Cibil Score New Rule: Government's historic announcement on loan!

Cibil Score New Rule: Everyone needs a loan, whether to build a house, to buy a car or start a business.But till now the biggest problem came to the people who wanted to take a loan for the first time.Their cibil score was either rare or not formed at all.For this reason, banks used to reject their application.Now the government has made a big historic announcement on this, which will provide relief to millions of people.

Relief to those taking loans for the first time

People applying for the first time are most concerned that they do not have a CIBIL score or very low.Earlier, banks used to reject the application on this basis, but now it will not happen.The government has made it clear that no loan application of anyone will be canceled due to the low CIBIL Score.This decision is very good news for youth and small businessmen.

Big statement came in Parliament

Minister of State for Finance Pankaj Chaudhary clarified in the Lok Sabha that the Reserve Bank of India (RBI) has not fixed any compulsion for the minimum credit score.This means that even if a person's score is low or not at all, banks cannot refuse the loan only on this basis.This step is considered to be very important in the direction of financial inclusion.

CIBIL score will not stop

In recent times, there was a strong discussion on social media that the government is going to end CIBIL Score.The government has also clarified the situation on this.There is no intention of closing CIBIL.Rather, the government wants the loan process to be transparent and reach every person who really needs it.

Banks have to follow the new guideline

Banks will no longer have to take a decision on the basis of credit score.They also have to pay attention to things like the applicant's income, job stability, business status and ability to repay the loan.Millions of common people will get direct benefit of this, especially those who were deprived of taking loans due to only low score.

Who will benefit the most

The youth and those who are going to take loans for the first time from this new rule.Small shopkeepers, farmers, entrepreneurs and employed people starting startups will be able to apply for loan easily.This will help them meet their dreams and needs.This decision of the government is a historical step towards making the loan process easier and transparent.Now the banks will not reject anyone's application by just looking at CIBIL Score.For the first time, this is a big news of relief for those taking loans and new opportunities are going to be opened for millions of people across the country.Disclaimer: This information is based on official statements made in the Ministry of Finance and Parliament.Before taking a loan, do read your bank's conditions and RBI guidelines.