CIBIL Credit Score really necessary for Home Loan..!

There are various banks and nbfc's in the market who finds lower credit score of home loan applicants but still provides loan to customers. How they are doing it, as generally there is so much hype that if your score is low then you don't get any loan unless it is improved to a sufficient benchmark.

Let's discuss what this benchmark are and how they are roughly decided by the banks:

Generally for a home loan cibil score till 630 or 650 also consider to disburse a loan to customer, because home loan is a secured loan where in banks have a security and loan applicant is meeting all other eligibility criteria to get that loan. If only cibil/experian/equifax/crifhigh mark credit score is low then banks tend to ignore this factor as well.

Because in today's financial industry, if a one bank will reject application then multiple other banks are standing on a queue to provide loan to that customer. So for banks also it is always a subjective call, whether to sanction a loan to an applicant who has low credit score or has defaulted in the past and has a series of settlement or write off in his credit report.

If any individual find itself in this type of scenario, then they should not panic. They can get in touch with credit 4 loan and be rest assured that they will get best advisory at lowest service fees and with result oriented programs.

If someone has to apply for a home loan, then it is always recommend that they should check their credit score first. If they don't know about where to check or which is a genuine website to check then they should get in touch with credit 4 loan. Because Credit 4 Loan is well experienced and has a better knowledge about credit score parameters, loans with low credit score and credit cards.

Score changes in cibil will get lessor by a week..!

In a recent interview with Livemint, Harshala Chandorkar (chief operating officer), TransUnion Cibil said currently data is submitted and updated two weeks after the month end. Wherein banks and cibil, working together to send the data to the cibil credit bureau within a week of every month end, instead of a fortnight at present.

In 2015, RBI has directed all the banks and NBFCs to become a member of all Credit Institutions Company (CICs) such as CIBIL, Equifax, Experian and High Mark and share all credit data with them.

Central Bank has also asked all the banks and NBFCs to update all credit data every month or shorter interval mutually agreed by both the parties.

We have also heard where there is data, they are prone to erros. So if you find that you’ve some data missing or incorrectly updated in your credit report you can approach Credit 4 Loan, Who has assisted individuals with the required solution to ensure they become tension free again.

What else directly you can do: directly contact cibil, respective banks or NBFCs or banking ombudsmen for the required correction.

Following are important website links:

1.       CIBIL: www.cibil.com

2.       Credit 4 Loan: www.credit4loan.com

3.       RBI: www.rbi.org.in

Some banks and NBFCs website links if required:

1.       HDFC Bank: https://hdfcbank.com/

2.       ICICI Bank: https://www.icicibank.com/

3.       SBI: https://www.onlinesbi.com/

4.       BAJAJ FInserve: http://bajajfinserve.in

5.       DHFL: https://www.dhfl.com/

Above links will help you to get the required help, still if you need any suggestion do write a comment or contact Credit 4 Loan for the same.

How Mission Shakti is related to everyone in their daily life

Let’s think from a country perspective, in case of an extreme threat if we blind rival country technology then how good that will be to us. It is a technology that directly hits out a satellite in a space where in if necessary we can make our rival country go blind in a need of hour to gain an advantage over it. We should thank to our science experts like DRDO (Defence Research and Development Organisation), ISRO (Indian Space Research Organisation) for their efforts and hard work for giving India an advantage and to be in the 4^th country who has this technology like super power.

A very special thanks to our honourable Prime Minister Mr. Narendra Modi #NaMo for all his appreciation to mission shakti & its team and making India pride towards this moment.

The same way, we as a responsible citizen need to be alert in our financial planning as well, whenever we’re looking for a loan we should not directly approach a bank, we should check our cibil credit score first so we can get to know that our credit score is appropriate and we are eligible for that loan in terms of credit score.

Mission Shakti is a term, where we need to take lesson that the way India is getting stronger in its technology, even we need to become a stronger to support our families and for that being a financial healthy is a key to success. So if your credit score is low or your loan application getting rejected then also don’t panic, there are companies like Credit 4 Loan, who assist individuals to improve credit score and make you eligible for loan again.

So, let’s support India, Mission Shakti, Our honourable PM & make a successful life ahead.

