Today I would like to inform you about the important things to listen the people who have taken loans from banks. most of us have take a loan from Banks. Here are some things to note a few things when repaying the loan in the banks.
When we close a loan in the financial institution in our country they will record it in two ways.First one is loan closed and second one is loan settled. Loan closed means that you have repaid all the amount of the bank and closed the loan with the full satisfaction of the Bank.
Loan settlement means that when you do not repay the loan, the bank will reach an agreement with you in a mediation conversation and settle without paying the full amount due to the bank.
A good customer gets a loan closed. But when it comes to loan settlement ,it is likely to drop to 100 points from your CIBIL score in the future. But when closing the loan make sure that it is written as loan closed.
1CIBIL score should always be above 750. Otherwise it will affect our future transactions.