Indian consumers can now access their CIBIL TransUnion Score to make informed borrowing decisions and avail speedier access to credit.
'During times of adversity, a brick becomes better than a stone. That is how I look at the election season.'
Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
Wilful defaulters owe SBI Rs 80,000 crore. 10 nationalised banks are owed another Rs 1.5 trillion.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
It is important to understand how your salary influences your loan amount and implementing these valuable strategies can significantly impact your eligibility for the personal loan you desire, says Kamaljeet Rastogi.
Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. Fintechs which source funds through banks or non-banking finance companies (NBFCs) are looking at quickly building their secured portfolio options to at least 40 per cent of their total portfolio. "Over the medium to long term, as part of our product strategy, we are evaluating secured products which can be enabled over a digital platform" said Yogi Sadana, the founder of Zype, a lending-focussed fintech.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
Companies don't have to be in the field to nudge people to return money they owe lenders.
'The last year's growth is a foretaste of things to come in the retail credit market.'
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Instead of being guided only by returns, investors should also factor in the risks of lending on these platforms.
The public sector lenders saw the biggest rebound in inquiries in July and August 2020, most likely because they were early in recommencing operations than their private and finance counterparts.
As with all mass processing systems that are not dependent on a single source for information, there are quite a few things that could be incorrectly recorded in the credit information reports, which are stored with CIBIL. Here's what to do to have your report corrected...
The interest rate offered by PSBs like SBI, BoB and BoI hover around 8.9 per cent-10.50 per cent. For private banks, the range is between 10.49 per cent and 12 per cent.
The sector seems set for a rally that may be somewhat temporary.
With an eye on the coming festive season, leading public sector bank State Bank of India will provide home loans to its customers at concessional interest rates. SBI chief general manager (CGM) Umesh Kumar Pandey informed that this drive to provide home loans at concessional interest rates will be completed in two phases, an official release said on Thursday. The first phase will be operated from September 1 to October 31, while the second phase will be operational from November 1 to December 31, it said.
In an interview Credit Information Bureau of India's managing director Arun Thukral speaks about how CIBIL is fast becoming a consumer centric institution.
Here's why these Harry Potter characters will have the best or worst credit scores.
If your answer is yes, this is just what your need to read today.
Outright fear and lack of awareness can harm your CIBIL score
Your credit score is more than just a number. Here's how you can read and understand its importance.
Harshala Chandorkar, chief operating officer, CIBIL, explains your rights and duties as a responsible consumer
Duly paying your education loan installments on time, each month, is the best thing that could be done to maintain a good CIBIL TransUnion Score.
Correct your friends the next time they try to scare you; offer them tips on how they can improve their credit scores if they are poor borrowers
If your loan was rejected because you had just 'settled' your outstanding dues and not 'closed' it altogether, then here's how you can get this loan approved.
Want to spend more this festive season on your credit card? This is what it takes...
Here's how you can reward yourself for having a good CIBIL score.
Sharing your credit card with the spouse has it perks. Read on to find out more!
Warning: These tips are not for those who are already in a debt trap or struggling to meet expenses.
Getting married has no direct bearing on the credit score of either of the spouses. However it does impact the financial situation and may sometimes impact the credit score of any individual indirectly due to the action of the partner.
An error does not become a mistake until you refuse to correct it. Errors in your CIBIL credit report can become costly mistakes if you do not rectify them in time. So next time you get your CIBIL report, do not just see the score and tuck it away.
Too much unsecured loan can harm your CIBIL rating.
Because a settled account will do more damage to your credit history than you can imagine.
If you are wondering what all this is about and why should your wife need an independent score then read on to find out.
Find out how banks and lending institutions decide if you are worth their money based on your CIBIL TransUnion Score and Credit Information Report.
Making purchases on your credit card can turn out to be a better idea. Here's why.
Paying just minimum amount due? Closed your oldest credit card? Have never accessed your CIBIL report? You could be in trouble :(
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