Recently I received a query from one of the readers of my blog Mr. A regarding personal loan eligibility. He asked me that he is in an urgent need of money but the bank is not willing to lend the desired amount. As I shared in my other posts related to a loan that loan eligibility depends on multiple factors. There are 2 types of factors i.e. direct factors and indirect factors. Let's accept the fact that only direct factors are in the control of a borrower whereas for indirect factors you can't do much. Some readers asked me what these indirect factors are. One of the indirect factors is the ... Read More
Are You Eligible For A Loan with Lowest Interest Rate
Quite surprisingly Lowest Interest Rate is a key criterion for almost all the new and existing borrowers. It can be safely concluded that 2 out of 3 borrowers avail a loan from Lowest Interest Rate provider typically market leaders in the segment. The rest are not eligible due to various reasons thus settle with other loan providers. From last so many years you might be reading that you can get a loan at lower interest rate if your credit score rating is good. This was a plain lie as none of the lenders was willing to offer differential interest rate just based on the Credit or CIBIL Score. In ... Read More
5 Factors That Will Impact Your Credit Score Rating In Future
On daily basis i receive large no of queries on Credit Score Rating. As i keep highlighting that currently, the credit bureaus consider more than 70 data points to arrive at you credit score rating. In my opinion, it is mostly an eye wash. At the end of the day what matters the most is a handful of data points. I shared these critical factors in my post, Credit Report - 5 Important Factors that decides your credit score. Secondly, you cannot expect an overnight change in your credit score rating. Credit Score is a reflection of your credit behavior and may take up to 6-9 months to reflect in a ... Read More
3 Fraudulent Ways To Repair CIBIL Score You Should Avoid
"My CIBIL Score is 523 and one of the agencies is promising me to repair CIBIL Score in just 60 days. Should i go ahead?". This was one of the queries posted by one of the readers of the blog. This individual i.e. Person A dropped a mail to me and mentioned that agency is demanding Rs 30,000 to repair CIBIL Score. His problem was that he bought a flat of Rs 1 Cr in Mumbai and paid booking amount of 20% i.e. 20L to the builder. The builder threatened to forfeit the booking amount if he is unable to arrange a home loan. He informed the builder the at the time of paying booking amount that his ... Read More
Car Loan – 7 Reasons Why Should Avoid Hypothecation To Buy A Car
"This festival season welcome a new member to your family" read one of the advertisements in today's newspaper. From the first glance, i thought it to be an ad for some maternity home or matrimonial website. Surprisingly, it was an Advertisement of Car Loan from one of the leading banks in India. During my childhood, the car was luxury/aspirational/premium purchase. For 9 out of 10 households, the first car was Maruti 800. During those days, the car loan interest rate was too high. If i remember correctly, my father took car loan at 18%. The marketing was focused around "upgrade from 2 ... Read More
Credit Report – 5 Important Factors That Decides Your Credit Score
Credit Report is one of the biggest mysteries for borrowers or loan seekers. There is a common misconception that Credit Report is based on some mathematical calculations. The answer is No, It is not correct that credit report is only based on mathematical calculations. The credit score in a credit report is based on the calculations. But no one knows the formula of these mathematical calculations. Your credit report reflects the credit behavior and credit score is one of the criteria. The loan/credit approval is decided by the mix of credit score + credit behavior. Sometimes high credit ... Read More
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