Uh oh…remember when a 650 credit score was deemed sufficient to secure the best rates and terms on credit cards, auto loans, home loans, and so on?Well, not anymore! You can also the join the club of high credit score by simply following the practices listed on our infographic and climb all the way to become an achiever.
Today millions of Indians are opting for home loans to purchase their dream properties. However, not everyone is acquainted with the process of procuring a home loan. Consequently, many a loan application gets rejected and many a buyer finds himself in a quandary after securing the loan because he is unable to pay off its EMI. It is therefore imperative for home buyers to be well versed with banks’ criteria for disbursing home loans, know their monetary obligations to the bank or financial institution funding their purchase to avoid a negative impact on the credit score in the future. Read on to know more about the home-loan procedure and your loan eligibility and repayment liabilities.
Buying our own car is an aspiration many of us are able to meet quite early in our professional lives, due to the availability of numerous vehicles within various price ranges, and easy loans on offer to finance them. Banks and NBFCs offer car loans with easy EMIs, which make it easier to avail a car loan without disturbing one’s finances. However, for a hassle-free loan process, abide by these simple 7 steps, which will not only reduce the processing time but also help you save money and build your credit score the right way:
There are four credit bureaus in India from where you can download your credit report and find out your credit score. By law, you are entitled to a free credit report from all the four credit information companies at least once a year. Alternatively, you can also check your credit score either free of cost from online websites which have tied up with one or more of these credit bureaus. Let’s find out how you can get your CRIF credit score in 3 easy steps!
Personal loans are a popular form of borrowing for home remodeling, vacation travel, weddings and emergency situations. There are number of lenders in the market who will promise to offer you Personal loan at attractive interest rates. But before opting for a personal there are many things that everyone should know and be clear about. Some of these are- is a personal loan really required, if yes then how much and what should by my credit score for personal loan etc? Follow our 7 golden rules to bypass the loops of EMIs and accumulative repayments while maintaining a healthy credit score:
A bank or any other lender evaluates a potential borrower before granting a loan and handing out the money. This evaluation can be called credit risk assessment as the bank is trying to understand the risk of potential default by the borrower on this line of credit. The Five Cs of credit is a widely popular framework which considers five characteristics of the borrower to helps lenders gauge the creditworthiness of the borrowers. Know more about them in our infographic below:
Myriad challenges beset banking sector today – heavy regulations, evolving customer needs, increasing transaction volumes, increased high-tech financial crimes and rapid technological changes to name a few. Managing these challenges requires timely and deeper insights on risk, customer relationships, costs, revenues, and other key parameters. How do the banks get such insights? The answer is- using Analytics. Check our below infographic to know how Analytics is changing the shape of banking sector with its insights.
You can read more on this topic, here 4 Ways Predictive Analytics Can Help Banking Sector.
Achieving a good credit score is an iceberg. There is what people see on the surface: lower interest rates, faster loan approvals, enhanced credit limit. Then there is what people don’t see hiding below the surface: consistency in payments, maintaining a low credit utilization ratio, limiting loan applications, tracking credit report regularly. The key to the ‘Credit Score Illusion’ is creating balance in your financial life. Take a look at our image and note down the things that resonate with you!
Penetration of Fintech firms and easing of lending norms by the banks have led to easier availability of loans for many. While it has become easier to avail loans or credit, it is very much necessary to understand that the repayment must be done by the borrower within all the deadlines.
If you also find it difficult to repay your loans, you may need to tweak your approach. Here are some strategies that can help you manage your debt situation and credit score better.
Business credit scores are crucial to a business’s health and success. A higher credit score means you can easily avail loans. A low credit score could prevent you from availing any loan at all. The good news is that if you find yourself with a less-than-stellar business credit report, you don’t have to worry: there are many ways through which you can quickly improve your business credit score. Some ways are more obvious than others, and that’s why we’ve created this quick snapshot to help you improve your business credit score.