Relief for those taking loans for the first time!RBI's big decision RBI New Rule

RBI New Rule: The Reserve Bank of India (RBI) has recently taken an important decision, which is news of relief for millions of loans.Now the bank will not reject the loan only by looking at your CIBIL score, but will take decisions keeping in mind your entire financial situation.This change is especially a big step for those who are going to take a loan for the first time or whose credit score is still new.

Why was there a problem earlier?

Till now the banks were mainly dependent on the CIBIL score to approve the loan.If a person's score was low or he had been a new customer, the bank would reject his application.

New guidelines for banks

The RBI has clarified that the loan application will not be rejected on the basis of only low or not CIBIL score.The bank will now pay attention to these points as well - it means that now the loan will be based on your entire financial behavior, not only on the score.

Credit history will still have importance

Although the new rule has come into force, it does not mean that the CIBIL score has now become insignificant.The bank will still decide how capable you are to pay EMI on time by looking at your credit history.👉 It is necessary that you keep paying your debts and bills on time.

Free credit report once a year

The RBI has also made a new rule regarding the credit report fee for customers' convenience.Now every person will get a free credit report once a year.

For the first time, big relief to those taking loans

This new rule is especially beneficial for those taking loans for the first time.