Cibil score for personal loan in icici bank

 

cibil score for personal loan in icici bank

CreditMantri was created with the intent to change the way credit is delivered in India by leveraging the power of technology and the digital medium.

I got my housing loan from LIC. Thanks a lot for all your support. As you promised, you made me to buy a house by clearing all my CIBIL issues.

My score has improved considerably within a span of 1 year. My sincere thanks to your support and I am happy with your professional approach.

Cibil score for personal loan in icici bank

A Credit Score or the CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIR. A CIR is an individual’s credit payment history across loan types and credit institutions over a period of time. A CIR does not contain details of your savings, investments or fixed deposits.

To check account number or member details you can purchase your CIBIL Score and CIR . This report will contain complete details of your credit history across various lenders and products, enabling you to check all the aforesaid information.

A CIR has detailed information on the credit you have availed, such as home loan, automobile loan, credit card, personal loan, overdraft facilities. You can download the Understand Your CIR document here for your ready reference. You can also watch a tutorial which will explain the various details of CIR. Below are the key sections of the CIR

CreditMantri was created with the intent to change the way credit is delivered in India by leveraging the power of technology and the digital medium.

I got my housing loan from LIC. Thanks a lot for all your support. As you promised, you made me to buy a house by clearing all my CIBIL issues.

My score has improved considerably within a span of 1 year. My sincere thanks to your support and I am happy with your professional approach.

If you have emergent expenses that you don’t have funds for, you may to need to take a personal loan to meet those obligations. Personal loans can be availed quickly for many purposes. You can even take a personal loan for reasons such as refurbishing your house or going on a vacation. The best part about a personal loan is that there is no restriction on what you can use the borrowed funds for, as long as it isn’t in violation of any law.

Once the decision to take a personal loan has been made, the next step is to apply for a personal loan. When you approach a bank to take the loan, you will have to fulfil certain eligibility criteria which could range from a minimum age of 21 years to being salaried with a specific minimum monthly income.

However, apart from the general eligibility criteria you that you will be required to fulfill, you will also need to have a good CIBIL score for your personal loan application to be approved.

Naveen Nagpal (changed name), a respected business owner working in the posh area of New Delhi defaulted on his credit card payment a couple of times but never gave this a very serious thought. Yesterday, when he went to bank apply for a loan to buy his dream home, he was told that his application was denied because of his low CIBIL score . "I was shocked to know that my CIBIL credit score was around 550 and the bank rejected my loan" said Mr. Nagpal. There are many among us like Mr. Nagpal who have faced similar situation and now want to improve their credit score.

For those who are completely unfamiliar with the subject, CIBIL (Credit Information Bureau (India) Limited) is a government agency founded in 2000 which provides three digit credit ratings to individuals according to their previous repayment history of loans and credit card bills. This rating is used by several banking institutions while evaluating and approving loan applications.

For many among us who wants to improve their credit score or do not want to face such problem in the first place, it's not too late. Here is the list of steps that you may follow to improve your credit score:

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Know What is CIBIL and how is it Calculated. How to get Free CIBIL Score including a Good or Bad Score. Tips to Improve Credit Rating

CIBIL is an Autonomous Body which collects Information from all Banks, NBFC based on Individual PAN Card, Date of Birth, Address about loan and credit card repayments, inquiries for loan, Overdrafts and generate Credit Scoring based on above