When there is no budget to build a house or buy a car, people take loan from the bank. For this, it is necessary to have a good credit and CIBIL score. Without checking this, it is very difficult to take a loan from any bank. On the other hand, after the CIBIL score is down, it is very difficult to correct it. According to TransUnion CIBIL, women are far ahead in these matters as compared to men. Due to increasing awareness, rural women are also contributing in this.
54 million women are indebted
According to TransUnion CIBIL, women from rural and urban areas living in India are taking loans very fast. According to an estimate, 1,400 million people live in India. Of these, 435 million are adult female population. Of these, only 54 million are women who have any debt. Not only this, after taking the loan, these women also make constant efforts to return it on time.
Women are ahead in repaying loans on time
Compared to men, women are ahead in repaying the loan on time after taking it. Actually the biggest reason behind this is multitasking. Usually people pay it back in the form of EMI after taking the loan. On the other hand, apart from doing household chores, women are busy trying to repay these amounts through multitasking. This is the reason why women seem to be ahead in terms of credit score as compared to men.
Correcting CIBIL score is a challenging task
After taking the loan, due to not being able to give it on time, there is a problem like low civil and credit score. Getting it right is a challenging task. Generally people do not try to improve the CIBIL score once it is down. On the other hand, women pay more attention to it. After taking the loan, you can improve your CIBIL score by paying the EMI on time. It is necessary to have a correct CIBIL and credit score to take a loan later.