RBI also changed the entire rule regarding CIBIL score. Those who repeatedly check CIBIL for loan should be careful.

If you repeatedly CIBIL Score If you check and live in fear that your score may drop, now you do not need to worry. Reserve Bank of India (RBI) has made a major change in the rules related to 'hard inquiry', which will provide great relief to the customers taking credit cards and loans.

What is CIBIL score?

CIBIL Score one based on your credit history three digit number happens, which 300 to 900 Happens between. if your score 750 or more If yes, then it is considered good. From this score the bank or financial institution decides whether to give you a loan or credit card or not.

What is the new rule of RBI?

RBI has clarified that:

• If a customer repeatedly Check your CIBIL score yourselfthen it Soft Inquiry will be considered, thereby on the score there will be no effect।
• But if any bank or financial institution applies for loan or credit card Hard Inquiry If it does, it's a little on the score. negative impact May fall.
• Now Banks and NBFCs of customers every 15 days credit score update Will have to do. these rules 1 January 2025 Have come into effect from.

Main reasons for falling CIBIL score

1. Non-payment of loan or EMI on time.
2. Overusing credit card limit.
3. Repeatedly applying for loan or credit card.
4. Loan settlement or loan default.
5. Being an irresponsible guarantor.

How to avoid falling CIBIL score?

✅ Pay loans and credit cards on time.
✅ Use only 30%-40% of the credit limit.
✅ Do not apply for more loans or credit cards than necessary.
✅ Check your CIBIL score regularlybut only CIBIL official website come on RBI recognized platform From.

Why is RBI's step important?

RBI has made this change so that customers do not feel afraid of checking CIBIL score again and again. With this the customer can credit profile Will be able to keep an eye on and make timely improvements. Other than this, Loan and Credit Card Now for the takers financial planning It will be easy to do.