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Many of us think that CIBIL score i.e. credit score is limited to taking loan or credit card only. But now this is not right. In the recent discussion in Parliament, it has become clear that your credit history and CIBIL also play an important role in getting jobs. This means that if your credit history is bad then it can also become a hindrance in getting your job. Especially if you want to work in the banking sector, then a bad CIBIL score can cause trouble for you.

What is CIBIL score?

The CIBIL score is a number that ranges between 300 and 900. This score is based on your credit history, that is, you have paid the EMI, bill or loan of loan or credit card at the right time. The Transonian CIBIL Limited releases it, which was previously called the Credit Information Bureau (India) Limited. This score tells banks and financial institutions how reliable borrowers you are. In addition to CIBIL in India, there are three more credit bureau Experian, Equifax and Crif High Mark, which track your credit records.

Credit history will be clean then you will get a job

For the last few years, it was mandatory for those applying for jobs in the banking sector to have a Sibil score of at least 650. But questions were also raised about this rule, especially on those students and youth who were feeling difficult to repay the education loan. Rajya Sabha MP Dr. John Britas asked the Finance Ministry whether it is right to score a minimum score of 650 and whether the government is doing something for the poor and middle class youth due to this rule. To this, Minister of State for Finance Pankaj Chaudhary replied that the rule of score of 650 has been removed in the 2024-25 Bank Recruitment (CRP-14). This means that you will not have to see 650 scores while applying now. But a big condition is that before joining the job, the candidate will have to show his credit history completely clean and updated.

Offer can be canceled if not clean credit history

If the credit record of a candidate will not be updated or there will be any problem in it, then he will have to take NOC (No Objection Certificate) from a loan institution. Without this, the bank can also cancel the job offer of that candidate. This decision depends entirely on the policy of the bank concerned. It is worth noting that in 2023-24 last year, those applying for jobs in the banking sector had to show at least 650 CIBIL score and clear credit history.

Why is clean credit history important?

You can wonder what can be the role of credit history in the job? Actually, there is special confidence in the employees working in the banking sector. Banks want to see for their safety and reliability whether their employees are financially responsible or not. Therefore, now the entire credit history will be verified instead of seeing the score in bank recruitment. The aim of this is that no questions should be raised on the financial credit of banking employees and they prove to be reliable.

In such a situation, if you want a job in the banking sector, then pay attention to your credit history. Keep checking your CIBIL score and credit report from time to time. If there is a mistake in paying any mistake or loan in your credit history, then try to improve it. This will not only increase your job opportunities, but your financial health will also be better.