Risk assessment platforms are increasingly using diverse data sources to help lenders identify groups attempting to access credit from regulated entities and to improve the process of evaluating new-to-credit (NTC) users.
'This helps the consumers secure more favourable terms from CIs.'
'India is a big market for StanC, and it is also fastest growing economy in the world.'
'Unless banks focus on the Rs 10-15 lakh loan segment, growing affordable housing will remain a challenge.'
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network. "Banks are taking greater recourse to short-term non-retail deposits and other instruments of liability to meet the incremental credit demand. "This, as I emphasised elsewhere, may potentially expose the banking system to structural liquidity issues," he said.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
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.
Credit Information Bureau India Limited has entered into an agreement with 31 leading micro finance institutions to set up a credit information bureau for MFIs.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
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.
If variation is over 50 points, write to the bank and bureau immediately to correct the discrepancy
Banks such as IndusInd Bank, Federal Bank, DCB Bank and Axis Bank which have renewed their focus on secured loans may be, hence, walking on a tightrope.
Do not game the system to run away from repaying the money you owe to the credit card company.
Credit bureaus keep a track of all your bills. Be it credit cards, phone bills, or EMIs. They have all in their records. If you ahve a good credit history you get rewarded for it in terms of low cost loans otherwise you may not even get a loan.
Sacrifice these common misconceptions to improve your credit score this Eid
According to data provided by Bankbazaar.com, for most banks, late payment fees range from Rs 100 to Rs 1,000, depending on the dues.
Just avoid these credit card mistakes and live your second innings in style, says Rajiv Raj
Credit bureaus have become a weapon banks wield even against a consumer who deserves much better.
Join Rajiv Raj of Credit Vidya on how RBI's rate cut will affect your dream of buying a home.
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.
The idea was that despite some defaults the high rates would assure good profits.
A bad credit score in general is seen as an irresponsible behaviour of an individual. Inability to pay on time reflects that the person is not capable of take care of things.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
Following are certain important things that lenders consider while processing loans to self-employed...
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.
'If your loan application gets turned down by one bank, do not apply immediately to several others.' 'This makes you appear credit hungry and possibly in some form of financial distress.' 'Multiple enquiries affect your credit score adversely,' advises Mohan Jayaraman.
CIBIL has started providing individuals with their credit information reports. Here's why it makes sense for you to know what it's all about.
Rajiv Raj tells you about some easy financing options to deck up your home
Making purchases on your credit card can turn out to be a better idea. Here's why.
If you default, it will affect your credit score and your career.
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
The Credit Information Bureau (India) Limited (CIBIL)can now generate a copy of your credit history and payment default reports at the click of a mouse. Borrowers will now have to tidy up their payment history.
There may be huge discounts and easy EMI options on your favourite expensive smartphone, but do not swipe your credit card left, right and centre, warns Rajiv Raj
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