No CIBIL Score For Loan: If you go to take a loan to buy a car, bike, or house, then the bank first looks at your CIBIL score. On the other hand, if the CIBIL is bad, then the bank refuses to give you a loan. Let us tell you that to get rid of this problem, a strong relief has been provided by the government. At present, the rule of banks is that if your CIBIL is bad, then you will not be able to get a loan from the bank. Actually, a big scale for giving loans is the civil score. Anyone’s civil score is between 300 to 900; on this basis, their performance is decided.
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What is the civil score?
If the civil score is close to 900, then those people get help by taking a loan to increase the loan amount. In such a situation, you can understand that if someone’s score is close to 300 or below 600, then any bank will refuse to give a loan. But now the news is coming that the criteria of the civil score will not be considered in the case of a loan. The government said in the Parliament that if someone’s civil score is bad, then the bank cannot refuse to give a loan.
If the civil score is bad or low, then the bank will not refuse to give a loan to the people, even in those circumstances. If someone applies for a loan for the first time, then in that case, the bank will not consider their civil score.
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Know what the benefit will be
Actually, Union Minister of State for Finance Pankaj Chaudhary, while speaking about this in the Lok Sabha, mentioned the rules of the Reserve Bank of India. RBI has not mentioned any minimum number regarding the civil score anywhere in its rules. The meaning of his statement is that RBI does not say anywhere that it is necessary to have this much of a civil score for a loan. Civil is called Credit Information Bureau. Civil is its old name. Its real name is CIR, i.e., Credit Information Report.