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

Four things that build & maintain high CIBIL score in 2016

As a conscientious individual you probably know that you need to maintain a CIBIL score of 750 and above (out of 900). This will ensure that you get easy access to credit, as lenders will deem you creditworthy. A good CIBIL score backed by good credit history in your CIBIL report will help you move forward economically and ensure your financial well-being. A new year round the corner is the best time to begin the journey to your attractive credit profile – high credit score. Here is how to go about building and keeping up a good CIBIL score.

Credit card- The first stepping stone

If you just started out in life with your first job, and have no credit history, it is prudent to begin building credit with a credit card. However, do not leap at the first offer that you come across. Compare the fees and reward points on each and pick up a card that is best suited to your needs. A credit card, when used judiciously can indeed be a stepping stone to a good CIBIL score. Spend small amounts on your credit card and ensure that you repay the whole outstanding within the billing cycle. The golden rule of using a credit card is, never to go beyond your means, i.e. not buying anything on the credit card that you think you will not be able to repay within the stipulated time frame of your billing cycle.

Make all repayments on time and clear loan outstanding

This is applicable not just to your credit card, but also to any other credit that you may have availed of. For instance, if you have a student loan running when you have begun your career, make it a priority to make the repayments on time. In fact, it is a good idea to make bullet payments and clear the loan outstanding, if you can afford to do so.

Most people get too overwhelmed in the transition phase between the life of a student and a life of an individual who is financially independent and tend to go overboard in a pursuit of “living well”. It is financially prudent not to give in to the lure of luxuries right away at such times and continue living the way you used to as a student till you find a foothold in your career.

Have a good mix of credit

When you begin your life as an independent individual your needs begin to change. You would probably want to avail of credit to purchase a two wheeler or a car and do up your home. Based on your cash flow, avail of credit prudently based on your needs. A good mix of credit, meaning a combination of secured and unsecured loans will augur well for your CIBIL score. However, do not opt for all such credit all at once as that will make you seem credit hungry to a prospective lender and bring down your CIBIL score on account of too many “hard inquiries”. Each time you make an application for fresh credit to a bank, the bank accesses your CIBIL score and CIBIL report in order to assess your creditworthiness. These requests from the banks gets recorded in your CIBIL report as “hard inquiries” and bring down your CIBIL score a few notches each time.

Check your CIBIL score and CIBIL report periodically

This is the part where most people tend to falter. Apart from maintaining good financial habits it is also of utmost importance to keep a tab on your CIBIL score and CIBIL report. This is to ensure that there are no discrepancies that have crept in. There can be errors like a wrong entry under your name, incorrect personal information on your CIBIL report. If you do not check your CIBIL score or CIBIL report periodically, these errors may surface when you are applying for fresh credit and may mar your chances of getting a loan when you need it the most. To ensure that things are in order thus, pull out your CIBIL score and CIBIL report at least once or ideally twice in a year and ensure that all your records are in order.

Thus as you can see, building a good CIBIL score and keeping it up is closely connected to good financial habits. Just as you would take care of your physical health by eating right and adequate exercise, take care of your financial health too by keeping up a good CIBIL score. Not only will this open up doors for you when you need credit, it will also give you perennial peace of mind!



Author :- http://www.moneycontrol.com/
Reposted By :- http://credit4loan.com/

IBM Security to safeguard CIBIL data against cyberattacks

NEW DELHI: Credit Information Bureau India Limited (CIBIL) has partnered with IBM Security to secure its critical business systems against cyberattacks. Under the agreement, IBM Security Services will provide a customized security operations framework to monitor real-time threats and help CIBIL proactively identify fraud.

CIBIL collects credit information pertaining to borrowers from banks and credit institutions which are its members. It then collates this information into credit reports and credit information solutions and provides them to banks and credit institutions to help evaluate risks, while lending to customers.

IBM Security Services will provide round-the-clock proactive security log monitoring and real-time validation of suspicious threats using IBM X Force Intelligence. The company has also built an integrated Security Operations Center (SOC) for incident reporting and management, which will detect and monitor security events and phishing attacks in real-time. The CIBIL website will also be monitored in real-time with daily scanning for signs of malware infections.

An individual's CIBIL report and CIBIL TransUnion score, other than his/her income, are two of the most important tools used by lenders to evaluate applications for any loans or credit cards.  

Author :- http://timesofindia.indiatimes.com/

Reposted By :- http://credit4loan.com/

Home loan delinquencies more than halve in last 5 years: Cibil

MUMBAI: The largest credit information company Cibil has said the proportion of bad loans in the housing segment has more than halved in the past five years.

The percentage of non-performing assets (NPAs) from the home loans segment has dropped to 0.57 in March 2015 compared to 1.06 at the end of 2010, it said in a report.
The company attributed the lower delinquencies to availability of timely credit information for lending.

