CIBIL's new scoring system to rate borrowers keeping in mind the current trends and changes in the consumer profiles and credit data
Indian consumers can now access their CIBIL TransUnion Score to make informed borrowing decisions and avail speedier access to credit.
'In times of recovery, we may see a rural-urban divide with the urban pockets affected more by COVID-19, but the MFI business model should encourage banks to handhold them in this hour of crisis,' notes Tamal Bandyopadhyay.
This central registry will help banks, financial institutions and non-banking finance companies get mortgage details of consumers before issuing loans against property. The personal loan score will provide details on the likelihood of customers becoming 91 days delinquent on a personal or consumer loan over the next 12 months. It will range between 300-900, indicating the levels of default. A home loan repository and a fraud repository will also be launched soon.
Lenders had filed 1,251 cases to recover Rs 24,765.5 crore. Wilful defaulters are the entities that do not pay back money despite the ability to do so. Defaulters above Rs 1 crore were considered for this exercise.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
Before opting for a joint loan with your parents or spouse (after all, anybody who you love is your Valentine) you must first understand the implications of this loan.
If banks won't lend, seek a loan from fintech lenders or P2P platforms to help you get out of a debt trap.
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
CIBIL provides credit information about individual customer and business entities that helps banks in taking decision on sanctioning credit to any customer.
Most borrowers of loans against property pin hopes on future cash flows from their business, but in case of failure to repay the loan, the lender can repossess the property and sell it.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
Did you know that credit cards can in fact help you to improve and build your credit score if used responsibly and wisely!
Gifts for loved ones, spending on yourself on impulse buying on EMIs and credit cards can leave your financial health completely stressed by the end of the year, says Harshala Chandorkar, Senior Vice President -- Consumer Relations, CIBIL
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
Swiping your credit card to take that dream vacation? Beware, says Harshala Chandorkar, Senior Vice President -- Consumer Services and Communications!
'It is in electronics that the gap between where we are and where we need to be is most obvious and most persistent.' 'It is not only a national security issue, but also a commercial issue,' argues Rajeev Srinivasan.
Your social media profile may soon be your ticket to a loan or a credit card, says Abhishek Agarwal
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