CIBIL Report: Those who are taking loan are fulfilling their duty… Yes, great news is coming for India. The number of loan takers is increasing in the country but on the other hand people are also repaying their loans on time.
This has been revealed in the CIBIL report. Talking about the figures, 15 percent more loans have been taken this time compared to last year. But the CIBIL score has not deteriorated much. The defaulter rate is less than 1 percent.
The figures have been fantastic
Talking about the sector, personal loan along with auto has been everyone’s choice. Anyway, the rate of taking loans from NBFCs has increased since Covid. Since 2020, every year 20 to 25 percent more customers are turning to personal loans. While in the auto sector only 0.69 percent customers turned out to be defaulters, in the case of personal loans this figure was 0.83 percent.
Country will progress with less NPA
This is a very special figure for the country’s economy, because the figure of NPAs acts as a breaker for the economy of any country. RBI also keeps giving information about credit score to the customers from time to time. From next year, banks and NBFCs will give 7 days time to customers to ensure that there are not many NPAs. However, the country’s Reserve Bank has not made any official announcement regarding this.
Keep checking your CIBIL score from time to time
To maintain a good CIBIL score, keep checking your score from time to time. Also, avoid taking multiple loans at once, take loan only when there is an emergency. Loan taken for hobby can put you in trouble. CMI also helps you through videos on how you can keep your CIBIL in good condition.
