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

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/

Product crack: CIBIL TransUnion Score and Credit Portfolio Insights on ICICIdirect.com

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/

All that you should know about your CIBIL score

Often, while applying for a loan, we are clueless about what our credit history is all about. The typical jargons used for credit score such as CIBIL report and CIBIL TransUnion Score unnerve us and we often end up feeling confused by the end of the loan application. But hey, don't worry! Harshala Chandorkar, senior vice president, Consumer Services and Communications, CIBIL told BI India some of the common myths about credit score.

CIBIL decides the cut-off score for credit institutions

CIBIL does not recommend any cut-off score to banks to help them arrive at any lending decisions. Each bank has a different risk appetite and they decide what the cut off score should be for their bank. What may be a good credit score for Bank A may or may not be a good credit score for Bank B.

In addition to a good credit score credit institutions may also consider other critical factors like your income to debt ratio, your residential status, professional qualifications etc. while deciding on your loan application. Therefore along with a good credit score you must also ensure that all these factors are well placed before applying for the loan.

Banks and credit institutions can access an individual's CIBIL Report

Consumers can directly access their own CIBIL Report and CIBIL Transunion Score on CIBIL's website in 3 easy steps. A user will have to fill up an online form and make a payment through net banking, debit, credit or cash card. The final step would require online authentication based on the user's credit history.

If you are successfully authenticated, your CIBIL Report and CIBIL TransUnion Score will appear on the screen and you shall also receive it via e-mail. If you fail the authentication then you can upload a scanned copy of your identity proof and address proof on CIBIL's website. The report will then get delivered to you via express delivery.

A poor score will haunt me forever.

An individual with a low credit score can gradually work towards improving it. Credit report and credit scores are dynamic and change according to the credit behavior of the borrower. Once the borrower has paid all the unpaid EMIs and has again started regularly paying the installments on the loan, his credit report will improve and reflect the regular payments accordingly. The credit score may also improve gradually.


Author :- http://www.businessinsider.in/
Reposted By :- http://credit4loan.com/

Getting a loan is difficult but these things can make it worse for you

Bad credit behaviour is bad because it ruins your chances of getting any kind of funding from the banks or financial institutions. And while it is not rocket science to understand why your loan application has been rejected, we still feel its important to send you reminders about what it really means to have a 'bad credit behaviour'.

Skipping EMIs

Have you missed out on paying your monthly EMIs on any of your loan. This is quite a common trend often observed amongst young consumers, who often take loans and delay the EMI payment. "Default on the monthly payment will occur if sufficient fund is unavailable in your linked account. Defaulting on loan EMIs is detrimental to your CIBIL TransUnion Score. So ensure you pay your loan EMIs month on month and have adequate funds in your bank account for the loan EMI debit," said Harshala Chandorkar, COO, CIBIL.

Defaulter! Defaulter!

Not everyone is Vijay Mallya, who defaults on Rs 9,000 crore loan and still have a good credit score. We are aam aadmi, so defaulting isn't an option for us. "Delay or default on credit card bill payment: Forgetting to pay your credit card bill on the due date or not paying your credit card bill at all can hamper your credit score drastically. Ensure you set up payment alerts on your credit card bill and make the payments before or by the due date," she explained.

Settling down

You may think it is a wise idea to settle your outstanding credit card bill or loan but believe it or not, it is often considered to be bad credit behavior by the banks.

"If the customer has partly paid the dues and settled a loan or a credit card then the status will reflect as "Settled" in the credit report. It is important to understand that though there will be no impact of the "settlement" flag on the customers CIBIL TransUnion Score, his credit history will show a "Settled" status in his CIBIL Report and there will be Days-Past-Due reflecting on the report since the payment on the loan has not been timely. Each bank has its own policy of viewing at a "Settled" status and will decide on the consumers future loan applications accordingly. Therefore it's best to not ever get into a loan settlement," pointed out Chandorkar.

Crossing the limits

No, we aren't trying to scare you. We are only talking about your credit card limit, which if reached and worse exceeded can adversely impact your credit score. "Spending more than the assigned limit on your credit card or spending close to the limit on the credit card may affect your credit score to some extent. Therefore ensure that you spend well within the limit on your credit card," she noted.

Author :- http://www.businessinsider.in/
Reposted :- http://credit4loan.com/