Technically, for any financial solution credit score of an individual is taken into account. Personal loans in India are an unsecured form of borrowed finance and can be availed at affordable interest rate. A personal loan is a high risk finance to be borrowed as there is no security or collateral is attached. One should be sure that his or her credit history is good. But, cibil is planning a system of personal loan score system to help the banks and other lending authorities in analyzing the credit worthiness of loan applicants. On the basis of this, financial institutions can easily decide the personal loan interest rate that is to be charged from an individual.With this system, individual would have better and improved financial discipline by changing their attitude towards repayment of personal finance and timely payment of credit card debts. CIBIL's credit score is aimed at creating some idea about the likelihood that a loan applicant. Or an existing customer could become delinquent on a personal finance over the next 12 months. This unique service is launched when lenders are facing rising delinquencies in payment of personal loan emi (equated monthly installment).CIBIL plans to have a website where people could enter their financial and select other details to get their cibil score. You can also have an option of getting the score on email or by calling a customer service cell. There would also be points of presence for this. Cibil is also planning to have extensive education programmes aimed to spread awareness of the services among the people. With this approach, in a hassle free manner an individual can check and calculate his or her personal loan eligibility.
1 comments:
pls Help me how to increase the CIBIL Score?.I want to get a car loan and house loan but the bank regect my application due to CIBIL Score.
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