Most Indians have never checked their credit score — and that habit just got more expensive. RBI is rolling out new rules that require banks to set aside more money when they lend to riskier borrowers. What that means for you: if your CIBIL score is low, banks will either charge you a higher interest rate or say no altogether. A difference of even 50–100 points on your score could mean paying ₹500–1,000 extra every month on a home loan EMI.
What this means for you
- If you're planning a home loan or personal loan in the next 6 months, your CIBIL score will now carry more weight than ever in deciding your interest rate.
- A score below 700 could push your loan rate up by 0.5–1%, adding ₹400–800/month to your EMI on a ₹30L loan.
- Even credit card applications and limit upgrades could get tighter if your score looks shaky.
What you can do
- Check your CIBIL score for free right now on the official CIBIL website or your bank's app — takes 2 minutes and doesn't affect your score.
- If your score is below 750, pay all your EMIs and credit card bills on time for the next 3 months — that alone moves the needle.
You don't need to be a finance expert — you just need to know your number before the bank does.
Grow with clarity 🌱