Ignorance is not a bliss always, Check Your Score Always.

You spent your whole life in earning and fulfilling day to day task and your family expenses, by paying utility bills to cards and loans EMI (Equated Monthly Instalments). In a nutshell, A normal individual always plans for his/her future and takes a step accordingly.

In financial planning it might like taking a loan for a new car, home loan, personal loan or a gold loan for meeting your needs. Mr. Mukesh also thought the same as he was planned his future so well that till the age of 36 his life was completely sorted. But then slowly and suddenly he started getting problem from everywhere as it said problem will never knock the door before entering your life.

Improve CIBIL Score

Mr. Mukesh got medical problem at his house, he spent all his life saving of almost Rs. 6 lacs, sold his car also. But due to rising cost of medical treatment in India out of option he had to apply for a loan but as we spoke, problem never knock the door, his personal loan application got rejected by his own HDFC Bank, he had a salary account but still got rejected and reason cited was CIBIL Score.

His CIBIL (Credit Information of Bureau India Limited) score was below the expectation banks required. He got to know that almost a decade before he took few loans and credit cards which he didn’t paid well, like few he settled and few were left into written off status. He got worried now what to do..! When he require a loan almost all banks like ICICI, Axis, CITI, Bajaj, State Bank of India, etc rejected his application due to poor cibil score and negative remarks on his cibil report.

After checking his report he tried all means to get rectified by himself but as bad time he was facing, it didn’t help and then he found Credit 4 Loan which is a cibil score improvement advisory firm on the internet. After which he did research about the company and kept his trust on them. Well, bad phase never stays for longer time as Credit 4 Loan has helped him to improve his score and close down all his account. He now got a loan and making his EMI payment on time.

In Order to improve your Credit Score also please Contact "Credit 4 Loan" - “Credit 4 Loan is a company who works with individuals throughout their credit improvement series, In which individuals who suffers rejection on their Home Loan, Personal Loan, Credit Cards, etc. due to their poor credit score & credit report gets help in enhancing their credit score at a level, Where they'll be eligible for their loans & cards at best interest rates in the market."

P.N: This article is presented for education purpose only. Actual situation may vary.

Personal Loan without CIBIL Credit Score!!

In today's financial scenario, Every individual seeks for a loan, Whether it is personal loan, home loan, business loan, machinery loan, etc.

Basics to get a loan are very simple:

Where if following documents are meet then person gets a loan

1. Basic KYC
2. Income Proof
3. Bank Statement

But very few people are aware that apart from this your cibil credit report is also require and equally important to get you a loan sanction in minutes.

Yes, It is true.

If anyone having CIBIL Credit Score less then 750, then it becomes very difficult to get a loan, while if someone having score more than 750+ and meeting above said documents criteria said to be a happy person with big smile on thier faces compare to people who has low cibil credit score.

It is always advisable people to check credit report and credit score first before approaching any financial institution to avoid further shock from those institutions.

Credit Score is easily available, ask Credit 4 Loan, And you'll get it quickly.

So, if applying anywhere for personal loan or any other loan, Kindly check credit score, 

Because it is always better safer then being sorry in the end

Not just horoscope, your CIBIL score can also impact your marriage

Apart from taking stock of family, personality, compatibility and pay packages, families are now also concerned about the CIBIL score of a prospective groom.

Are you a bachelor living in Delhi and planning to get married anytime soon? You might be earning well and even consider yourself an eligible bachelor, but are paying your credit card bills and EMI payments on time? This affects your CIBIL score, and may also have an impact on your marriage prospects.

Apart from taking stock of family, personality, compatibility and pay packages, families are now also concerned about the CIBIL score of a prospective groom before getting their daughters married. Detectives are also being hired to get confirmed information about the CIBIL score.

And as per the trend, it is no less important than matching of horoscope, which is a custom in Indian marriages. According to experts, CIBIL score of a person shows the liability on him and also tells if he is capable enough to repay a loan.

