In several instances, the borrower gets to know of the impaired credit history only while applying for a new loan
We have seen borrowers taking multiple loans for specific needs such as travel, lavish marriage, medical emergency, etc.
A borrower should maintain a credit score of 760 and above throughout the tenure of the loan to get lower interest rates
A credit report is a very valuable document which can make or break your chances of availing a loan.
Lenders prefer customers with stable or predictable cashflows
The SlicePay card offers no-cost EMIs of up to six months when you buy products from select merchants through the app
Every credit card may have a different due date and credit limit, so one can leverage it to the maximum. These are choices customers need to make based on their lifestyle and usage.
You can improve your chances if you make a higher down payment while purchasing a home, show substantial savings and have a good credit score.
If you have multiple credit cards, you need to manage each of their payment cycles systematically.
If your credit score is zero, it means you do not have a credit history. With no credit history, banks have no data to assess your repayment behaviour and you will be profiled as a ‘risky’ prospect.
There are various factors that influence a credit score, major being - payment history, credit utilization ratio, length of credit history, type of credits (secured v/s unsecured) and number of inquiries.
About 20-35 percent of the near 40,000 consumers of Cibil have paid off any balance dues after checking their score.
Banks have their reservations as well. With housing prices going up constantly and banks having a good deal of NPAs, lenders also evaluate the property and the borrower‘s profile before handing out loans.
Banks assess an applicant‘s potential to pay back a loan in terms of various parameters including his credit score, age, source of income.
Bad credit scores can often be the reason why a bank will reject your loan application. CreditSeva is among the startups trying to remedy this problem.
It is better to do the home work before signing above the dotted line. Home loans being large and long term liability it makes all the more important to understand what matters.
It is not difficult to fund your business with borrowed money, but do not fall victim to myths.
There are various factors that determine whether you will get a home loan or not. Consequently, it is advisable to know your home loan eligibility in advance, so that you can plan the purchase R
Your credit history and credit score used to play a decisive role in determining whether you would get a home loan or not and it would stop there. You would get a home loan, R
It is better to know about credit score in detail before applying for a loan or a credit card.
An important advantage of a pre-approved loan is that you know your spending limit. It also helps in striking a better deal with the developer.
Customers with a good loan repayment track record and strong financials may get loans which are at least 50-75 basis points cheaper than a customer with a bad credit score.