It can be noted that all the lenders check the previous history of potential borrowers with a credit information company like Cibil before taking a call on the loan proposal. The past history also helps the lenders in pricing the product.



The Cibil report said Mumbai and Pune account for most such enquiries from banks for availing the details of potential borrowers, which is followed by Delhi and Bengaluru.

It said 3.9 lakh new home loan accounts were opened in the January-March quarter of this year.

It can be noted that in the face of slowing demand from the corporate segment, all banks have been focusing strongly on the retail segment, and within that the high value home loans have been a favourite.

Even though a longer tenure loan can result in potential asset liability mismatches, banks are interested in this stream as the segment is considered very safe because of the low probability of NPA.

On credit cards, which constitute a part of unsecured lending, the Cibil report said there was a growth in new accounts to 10.8 lakh for the January-March period, as against 8 lakh in the year-ago period.

On the asset quality in this segment, Cibil said there has been an improvement to 1.06 per cent as of March 2015 as against 3.27 per cent at the end of 2010.

The financial capital leads in the credit card applications as well, followed by Delhi and Bengaluru, it said.

Author :- http://economictimes.indiatimes.com/

Reposted By :- http://credit4loan.com

When netas are wilful defaulters, they cut across all party lines

If the Kingfisher Airlines loan default case unravels the alleged nexus between bankers and businessmen, a close look into the list of wilful defaulters disclosed by Credit Information Bureau (India) Limited (CIBIL) and banks spells out names of at least five politicians, across the political spectrum, who are directors in companies that owe around Rs 900 crore to Indian banks.
The Indian Express looked into cases where the default amount is in excess of Rs 50 crore for one individual.

A detailed questionnaire sent to the five individuals or their companies, seeking their responses over the defaults, went unanswered.
In terms of the loan default amount, Jivraj Surani of JB Diamonds tops the list. The former Gujarat BJP vice-president who was a close aide of former Gujarat CM Keshubhai Patel owes Rs 466 crore to three banks as per the CIBIL report.
In 2007 Gujarat state elections, Surani campaigned for Gujarat Parivartan Party headed by Patel and later joined the Congress.
Next on the list is Shibaji Panja who set up RP Infosystems in partnership with Kaustuv Ray. Reported to be an aide of West Bengal CM Mamata Banerjee (who in the past has denied any association with him), Panja was also a member of the task force attached to the state’s department of information and culture and a member of the tele-academy set up by the chief minister. Panja has been announced a wilful defaulter by five banks for loan default aggregating to over Rs 180 crore.

In February 2015, Panja was arrested for allegedly fraud related to a Delhi-based company amounting to around Rs 18 crore. Earlier, the economic offences wing of Delhi Police had issued a lookout notice in that regard. The arrest followed a complaint by an official of Delhi based IFCI Factors, an IFCI group company, where it alleged that Panja, who was the managing director of RP Infosystems, had taken a loan of Rs 10 crore against a bill pending payment in 2010.

Another politician on the list is Kadir Rana who was elected to the Lok Sabha from Muzaffarnagar seat in 2009 as a Bahujan Samajwadi Party candidate. Kadir Rana’s name appears on the list of wilful defaulters for loan default of over Rs 90 crore by two of his companies — Rana Udyog and Rana Global. Along with these two companies, Rana Alloys and Haridwar Iron and Ispat Rolling owned by his close relatives have also defaulted on loans amounting to around Rs 135 crore. In 2014 Kadir Rana, along with several others including his relative Noor Saleem Rana, were chargesheeted by the SIT for Muzaffarnagar riots. Noor Saleem Rana is also a director on one of the Rana Group companies. The list also includes the name of Jasbir Singh Khangura or Jassi Khangura, a hotelier and former Congress MLA from Halqa Qila Raipur constituency in Punjab (2007-2012), for having defaulted on a loan of Rs 70 crore taken by his firm Macro Dairy Ventures which sells products under the brand TruMilk. He contested from Dakha constituency of the state in 2012 but failed to get re-elected. Khangura came from UK to India in 1990s and set up Hotel Park Plaza in Ludhiana. He is married to Raman who is granddaughter of former Punjab CM Partap Singh Kairon. Another politician whose name figures in the list is Ashok Kumar Bajpai, a former Congress party member who later joined BSP in 2007 and then joined Janata Dal (United). Bajpai’s name has been listed alongside the loan default of Rs 63 crore by Parerhat Gas. Bajpai’s mother, Rajendra Kumari Bajpai, was also a Congree leader and she served as minister of labour and social welfare, was a close confidant of Indira Gandhi. Rajendra Kumari has also been the Lieutenant Governor of Pondicherry.

Author :- http://indianexpress.com/
Reposted By :- http://credit4loan.com/