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How to get your CIBIL score soar high this Makar Sankranti

By Rajiv Raj
January 14, 2016 11:19 IST
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2016 has just begun and the first festival of the year is already here. Makar Sankranti it is! On this occasion let's think about how to get your kites and CIBIL scores to soar high.

Photograph: Chandra Mohan Aloria/

This day is considered auspicious and celebrated across the nation. Our country has a rich and varied cultural heritage. Different festivals are celebrated depending on states and their cultures. But Sankranti is one festival that is celebrated by all Indians. Everybody has their own unique way of celebrating this day. Makar Sankranti inspires, spreads happiness and teaches us valuable lessons. These learnings can help us improve your CIBIL scores and overall personal finance situation. Read on to know more.

1. Fix the date

Most of the festivals celebrated in India, are on different dates every year. This happens because the Lunar calendar is followed. However, Makar Sankranti follows the solar calendar. Hence, it falls on the same date every year. Similarly, we must have a fixed date for making repayments.

By adopting this disciplined approach, one will be able to plan better. Defaults and delays can be avoided completely. This will have a positive effect on the CIBIL score.

2. Time for change

Makar is the sun sign of Capricorn. Sankranti means the movement of the sun from one zodiac sign to another. Thus the name of the festival, Makar Sankranti. Take this opportunity to incorporate positive changes in your life as well.

Review your current finances. Credit availed, savings, investments, etc. Check if you can pay off and close any of the loans availed. Get rid of excess credit cards. Think about better savings and investment options. Now sit back and watch the CIBIL score soar!

3. Strike a balance

Makar Sankranti marks the beginning of Indian summer. Which basically means, days become longer and the nights shorter. However, on the day of Makar Sankranti, day and night are of equal duration.

If we think about it, managing our personal finance is all about striving to balance things out at all time. Availing credit should be planned and provisioned for in subsequent budgets. That way, one can completely avoid stressful situations wherein repayments are a problem and delays and defaults the norm.

This not only brings down the CIBIL score, but also causes an imbalance in overall financial management.

4. Same festival, different names. One goal, many ways!

Pongal, Lohri, Uttarayan, Maghi and many more are all different names for the same festival, which is Makar Sankranti. Since it marks the onset of summer, it is celebrated as the harvest festival. It is only the names that differ. Similarly, we must have our personal finance goals fixed.

Since we are at the beginning of the New Year, this is a good time to do that. There are multiple saving and investment options available. While choosing the one that best suits you, keep your goal in mind. These are just various ways to achieve the same result. Planning, saving and investing, automatically translates to being mindful while availing credit. This will keep that CIBIL score in check.

5. Fly high

Makar Sankranti brings with it warmth, blue skies and the harvest season! Everybody wants to celebrate the positivity that this festival carries. Colourful kites are sent soaring high in the sky. Watching so many colours moving with the wind, against the blue skies, is a beautiful sight. It inspires one to dream and believe. Throw in a generous amount of planning and discipline and watch magic happen.

Whether you are planning for a home loan this year, a major expense like marriage or education or investing for great returns, it is all possible. Plan in advance, strategise and go for it.

With a great beginning to the New Year, everything shall fall in place. Stay focused on your financial goals and make your dreams come true. And just like flying kites during Sankranti, sky is the limit! Happy Makar Sankranti to all!

The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.

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Rajiv Raj