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

The CIBIL score is a three-digit number that determines your creditworthiness. It is used by lenders, banks and other financial institutions to determine if you should get a loan

Representative image. ANI

As the Reserve Bank of India continues to do its best to combat high levels of inflation, borrowing money has become more difficult for many consumers. Many banks followed the RBI’s position at its last Monetary Policy Committee meeting to raise interest rates. However, there is a way for individuals to get loans at cheaper rates – a good score from the Credit Information Bureau Limited (CIBIL). The CIBIL score is a three-digit number that determines 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 obtain a loan more easily.

What else does the CIBIL report contain?

A CIBIL report also contains details of whether a person has ever defaulted on a loan in the past. A CIBIL score rates an individual between 300 and 900. A score over 750 is generally considered good for facilitating loan approval. A good CIBIL score can also help an individual obtain loans at a lower interest rate.

How to check your CIBIL score:

― Visit website- cibil.com.
― Choose the link to get your CIBIL score.
― Enter the required information to access a free annual CIBIL score check.
― 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 data required to access your CIBIL score.

What are the ways to increase your CIBIL score:

CIBIL scores depend on several things such as an individual’s credit history, number and type of loans taken out, outstanding debt, and other factors.

You can improve your CIBIL score in different ways:

1. Don’t delay your monthly payments: Make sure you make your loan payments on time. Timely payments can help convince lenders that you qualify for a lower interest rate.

2. Monitor the amount of your loans: make sure that you do not have too many outstanding debts, as this could have a negative impact on your CIBIL score.

3. Monitor your credit score regularly: You should monitor your credit score at regular intervals so that you can identify decisions that negatively impact your eligibility.

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