CIBIL Score: Even if your credit score is in negative, your loan may get stuck, try this method..


Sumona, a resident of Delhi, works in a multinational company. She has to commute to the office by metro every day. One day she made a plan to buy a car. For this, taking a loan from the bank will do the job and the loan will also be settled through EMI. But when she applied for a loan in the bank, the bank refused to give her a loan. Sumona did not understand that till now she had never taken a loan, why did the bank refuse when she wanted to take it for the first time? On enquiring, it was found that her CIBIL score is -1. In such a situation, the banks were also hesitant to give her a loan. Sumona could not understand that if she had never taken a loan, then why was her CIBIL score minus? Like Sumona, this problem can come in front of anyone. Let us tell you about this-


Why is the CIBIL score minus
It is very important to have a good credit score for a loan. The better the CIBIL score, the easier it is to get a loan. The CIBIL score is determined between 300 and 900. A CIBIL score of 750 or above is considered good. But if you have never taken a loan and you do not use a credit card either, then you do not have any credit history. In this situation, your credit score becomes -1. Which in common language people call zero credit score. In such a situation, the bank is confused about on what basis it should consider you trustworthy and this is the reason why banks hesitate to give a loan to a person in this situation or sometimes refuse.

What is the way to increase the minus CIBIL score?
The way to increase the minus CIBIL score is you take a loan in some way or the other. But due to a lack of credit history, banks are not giving you a loan, so in such a situation you have two options to increase your credit score. First- You take a credit card from the bank start using it and make the payment on time. This will start your loan in the banking system and your CIBIL score will be updated in two or three weeks. The second way is you open two small FDs of 10 10,000 each in the bank. After the FD is opened, take a loan against it under the overdraft facility. As soon as you withdraw money under overdraft on your FD, your loan will start and as you repay the loan with time, your credit score will be updated.


There is no possibility of getting a loan if the CIBIL score is minus?
In this case, an official working in a bank says that when the CIBIL score is minus, the bank tests the credibility of the person on other parameters. In such a situation, the person's source of income, educational qualification, etc. are looked at. For example, if a person is a doctor or CA or holds a high position, then there is a high possibility of getting a loan even if he does not have a credit history because his income is quite good. But if you do not have such a high-ranking job, then you can assure the bank by giving bank statements of a few years to show your better financial condition. Apart from this, you can show all your bills which you have been paying regularly till now as proof. In such a situation, if the bank is assured, it can give the loan and if not, it can also refuse.

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