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Are you also unable to get loan due to bad CIBIL, know how to improve CIBIL score?

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Loan Update : Are you also unable to get loan? Is CIBIL score coming in the way of loan again and again? CIBIL score is the most important parameter to get a loan. If you have a good CIBIL score, then it is very easy to get a loan. If your CIBIL score is also low, then it can be corrected in various ways.

Credit score is the value which is ascertained after analyzing the credit files of an individual and it determines whether a person is creditworthy or not. If the credit score does not meet the prescribed limit of the bank or finance company, then they refuse to give the loan. Therefore, it is important that this score is improved before applying for a home loan. Here we will tell you such tips, through which you can easily improve your CIBIL score.

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pay liabilities on time
To ensure that your credit score does not fall down and remains low, you have to pay all the liabilities on time. In this, your loan and credit card dues can be paid. By paying the loan or credit card dues on time, you will be called a responsible person. Such necessary discipline will make you a low-risk borrower. Your image will be good in the eyes of the lender.

Balance required in loan portfolio
It is better if you have a balance between secured and unsecured loans in your credit record. This will help maintain balance in your loan portfolio. If one has several unsecured loans in his/her record, it can have a negative impact on his credit score. For a secured loan, you provide the lender with an asset, which will be used as collateral for the loan. Whereas unsecured loans do not require you to provide assets in the form of cholesterol to avail the loan.

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Maintaining a good credit report is essential
Whether you need it or not, you should check your credit report from time to time. By doing this one can avoid mistake. For your information, let us tell you that the credit bureaus legally give annual credit reports to the borrowers. That is, you can get an idea of ​​how important it is to keep the credit report correct.

right way
Lenders can take a look at how well you are handling your credit extensions. This is also a great way to improve your credit score. The most important thing in this is to pay your credit card bills on time and manage them properly. If you do this then there will be a positive impact on CIBIL.

CIBIL Score is provided by Credit Information Bureau India Limited. CIBIL ranges between 300 and 900. The closer this score is to 900, the better. The CIBIL score depends on how one manages the financial obligations. 750 or more cibil is considered good. Think of it as such a CIBIL is essential for good loan deals, reasonable interest rates and favorable loan terms.

Tags: bank loan, Facts About Home Loan, housing loan, How to take a cheap home loan, loan, Loan against gold, loan waiver

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