Bank Loan: Simple steps to check whether you eligible for bank loan or not

Bank Loan: It is very difficult for those who do not have money to make a living. So many times we have worked for months and earned lakhs of money, but at the end of the month there is a situation where we struggle without a single rupee. That’s why you can’t reach out for money every time, even in front of anyone.

For that we can get loan facility from easily available bank or non-bank financial company. Generally, the demand for personal loan is high. If you are a monthly salary earner, you can get a personal loan from the bank at different interest rates.

As soon as there is a loan, we have to pledge our valuables. Property papers or pledges should be given as a guarantee. Also another person’s guarantee is required. But you know that you can easily avail personal loan without any problem.

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Get a personal loan without mortgage – Personal Loan. Nowadays, the loan facility can be availed instantly from the bank through the mobile application. CIBIL SCORE is the only way for you to get a loan easily without giving any guarantee.

Yes, if your CIBIL score or credit score is good, you can easily get a loan from any bank. Sometimes, if the CIBIL score is not good, the loan amount will be very low even if the mortgage is secured.

Why do you need a CIBIL score?

This CIBIL score indicates the transparency in the financial dealings of an individual or a company! If the credit score is good, the personal loan can be availed from the banks which have given a guarantee. The CIBIL score ranges from 300 to 950 points.

These scores are managed by Information Bureau India Limited. Apart from this, Experian, Equifax and CIRF are other credit score management companies.

CIBIL score grading

750 to 900 points – excellent

650 to 750 points – good

Points from 650 to 550 – Average

550 – 300 points – Poor

What is the cause of low CIBIL score?

If you do not repay the loan taken from the bank on time, take a credit card from the bank and use it and do not pay the credit card bill properly every month, if you sign a guarantee to someone else and they delay in not repaying the loan, the score will decrease. If you repay your loan on time, pay the bill within the credit card due date, you can keep your credit score good.

You can check your credit score for free in whichever bank you are using. Or type Check My Credit Score in Google and click on the first link that appears there to check your credit score.