Having no CIBIL score can significantly hinder your ability to obtain credit, leading to higher interest rates, limited financial product access, and difficulties in renting properties or securing certain jobs. Banks often view individuals without a credit history as higher-risk borrowers, necessitating additional documentation and a more scrutiny-filled application process. This situation underscores the importance of building a positive credit history to improve financial standing and secure favorable credit terms in the future. Strategies to build credit include using secured credit cards and credit-builder loans.
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