember, a good cibil score does not just help to take a loan, but it also shows your smart financial planning and discipline. So from today itself, pay attention to your Cibil score and make it strong!

Coconut water in pregnancy: Pregnant women can drink coconut water every day, just keep these things in mind,