In today's time, all banks give loans only after seeing the CIBIL score. However, meanwhile, the country's largest bank State Bank of India (SBI) has started a new initiative. The bank has started giving cheap loans to people having good CIBIL scores. So let us know what your CIBIL score should be for a cheap home loan. If the CIBIL score is low then how expensive will the loan be?
Interest rates on SBI home loan
According to the SBI website, for customers with a credit score of 750 or above, the regular home loan interest rate is a minimum of 9.15% (EBR+0 percent). In this situation, no risk premium will be charged to 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). Customers whose CIBIL score is between 650-699 will be charged interest at the rate of 9.45 percent.
These rates are effective from May 1, 2023. For CIBIL scores between 550-649, the bank applies an interest rate of 9.65 percent for regular home loans. Let us tell you that bank risk premium is determined by CIBIL or credit score. The worse the credit score, the higher the risk premium.
Check your CIBIL score like this
It is very easy to find out the CIBIL Score. For this, you can find out your CIBIL score sitting at home by filling out the online form. To know your credit score, visit the CIBIL website www.cibil.com/online/credit-score-check and fill out the information form. Similarly, you can also know your credit score from Credit Bureau, CRIF, and Experian. You can get one free credit score from each agency a year.
Apart from this, today you can easily check your credit score through many payment apps and credit card apps. If you find that your credit score is incorrect, you can contact the company that issued the score and make corrections. However, in parallel, you will have to submit documents. Apart from this, now you can check your credit score through WhatsApp. Experian India, a credit score-providing company, has launched the facility to check credit scores for free through WhatsApp.
Who decides your civil score?
Let us tell you that your CIBIL score is decided by companies like Credit Bureau, TransUnion Civil, CRIF and Experian. On the other hand, all of them have been given the license by the government to prepare and maintain financial accounts of the people, on the basis of which they prepare the civil score of the people.
Benefits of having a good civil score
Let us tell you that if your CIBIL score is better then you get the loan easily. Along with this, your economic value also does not deteriorate, because you can get a good loan at any time through a good CIBIL Score. Along with this, if your CIBIL score becomes zero then your chances of getting a loan are less, whereas if the CIBIL score is zero, banks give loans only after seeing your job income and better financial condition.
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