" Home Loan Rates as low as 8.25%" "Home Loan Balance Transfer and Topup at same rate." "Axis Bank offers Processing Fees of 1000/- + GST on Home Loan Balance Transfers." " Home Loans on Gram Panchayat Properties at lowest rate of 8.5 %" "Mortgage Loan (LAP) rate as low as 9.25%." "Home Loan Balance Transfer & LAP for NRI customers" "Home Loan without income documents" "Loans on Commercial Properties viz Industrial Gala, Factory Shed, Industrial Unit." "Government subsidies upto 2.35 Lakhs for 1st time buyers. " " Axis Bank offers total waiver of EMI in "EMI ka happy ending" "Conditions Apply"

WHAT IS CIBIL ?
ANS : CIBIL is India’s first Credit Information Company, also commonly referred as a Credit Information Bureau of India Ltd. It collects and maintain records of individuals’ and non-individuals’ (commercial entities) payments pertaining to loans and credit cards and other credit facilities. These records are submitted to them by banks and other lenders on a monthly basis; using this information a Credit Information Report (CIR) and Credit Score is developed, enabling lenders to evaluate and approve loan applications. The Credit Bureau is licensed by the RBI and governed by the Credit Information Companies (Regulation) Act of 2005.


WHY IS CREDIT SCORE IMPORTANT FOR GETTING MY LOAN SANCTIONED ?
ANS : The CIBIL Score plays a critical role in the loan application process. After an applicant fills out the application form and hands it over to the lender, the lender first checks the credit score and credit report of the applicant. If the credit score is low, the lender may not even consider the application further and reject it at that point. If the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy. The credit score works as a first impression for the lender, the higher the score, the better are your chances of the loan being reviewed and approved. The decision to lend is solely dependent on the lender and CIBIL does not in any manner decide if the loan/credit card should be sanctioned or not.


HOW CAN YOU IMPROVE YOUR CREDIT SCORE ?
ANS : You can improve your Credit Score by maintaining a good credit history. This will be viewed favorably by lenders and it can be done with 6 simple rules :

a.) Pay your dues on time.
Late payments are viewed negatively by lenders.

b.) Keep your balances low
Always prudent to not use too much credit, control your utilization.

c.) Maintain a healthy mix of credit
It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively. Apply for new credit in moderation. You don’t want to seem Credit Hungry;

d.) Apply for new credit cautiously
Monitor your co-signed, guaranteed and joint accounts monthly. In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual) negligence could affect your ability to access credit when you need it.

e.) Review you credit history.
Do it frequently throughout the year. Purchase your CIR (Cibil Report) from time to time to avoid unpleasant surprises in the form of a rejected loan application.

WHAT MAJOR FACTORS AFFECT MY CREDIT SCORE ?
ANS : There are 4 major factors that affect your credit score.

a.) Payment history.
Making late payments or defaulting your EMIs or dues (recently or consistently) shows you are having trouble to pay your existing credit obligations and will negatively affect your score.

b.) High utilization of Credit Limit.
While increased spending on your credit card will not necessarily affect your score in a negative manner, an increase in the current balance of your credit card indicates an increased repayment burden and may negatively affect your score.

c.) Higher percentage of credit cards or personal loans (also known as unsecured loan).
Having a balanced mix between the secured loans (such as Auto, Home loan) and unsecured loan (such as Personal loan, Credit Card) is likely to have a more positive affect on your score.

d.) Many new accounts opened recently.
If you have recently been sanctioned multiple loans and credit cards, then lenders will view your application with caution because this behavior indicates your debt burden has increased, which will negatively impact your score.

CAN CIBIL CHANGE OR DELETE MY RECORDS ?
ANS : CIBIL cannot delete or change records reflecting your CIR on its own; It simply collect records of individuals provided to them by their member banks and financial institutions viz NBFCs. There are no ‘good’ and ‘bad’ credit or defaulters lists either.

WHAT DOES IT MEAN WHEN MY CIBIL IS NA OR NH ?
ANS : You do not have a credit history or you do not have enough of a credit history to be scored, i.e. you are new to the credit system. You do not have any credit activity in the last couple of years. You have all add-on credit cards and have no credit exposure.
It is important to note that while these scores are not viewed negatively by a lender, some lenders’ credit policy prevents them from providing loans to an applicant with Scores of “NA” or “NH” (applicants with no credit track record). Such persons credit score shows as -1.
In such a case, you may present your case on the basis of your strong documentation and you may have better chances applying for a loan elsewhere and getting sanctioned.

WHAT IS CIBIL SCORE 2.0 ?*
ANS : The CIBIL Score 2.0 is a new, updated version of the Credit score which has been designed keeping in mind the current trends and changes in the consumer profiles & credit data. Banks are gradually switching to the new version and you may find a difference in the new version when compared to the earlier version (i.e., the score 2.0 may be lower than the earlier version). Please note, the score currently available to you is the earlier version. However, the difference in the Credit Score does not impact the credit decisioning during the loan approval process as both the versions of the score may have a different score eligibility cut off while processing the loan application.
For example, if your Bank earlier used to sanction loans/credit cards to individuals with a credit score of 800 and above it may now lower its score cut-off, if it has switched to the new version.
The CIBIL Score 2.0 also introduces a risk index score range for those individuals who have a credit history of less than 6 months. These individuals were categorized under the category of “No History- NH” in the earlier version. The score range is from 1-5, with 1 signifying “high risk” and 5 signifying “low risk”.

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