Interest Rate Hike On Loans By Banks: Know How CIBIL Score Can Help You Save Money
2 years, 6 months ago

Interest Rate Hike On Loans By Banks: Know How CIBIL Score Can Help You Save Money

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As the Reserve Bank of India is raising its policy rates to control high inflation, banks are also following the suit and increasing interest rates on various loans. Here’s how a good CIBIL score can get you a cheaper loan and how to maintain a good score: CIBIL Score and Loan Approvals Banks approve loans or issue credit cards to only those having a good CIBIL score. Having a higher CIBIL score not only makes it easier for the applicant to get loans easily, but he also gets the loan at a relatively lower rate of interest, according to a TransUnion CIBIL’s report. Don’t Delay Repayment of Dues: If you want to maintain a good CIBIL score, the first and foremost thing is to be strict with the repayments — pay within time and never delay. The credit utilisation ratio should be limited to 30 per cent to have a good CIBIL score.

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