SBI Loan Latest News: The ‘Great Indian Dream’ of owning a home or a car can only come true for most people with the help of a bank loan. Both nationalized and private banks offer a variety of loan offers to woo customers, however, there is one major factor they all look at before approving a loan request – your CIBIL score.
All banks give loans only after seeing the CIBIL score. A good CIBIL score definitely helps in getting the required bank loan, on the other hand, banks hesitate to consider loan request of individuals with poor CIBIL.
Latest SBI Loan Offers
The country’s largest lender State Bank of India (SBI) has launched a new offer to provide affordable loans to individuals having a good CIBIL score.
For customers with a credit score of 750 or above, the regular home loan interest rate is as low as 9.15% (EBR+0%), according to SBI’s website. In this case no risk premium will be charged from the customer. At the same time, the interest rate for customers with CIBIL score between 700-749 is 9.35 percent. The risk premium from such customers is 20 basis points (bps). The customer whose CIBIL score is between 650-699 will be charged interest at the rate of 9.45%. These rates are effective from May 1, 2023. For CIBIL score between 550-649, the bank applies an interest rate of 9.65% for regular home loans. It is to be noted that the bank risk premium is determined by the CIBIL or credit score. The worse the credit score, the higher the risk premium.
How to check your CIBIL score
Finding the CIBIL score is very easy. For this, you can know your CIBIL score sitting at home by filling the online form.
Similarly, you can find out your credit score from credit bureaus, CRIF and Experian as well. You can get one free credit score a year from each agency. Apart from this, you can easily check your credit score through many payment apps, credit card apps. If the credit score is found to be incorrect, you can get in touch with the company that issued the score and get it rectified. However, you will need to submit the documents at the same time. Apart from this, you can also check credit score through WhatsApp. Credit score providing company Experian India has started the facility of viewing credit score for free through WhatsApp.
who decides your cibil score
CIBIL score is decided by several credit bureaus, companies like TransUnion Civil, CRIF and Experian. On the other hand all these are licensed by the government to prepare and maintain financial account of people, based on which they prepare CIBIL score of individuals.