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How CIBIL SCORE works and how it can get your LOAN REJECTED? Financial Advice - YouTube
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Hi! I am creating a video
after a long time.
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Sometimes I have to
stay on that side of the camera,
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and there are times when I have
to be on this side.
[6]
Sometimes I have to be at both sides
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In all of this, there are times
when I'm unable to create a video
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But I can't stay away from you'll
for so long.
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Today, I have got for you
an interesting video on CIBIL Score.
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Which will answer all your
questions.
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What is CIBIL Score?
How is CIBIL Score calculated?
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Hope you are not making a mistake
where your CIBIL Score might fall.
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I will give you an answer to
all these questions are in this video.
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Before we move ahead, If you like
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[Intro Music]
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Whenever you visit a bank to
apply for a loan, you have got to
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prove the bank that whether you
will be able to pay within the
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given time with interest.
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How will you prove this?
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Just by speaking, it won't work.
Banks need your CIBIL Score
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which is between 300-900 and
as much of your Score is close
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to 900, the more you have a
chance for your loan to be approved.
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And to get the loan on a
lower interest rate.
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In fact, in our nation, more
than 79% of loans have been given
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to those people whose
CIBIL score is more than 750
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That means, an average Indians
target should be that
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His CIBIL Score should never fall below 750
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Now let's talk about, how is your
CIBIL Score formed.
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>>Bank Representative: Basically to check
the creditworthiness of the customer
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and the score that we accept based
on which generally the loan
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is easily approved,
that is 750 and above.
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And If the score is below that,
then we verify
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What type of loans were taken?
What was the purpose of taking those loans?
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And where was the amount utilized?
How much is the salary of the customer?
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What is his/her profile?
We then approve on that basis
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And it is important because under
CIBIL, the loans, and obligations
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are termed in regards to what are
the current loans and obligations
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of the customer.
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So then it's easy to approve
the loan.
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Whenever in your entire lifetime,
buy a Loan.
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For eg: Car Loan, Home Loan,
Education Loan or else Credit Card
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A credit card is also a Loan.
It is considered the
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worst and the most expensive loan.
I have created a separate video for this.
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You can watch it on the "i" button.
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Whenever you buy a loan, whichever
the institution that you have bought it from
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It is the institution's responsibility
that they share the information with CIBIL
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Now, Who is CIBIL?
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CIBIL is an organization whose name
is Credit Information Bureau.
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They have only 1 work, to calculate
the CIBIL Score of every person
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in this nation and to generate
a Credit Report.
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Based on CIBIL Statements, every
bank trusts it.
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If CIBIL Score has said that your
Score is 750+, then you can
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easily repay the loan. Bank
will believe it, and your loan
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will be passed.
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If your CIBIL Score is below 750,
or is hovering around 300.
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Then no Bank will approve your
loan and even If it is get's
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approved then it will be based
on high interest.
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Now I will tell you while calculating
the CIBIL Score.
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What are the things that CIBIL
pays attention to you.
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[Music]
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1st thing is your Payment History.
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If you have taken
a lot of loans in the past
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and you have re-paid all of
them on time every month.
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Then your Credit Score will be
good.
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But If you missed 1-2 months EMI's,
then it will lower your score.
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You have to try and pay your loan
on time, so that your CIBIL Score
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doesn't impact negatively.
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While calculating the score, 30%
weightage is given on your payment history.
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After that comes Credit Exposure, this
means how much credit have you used?
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As a percentage of your total credit
limit.
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For eg: You have been provided with
1 Lakh Credit Limit.
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and you have utilized
INR 80,000/- from that.
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Then your Credit Utilization Ratio
becomes 80%, which will lower your
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CIBIL Score. Because this proves
that you are Credit hungry.
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You need money and there
is a possibility that we applied
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for the new loan, then you
won't be able to re-pay that.
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So one Safe Utilization Credit
Ratio is 30%.
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Whatever is your limit, you can
use 30% of that.
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And your Score should not
fall lower.
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Credit Exposure is given 25% weightage,
whenever your CIBIL Score is calculated.
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Another one is Credit Type and Duration,
which can also be called as Credit Mix
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This is also given 25% weightage,
whenever your CIBIL Score is calculated.
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It tells you which are the loans
that you have used in the past?
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How many loans have you used?
How did you re-pay them?
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Let's assume, that Unsecured Loans
are more and the Secured Loans are less,
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that means your CIBIL Score is
going to fall.
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Your effort should be that certain
loans should be Secured and certain
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should be Unsecured.
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So that you can maintain
a Healthy Credit Mix
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and CIBIL should believe that you
can handle your loans nicely
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and will be re-paying on time.
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The 4th factor is Multiple Enquiries
& few other factors as well.
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They get a 20% weightage, whenever
your score is calculated.
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Multiple Enquiries means whenever
you are not applying for a loan
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but are enquiring about
the loan at the bank.
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That inquiry's information also
reaches CIBIL, and CIBIL also
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gets to know that in the past 1
year, How many times have you
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enquired about the loan.
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Hence, If you have sent a lot
of inquiries, then your CIBIL
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score might reduce.
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Like this, 30%, 25%, and 20%.
All these 4 weightage's are considered,
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and your CIBIL Score is calculated.
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As I have told you, If it is
more than 750, then you are
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at a Safe Zone.
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But If you are below 750,
then you have to think about it.
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And If your CIBIL Score is falling
down, and If you want to know
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How to improve your CIBIL Score?
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Then you can wait for another
video.
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Wherein, I will tell you How
to check the CIBIL Score?
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and How to Improve your CIBIL
Score? If your score is down today
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We have made a dedicated video
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Watch that video and If you think
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