Will the CIBIL score not be required for a loan now? Know what is the government's announcement

CIBIL Score: This controversy of civil score is old. CIBIL i.e. Credit Information Bureau became so popular that people started knowing it by the name of Civil. Its real name is CIR i.e. Credit Information Report.

No CIBIL Score For Loan: Whenever you take a loan for a car, bike or house, your civil score is first seen. If it is not good then the bank refuses to give loan. But such people have now been given a big relief by the government. Currently, the rule of banks is that if your civil score is bad then you will not be able to get a loan from the bank. Actually, a big scale for giving loan is civil score. Anyone's civil score ranges from 300 to 900. His performance is decided on the basis of this.

What happens with civil score?

The closer the civil score comes to 900, the more people get help in taking a loan and increasing the loan amount. It can also be understood like this that if someone's score is close to 300 or below 600, then any bank can be negligent in giving a loan. But now the news is coming that civil score will not be considered as a criteria in the case of loan because the government has said in Parliament that if someone's civil score is bad then the bank cannot refuse to give a loan.

The civil score may be bad or low but the bank will not refuse to give a loan to people even in those circumstances. If someone is applying for a loan for the first time, then in that situation the bank will not ask for his civil score.

What will be the benefit?

In fact, 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 civil score anywhere in its rules. His statement means that RBI does not say anywhere that it is mandatory to have such a high CIBIL score to get a loan.

This controversy of CIBIL score is old. CIBIL i.e. Credit Information Bureau became so popular that people started knowing it by the name of CIBIL. Its real name is CIR i.e. Credit Information Report.