Taking a loan for the first time? No-tension of ‘Sybil’! Now your Facebook-Instagram profile will get you loan

Whenever we go to the bank for the first time to take a loan – be it for a bike, for personal needs, or to get our first credit card – there is a big and strange wall standing in front of us. The banker asks, “What is your CIBIL score?”

Now, how will a person who has never taken any loan till date get his CIBIL score? It was a kind of ‘which came first, the chicken or the egg’ affair. To get a loan, you need a score, and to get a score, you have to take a loan first.

Caught in this ‘Chakravyuh’, the dreams of lakhs of youth, students and first time loan takers were shattered. But now, a huge and revolutionary change is going to happen in the world of banking to eliminate this biggest worry and headache of yours.

Now not ‘CIBIL’, bank will see your ‘digital horoscope’

Banks have understood that in today’s era, old loan records alone cannot be the yardstick to judge a person’s responsibility. Now before the bank approves your loan, Financial and digital horoscope Will investigate.

What happens in this new ‘investigation’?
This is very interesting! Banks will now look at the following things to collect information about you:

• Your electricity and water bill: Do you always pay your household bills on time? This shows your responsibility.
• Your social media profiles: Yes, you read it right! What kind of life you lead on Facebook-Instagram, where you travel, what you post… all this gives the bank a rough idea of ​​your lifestyle and spending habits.
• Using your phone: Which phone you use, which apps you use, and how much your phone bill is – all this also reflects your financial status.

What is its purpose?
The objective is clear – now the bank will not judge you just by looking at your past (old loans), but by looking at your present (your current habits and lifestyle) it will decide how safe it is to give you a loan.

This news is no less than ‘freedom’ for millions of youth, whose dream flight was often stopped due to ‘zero CIBIL score’. This is a big and welcome step forward in the world of banking, which is going to open closed doors for first-time loan takers.