In this article, we will talk about “What measures can be taken to increase the CIBIL score | How to increase CIBIL score” if it is low.
How to Increase CIBIL Score
- Pay EMIs on Time:- Pay your loan EMIs on time. Late payment of EMI lowers your CIBIL score.
- Take loan according to INCOME:- Friends, if 70% or more of your monthly income is going towards loan EMI, then it is considered as CIBIL negative and as a result your CIBIL score gets reduced.
So try not to let your score fall below 50% of your monthly income.
- Personal loan should not be high
Try to have less personal loan, credit card as the bank considers them as UNSECURED loan and if you have more personal loan then it can also reduce your score.
So try that along with UNSECURED loan you also have SECURED loan like home loan, car loan.
- Do not check the CIBIL score again and again from the bank
Friends, if due to some reason your loan is not getting, then you do not have to rush from one bank to another bank.
The number of times the bank will check your CIBIL score
- To whom you have given guarantee, are they giving EMI on time
Yes, it is very important to give EMI on time to the people to whom you are giving guarantee. If they do not pay EMI on time, then your CIBIL score will also be low.
Therefore, one should give a guarantee for someone thoughtfully.
- Keep checking your CIBIL score from time to time
Friends, sometimes it happens that the bank mistakenly puts your PAN card in someone else’s account.
Due to which the loan of another person will start appearing in your CIBIL report. So keep checking your CIBIL score from time to time and if any such entry is showing in your report then dispute the CIBIL.
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