So, your CIBIL score is in trouble. Or you don’t a have CIBIL score yet.
We already know the easiest way to build a CIBIL score. Now, here is another way to do it.
Take a gold loan. You did hear correctly. It doesn’t matter if you get a gold loan from a bank or a NBFC. Each and every gold loan is disclosed to CIBIL, and paying back the interest on gold loans on time raises your CIBIL score.
A gold loan is a secured loan and so your CIBIL score is not checked before the disbursal of the loan. However, the beauty of this type of loan is that every time you pay your interest on time you positive points are added to your score.
Some other features of a gold loan include
- Low interest rate
- Instant disbursal
- No income proof requirement
- No guarantor requirement
You can avail a gold loan with just identity proof and address proof. If your goal is build a good CIBIL score, never default on interest payments on this gold loan despite the fact that it is a secured loan. Remember, if you do not pay interest on time you will get negative points and it will show up in your credit report.
NOTE : You can get your CIBIL score on your phone for FREE.