SBI loan latest news: The 'great Indian dream' of owning a house or a car can only realised with the help of bank loan for a majority of people. Both nationalised and private banks introduce multiple loan offers to lure customers, however, there is one major factor that all of them look into before approving a loan request - your CIBIL score.
All banks give loans only after seeing the CIBIL score. A good CIBIL score certainly helps in availing the required bank loan, on the other hand, banks are hesitant in entertaining loan request of individuals having a poor CIBIL.
SBI's latest loan offers
The State Bank of India (SBI), country's largest lender, has started a new offer of providing cheap loan to individuals having good CIBIL score.
As per the SBI website, for customers with a credit score of 750 or above, the regular home loan interest rate is as low as 9.15% (EBR+0%). In this case no risk premium will be charged from the customer. Whereas, the interest rate for customers with CIBIL score between 700-749 is 9.35%. 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 scores between 550-649, the bank applies an interest rate of 9.65% for regular home loans. It must be noted that the bank risk premium is determined by 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 also find out your credit score from credit bureaus, CRIF and Experian. You can get one free credit score from each agency a year. 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, then you can contact the company that issued the score and make corrections. However, at the same time you will have to submit the documents. Apart from this, you can also check credit score through WhatsApp. Credit score providing company Experian India has launched the facility to view credit score for free through WhatsApp.
Who decides your CIBIL score
CIBIL score is decided by companies like many credit bureaus, TransUnion Civil, CRIF and Experian. On the other hand, all these have been given the license by the government to prepare and maintain the financial account of the people, on the basis of which they prepare the CIBIL score of individuals.
