Sanctions loans worth Rs one trillion till date in FY21
The interest rate offered by PSBs like State Bank of India (SBI), Bank of Baroda and Bank of India hover around 8.9 per cent-10.50 per cent.
The CIBIL score is an indicator of credit worthiness.
The RBI announcement came as a relief to the borrowers and affirmed commitment to provide a comprehensive picture of each person so they can be reliably and safely represented in the marketplace.
The report said lending to micro, small and medium enterprises has increased for smaller borrowing size and lower duration borrowers, it said
Avoid making multiple applications to different financial institutions for the same loan