Actual Article Link - http://zeenews.india.com/india/not-just-horoscope-your-cibil-score-can-also-impact-your-marriage-2098532.html

For Credit Score Improvement - www.credit4loan.com

A good credit score doesn't mean lower interest rates

If you thought a high credit score will fetch you lower interest rates on home loans and car loans, you can't be faulted because that is how it works in several other countries. But not in India, because the country is yet to implement the risk-based pricing for retail loans, and as of now, the credit score is used only for deciding one's eligibility for retail loans.
Banks say that retail loans are given on very thin margins. "Even if a customer has a high credit score, we cannot reduce the interest rate as the spread or the mark-up over the bank's base rate is pretty thin. We do not distinguish between customers while giving home loans or auto loans. The score will decide only your eligibility for a loan and not the final price you pay for the loan," say bankers and credit rating agencies.Rajnish Kumar, managing director of State Bank of India (SBI), who is in charge of retail loans, told dna, "We follow a uniform rate of interest for all our home loan and vehicle loan customers and not distinguish them based on their credit scores. All customers get the bank's current rates of interest on home and auto loans. Credit score allows us one more screening of customers, but the interest rates are enjoyed by all customers who get the sanction."
Harshala Chandorkar, chief operating officer, Cibil, says that the credit scoring helps customers access finance easily and faster by accelerating the loan approval process. "A good credit history gives the borrower an acceptability and helps them build a reputational collateral. Some banks are trying to correlate the credit scores to the cost of loans and we shall gradually witness risk-based pricing becoming a norm in the industry. A higher Cibil TransUnion Score will facilitate faster and affordable access to finance," says Harshala.
If you look at the interest rates of various players in the market, one easily draw the conclusion that there is a thin margin available for them, and that the competition is getting hot. As of now, State Bank of India (SBI), ICICI Bank and HDFC have the lowest home loan rates at 9.5% for women borrowers and 9.55% for general category home loans. ICICI Bank has a fixed rate of interest for ten years at 9.5% to 9.55%, while HDFC has fixed home loans of tenures two years, three years and ten years. The ten-year fixed HDFC home loan is priced at 9.75% and Axis Bank has a fixed loan for 20 years at 11.75%. The home loans have a tenure of up to 30 years.
Mohan Jayaraman, managing director at a credit-rating agency Experian, said better credit scores in developed markets mean lower interest rates. "Unlike in the developed markets where a better credit score can fetch you a lower priced loan, credit scores in India are used more like a benchmark on your credit history. It gives some information on your repayment capacity and sanctions are faster for a higher credit score," says Jayaraman.
A senior officer with Canara Bank also confirmed that a uniform pricing is followed by banks while they sanction retail loans. "Credit scores only help them understand customers better through their credit history. Loan is sanctioned on the basis of the credit score, but the pricing is based on the interest rates that the bank announces from time to time," says the banker.
Another banker said, "RBI is very sensitive about differential pricing when it comes to retail customers. So, the pricing is uniform. Even when banks launch special schemes for new customers at rates lower than those for existing customers, there is a lot of explaining do."
But a loan sanction will depend on your credit score.
So, what counts for a higher score? Cibil says the TransUnion score is arrived at by analysing the consumer's past performance on her debt obligations. This, according to Cibil, is the most important criterion and contributes approximately 30% weightage to the score. Type of loan availed, whether secured or unsecured loan, and the duration of credit history established contribute an additional 25% to the score. The total amount of credit exposure contributes another 25%. Other factors such as credit utilisation, recent credit behavior contribute the remaining 20% to the score.
Jayaraman adds, "We try and analyse how many times a consumer comes to the market to raise loans. If it is very often, then his scores may be low as it reflects that he is relying on borrowings for his needs. The Experian credit score will help banks reduce the layers of investigation on the customers. A higher concentration of secured loans like home loans is generally considered more secure than unsecured loans."
Cibil tries to gauge the amount of credit the consumer is using, if any accounts are past due, how old the consumer's lines of credit are, and the type of credit he has – whether it is all credit cards.
The increased limits on the credit card may be good news for you, but if you reduce utilisation of the credit card limits, you will get a better score. It is always prudent not to use too much of credit, says Cibil. Late payments are negatively viewed by lenders because it indicates that you are having trouble servicing the existing obligations.