Poor CIBIL Score Can Affect Your Job:

A CIBIL score is a key factor in determining an individual’s creditworthiness. It is a three-digit number issued by CIBIL (Credit Information Bureau (India) Limited), typically ranging between 300 and 900. A high CIBIL score indicates a healthy credit history, while a low score can make obtaining loans or credit cards more difficult. In fact, individuals with a poor CIBIL score may face higher interest rates, even if they are granted a loan.

Poor CIBIL Score Can Affect Your Job:

While CIBIL scores are crucial for securing loans, they also play a significant role in employment opportunities, especially in the banking sector. In the past, applicants for banking jobs were required to maintain a minimum CIBIL score of 650. However, in recent news, the Indian government announced that the requirement for a specific CIBIL score will no longer apply from the 2024-25 recruitment process onward. This means candidates can apply for banking jobs without a required CIBIL score. But, it is important to note that applicants must still demonstrate a healthy credit history at the time of joining.

Union Minister Pankaj Chaudhary confirmed the change in policy. He explained that the earlier rule needed a CIBIL score of 650 or more. That requirement for banking job applicants no longer exists. Now, applicants do not need to worry about their CIBIL score while applying. However, they must still ensure their credit history remains healthy. An applicant with outdated CIBIL records must submit a No Objection Certificate (NOC) from the relevant lender.

This policy shift makes the banking recruitment process more inclusive. It allows a broader range of candidates to apply for banking jobs without restrictions from their CIBIL score. Still, experts advise candidates to maintain a good credit history for overall financial health.

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