CIBIL Score News: The importance of CIBIL score is before taking a loan, it is very important to update it even after repaying the loan. Nowadays, CIBIL score is important in many cases other than loans.

That is why RBI has given important instructions while setting the rules for updating the CIBIL score. Even after repaying the loan, many times it is not updated (CIBIL Score update), then the customer has to face many problems. Now customers will be able to get rid of this problem.

CIBIL score will be updated twice a month-

In the matter of updating the CIBIL score, the banks must report to the credit information companies every month. Now it is proposed to repeat it twice a month. After this, the loan holders or bank customers will be able to get their credit information quickly. With this system, the CIBIL score can be updated twice a month (cibil score update time limit). Due to its quick update, after repaying the loan, the bank will be able to properly evaluate the financial condition of the loan holders.

Banks and customers will benefit from this-

Now, customers and banks (bank loan news) will benefit from the quick update of the CIBIL score. Customers will be able to make decisions to take loans etc. quickly and easily due to its quick update. At the same time, banks will also find it easy to make decisions to give loans to customers. With fortnightly reporting frequency instead of a month, credit information companies will be able to provide information about the updated CIBIL score (CIBIL Score update news).

This is how the CIBIL score is decided-

This 3-digit number is decided on the basis of a person's history of repaying a loan (bank loan news) or credit after taking it from the bank. This is called credit score or CIBIL score (cibil score). Banks check this first while taking a loan.

Range of good credit score -

CIBIL score is between 300 to 900 (cibil score range), a CIBIL score of 750 points (good cibil score) is considered better. On this, the loan is easily available at low interest rates. If this figure is less than 600 then the CIBIL score is considered bad, this reduces the chances of getting a loan.

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