CIBIL Score is ‘Zero’? No tension! Now you will get the first loan from your salary, RBI changed the biggest rule – ..

Has it ever happened to you that you went to the bank for the first time to take a loan, and the bank manager said, “Sorry, you do not have a CIBIL score, so we cannot give you a loan”?

This is such a ‘chakravyuh’ like situation in which lakhs of young and new businessmen of the country are trapped – to take a loan, one needs credit history, and to build credit history, one needs a loan!

But now this cycle has been broken. The Reserve Bank of India (RBI) has implemented such a revolutionary rule from January 6, 2025, which is no less than a ‘boon’ for first-time loan takers.

So what is this new rule? (What has changed now?)

RBI has given clear instructions to all the banks and loan giving companies that now they cannot directly reject anyone’s loan application only on the basis of ‘zero CIBIL score’.

Now banks will have to pay more attention to these three things than your CIBIL history:

1. What is your monthly income (Income)
2. Is your job stable or not (Job Stability)
3. Will you be able to repay the EMI on time (Repayment Capacity)

In simple words, now your ability and your salary will outweigh your ‘zero CIBIL score’!

For whom is this the biggest good news?

This new rule will prove to be a ‘game-changer’ for all those who till now were trapped in the strict conditions of banks:

• Youngsters who want to start a job or buy their first vehicle or home.
• Students who need education loan for their higher studies.
• Small traders and businessmen who are looking for capital to start their business.
• All those people who have never taken any loan or credit card till date.

So now what needs to be done to take a loan for the first time?

Now the process is more straightforward and simple than ever:

1. Keep your papers ready: Keep your salary slip, bank statement or ITR (Income Tax Return) file ready. This will now be your biggest proof.
2. KYC Documents: Carry your Aadhar and PAN card.
3. Approach the bank: Go to the bank with full confidence and tell them about your stable income.

an urgent warning

This rule is for those who have ‘no’ credit score. If you have a ‘bad’ credit score (i.e. you have not previously taken out a loan and made repayments on time), you may still face difficulty in getting a loan.

So, when you get your first loan, always pay its EMI on time. This will be the first step towards your good credit history.

This decision is not just a rule, but a new flight given to the dreams of lakhs of youth who, despite having the right capabilities, were left behind just because of a ‘score’.