Good CIBIL Score - Hindi - YouTube

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Namaskar, my name is Mukul

And you are welcome to the Asset Yogi

Where we unlock the knowledge of finance.

I have made a whole series on CIBIL score previously

where we understood the basics of CIBIL score. What is the CIBIL score?

How is its calculation done? How can you check the CIBIL score online?

I made a video on this too. If your CIBIL score is less then

how can you improve it? Or how can you take a loan on it?

If you haven't watched these videos then do watch them.

They are quite important videos. You'll find the links in the description.

In this video, we will see what CIBIL score is considered as good?

On what score, will you get a loan easily?

Or the interest rates are low.

Some people say that what is the need for maintaining CIBIL score

if we never take a loan.

We'll answer some of these questions in this video.

So stay tuned with the video.

Let's go straight towards the blackboard.

So you can get your CIBIL score in this way.

You can get it for free on the CIBIL website.

I have already made a video on how to check CIBIL scores for free.

If you haven't watched that video then please watch it.

You'll find the links in the description.

So if we talk about good or bad CIBIL scores, how much score

is good and how much is bad? For example, if my score is 836

I have taken a snapshot of my score.

Is it a good score or a bad score?

We will try to understand that. The first thing to know is that

the CIBIL doesn't decide what score is good or what is bad

It is just a credit rating agency.

It doesn't disperse loans.

The banks decide what score is good for them

and what is bad.

For some banks,

a score above 700 can be good.

Some banks say that they will provide loans on the shore of above 800

Some banks may say that they can give loans on 700.

It depends on banks and NBFC

So if we generalize, then

A score of 750 is considered a good score.

Now why am I saying this? 80% of loans of the banks and NBFC in total

Then it is dispersed to the people having a score above 750

So if the 80% of loans are above 750 then

we can assume that a score above 750 is a good score.

And if you can maintain the score above 800

Then it is a very good thing.

The chances of the rejection of your loan become negligible

But if you are not eligible for some other reason then it is a different thing

But your loan will not be rejected based on your CIBIL score.

If your score is between 650 and 750,

Then it's not like you'll not get a loan

There are many banks

especially the small banks or NBFC

Non-Banking Financial Companies

They can definitely provide you with a loan. But the interest rates may be high

But if your score is below 650

Then we can call it a bad score, it is a quite low score.

And you may face many problems. The chances of rejection

of your loans are high. So if your score is below 650

Then you should try to improve your score as soon as possible

Whatever your outstanding loans are

or if your credit card payment is a default

Clear that.

If there is any loan or credit card, settle it or close it.

I've already made a quite detailed video on how to improve a CIBIL score.

So you can watch that video.

In fact, if your score is in the range of 650 to 750

Then you should try to improve the score.

Why am I saying this? Why is a good CIBIL score important?

The first thing is that you'll get a loan very easily.

It does not cause much delay.

Maybe you have an immediate requirement

Maybe you need money within a week or 10 days.

If your CIBIL score is good then you'll get the money very easily,

first thing is that. Second, you are charged with the lowest interest rates.

Assume, your score is 850 plus

and if you go to take any loan

then you will get the interest rates in the market.

So if we take an example,

assume your score is 850 plus

The lowest interest rate of personal loan is charged 15% on today's date

Then you will get 15% easily.

We are talking only about personal loans.

Maybe in the range of 750 to 800

You'll be charged with an interest rate of 16 to 17%.

And in the range of 700 to 750,

you may be charged with an interest rate of 18 %.

If we take the range of 650 to 700 then you may get charged 19 to 20%

See, if there is some difference in your CIBIL score

It is 650 from 800

Then the difference of interest rate is straight 5%

Why would you pay more interest rates?

If you can maintain a good CIBIL score then you should definitely do that.

The second thing, it is a huge deciding factor in an unsecured loan

For example, there are secured loans

A home loan is a secured loan.

A car loan is a secured loan.

By any chance, if you do a default then the bank can do its recovery

by selling the house, it can do its recovery by selling the car.

Or if there is a gold loan then it's also a secured loan

Recovery can also be done by selling the gold.

But if there is a personal loan or a credit card debt

It is an unsecured loan.

The bank doesn't have any type of security.

So, that's why the CIBIL score is the most important deciding factor.

Then the fourth thing is that

sometimes people say we don't have the requirement of loan

We don't spend much. We only spend what we earn.

This is okay. There's nothing wrong with it.

But we don't know if we will have the requirement in the future or not.

For example, if you want to provide education to your child then you

may require an education loan. Or if you are doing someone's wedding

Then you may require a personal loan for the wedding.

If you want to renovate your house, you may require a loan for that also.

I'm telling you this with my experiences. If you don't have a credit history

then you may not get the loan easily. And it isn't a very big thing to create

a credit history on today's date. You can issue a credit card and use it

to do your payments. And do your credit card payments timely

And as a result, a good CIBIL score will be maintained.

And when you will require a loan, then it will not show you no credit history

or no credit history in CIBIL score. And you may get a loan easily.

So we should try to do our

payments time to time.

If we do our credit card or loan payments timely

then a CIBIL score of 850 plus is maintained very easily.

And the interest rates that are charged are also quite less

whenever we have the requirement of a loan.

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