Now You will Not Need CIBIL Score to Get Loan from Bank! Know Details
Great news for those looking to take a loan from a bank. The Union Ministry has clarified that RBI has not set any minimum credit score for taking a loan. CIBIL score not required for bank loans for first-time borrowers. Minister of State for Finance Pankaj Chaudhary, echoing the RBI’s position, has clearly told banks that banks cannot reject loan applications of first-time borrowers.They will be able to get loans even if their credit score is low or zero.
Minister of State for Finance Pankaj Chaudhary said that the Reserve Bank, in its directive dated January 6, has advised lending institutions that the applications of first-time borrowers should not be rejected just because they do not have a CIBIL. RBI has not set a minimum credit score for applying for a loan.
What is CIBIL Score?
CIBIL Score is a 3-digit number ranging from 300 to 900. This number indicates the “creditworthiness” of an individual. This score is provided by the Credit Information Bureau of India (India) Limited (CIBIL).It is often used to determine an individual’s eligibility for loans such as personal, gold, home, and other bank loans.
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