ICICI Securities Ltd and Credit Information Bureau (India) Ltd (Cibil) have started an online facility available through ICICIdirect.com, where customers can see their Cibil TransUnion Score and individual ‘Credit Portfolio Insights’. It enables customers to see their liability portfolio alongside their investment portfolio, and gives them a personal net worth that can help make better financial decisions.
WHAT IS IT?
This is an additional facility that ICICIdirect.com customers can access. If you go into your account and go to the portfolio tab, there is a link that says ‘My Networth’. Under that, along with assets or investments, there is a tab with liabilities or loans. Under this, you get an aggregate of all the current outstanding loans (credit card, home, personal and so on) from both banks and non-banking finance companies (NBFCs). Once you confirm your details and pay the Rs.499 annual fee, you will be able to get a monthly update of your outstanding liabilities along with the Cibil credit score in your ICICIdirect account.
The fee is applicable for 12 months and each month, the liabilities data gets updates automatically from Cibil’s database. As soon as you have paid, the database checks for a match at Cibil. If there is a match, within 24 hours you will be able to see details of all your loans.
WHAT’S GOOD...
For ICICIdirect.com customers, it works well to be able to see investments and liabilities in one place. Your net worth tells you what the balance value of your assets is after netting out liabilities. So, you can tell in one glance whether the assets you have are enough to cover your outstanding liabilities. This, in turn, can help you make your next financial decision in a more informed manner.
Typically, if your liabilities side is lighter, you may be more willing to take risk on your investment side. If, on the other hand, you find that your current investments aren’t enough for your liabilities side, then future investments might need to be in more safe and fixed return securities.
The liabilities and loans get aggregated across banks and NBFCs, and you are saved a lot of effort in getting the data from different banks and cards. Along with a summary of the loans you have taken, you also get to see your Cibil credit score—this will help in understanding your position if you want to take a new loan. A credit score above 750 is considered good by lenders.
...WHAT’S NOT
Seeing your liabilities and investments on one screen and being able to understand your net worth will enable you to make financial decisions in a more informed manner. But while liabilities have been included in the feature, for a complete net worth, investments in other asset classes such as alternatives and real estate have not been included. Hence, the picture is still not complete. Also, you need to be a customer with ICICIdirect and have a valid login for an account to be able to access this service.
Author :- http://www.livemint.com/
Reposted By :- http://www.credit4loan.com/
WHAT IS IT?
This is an additional facility that ICICIdirect.com customers can access. If you go into your account and go to the portfolio tab, there is a link that says ‘My Networth’. Under that, along with assets or investments, there is a tab with liabilities or loans. Under this, you get an aggregate of all the current outstanding loans (credit card, home, personal and so on) from both banks and non-banking finance companies (NBFCs). Once you confirm your details and pay the Rs.499 annual fee, you will be able to get a monthly update of your outstanding liabilities along with the Cibil credit score in your ICICIdirect account.
The fee is applicable for 12 months and each month, the liabilities data gets updates automatically from Cibil’s database. As soon as you have paid, the database checks for a match at Cibil. If there is a match, within 24 hours you will be able to see details of all your loans.
WHAT’S GOOD...
For ICICIdirect.com customers, it works well to be able to see investments and liabilities in one place. Your net worth tells you what the balance value of your assets is after netting out liabilities. So, you can tell in one glance whether the assets you have are enough to cover your outstanding liabilities. This, in turn, can help you make your next financial decision in a more informed manner.
Typically, if your liabilities side is lighter, you may be more willing to take risk on your investment side. If, on the other hand, you find that your current investments aren’t enough for your liabilities side, then future investments might need to be in more safe and fixed return securities.
The liabilities and loans get aggregated across banks and NBFCs, and you are saved a lot of effort in getting the data from different banks and cards. Along with a summary of the loans you have taken, you also get to see your Cibil credit score—this will help in understanding your position if you want to take a new loan. A credit score above 750 is considered good by lenders.
...WHAT’S NOT
Seeing your liabilities and investments on one screen and being able to understand your net worth will enable you to make financial decisions in a more informed manner. But while liabilities have been included in the feature, for a complete net worth, investments in other asset classes such as alternatives and real estate have not been included. Hence, the picture is still not complete. Also, you need to be a customer with ICICIdirect and have a valid login for an account to be able to access this service.
Author :- http://www.livemint.com/
Reposted By :- http://www.credit4loan.com/
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