After 2014 govt formation we see new policies and rules every fortnight . After big bomb of Demonstration now govt had made it clear that loan will be approved to any individual or firm after verifying CIBIL score.
What is CIBIL SCORE?
The score given on independent govt authorized agencies from 0 to 1000 stating credibility of person or firm who is seeking for a loan.
Generally Bank accept score from 750 or above however some banks approve loan on rating above 600 by checking other parameters.
GST, Demonstration and other steps seems to help bank reduce NPA as willful defaulters are now paying money back and not getting further loan approval.
