Skip to main content

Your next loan could be denied because of your CIBIL report!



So I happened to apply for a car loan at SBI. I was anticipating that a usual home verification would happen and later on the loan would be sanctioned. I was pretty right in my assumptions except that I did not anticipate that the officer who would verify my credentials would come armed with a CIBIL report.
The report she showed me was nothing less than astounding. She pointed out to me on what all loans I had taken since 1999 for a whole period of ten years. My bike loan, esrtwhile car loans, personal loans, credit card spends – everything was in that report neatly outlined. Courtesy CIBIL.
CIBIL is the credit information bureau Inida limited, a company that helps money lenders understand their credit worthiness of their borrowers. Every time you go for a new loan or credit card spend in huge amounts, these details are at regular intervals shared by the lenders (banks) to CIBIL. So in essence there is a history maintained with CIBIL on a regular basis on the new loan(s) you have taken and the status of the old loan(s) you have already borrowed. Each time the lending agency notifies CIBIL that a particular loan has been closed, CIBIL makes the pending amount “0” on that loan, which is technically when the loan is ACTUALLY closed.
However there are few cases where the lending agencies do not notify CIBIL on loan closures, or perhaps more regularly than others, which leads to some inconsistent information about your loans. It is at this point that we as borrowers must go behind these banks, to make them send the closure report to CIBIL so that your credit history is made CLEAN by reflecting the proper status. Also, there are two types of reports that CIBIL generates – a customer copy (which is essentially your copy) and the lender copy (which is what banks prefetch while issuing a new loan to you each time). The former copy is more detailed, has the account numbers, amounts, and types of loan sanctioned, sanctioning authority, etc. The latter also indicates the amounts, and closure status while it does not give the account numbers and other sensitive information to third parties. This is for obvious security reasons of your data not being able to to be misused.
Along with the famous Dun and Bradstreet Corp of the USA, CIBIL has ushered in a new era of helping lenders understand clearly the profile of their borrowers, and borrowers understand clearly their spends and loans they go into to help make them plan more efficiently for their life needs. So then you may ask what is the way to get your own CIBIL report.
The answer is very simple. Go to www.cibil.com and signup as a customer. Needless to say you need to provide valid credentials like address proof, id proof etc. For a meager amount of about less than Rs.200, you can in no time access your credit (loan) information to help yourself better understand what you have been spending on, and how much of your credit history is clean in terms of repayments.

Popular posts from this blog

Car Rentals in Kuala Lumpur - SoCar vs GoCar

IntroductionAs I was headed to Malaysia for a trip for 10 days, I needed an option to commute within the country. While renting cabs with drivers was definitely an option, there was no privacy enough, and there was no way to make my own decisions on where I wished to go when. I was not so keen to rent a cab outside of KL city.We had plans to visit multiple places such as Cameron, Penang, Langkawi so I needed a vehicle which I was willing to drive myself. It was the best option as it would give me the convenience without burning a hole in my pocket. The trip itself was turning out to be expensive and I wanted a good option for inside the country travel.Things that I was looking forAs any first time car rental customer, I had some concerns, so I needed theseEasy rental mechanism, including driver sign up and validation of
licensePreferably use local Karnataka (state license from india) - without the need for IDPApp based car handlingEasy fuelingEasy breakdown service if needed anywhere …

How to cover Malaysia in 10 days - full details on a self planned trip

Some history Ever since 2016 my wife and I decided that we want to do one international trip (though not necessarily one country) every year. We made it to Singapore in 2016, and Dubai in 2017. It was time to explore and take my family to Malaysia this time around in 2018.

The fact that I was working in Malaysia in 2002 and could not get time in the short one year that I stayed there to see many places only meant the urge to go there was pretty strong in order that I could get another chance to cover all the places I did not see this time around.

Also 15 years down the line with a lot of instrastructure and convenience improvements happening around the world, surely the trip would seemingly put me at more ease than earlier on. So it was time to decide how to plan the trip.

My logic for planning trips I usually do my own booking and planning for everything for my trip. I look through places to visit, I look through multiple sources of reviews, I look through the best times to travel t…

Veg Biriyani Recipe

IngredientsOne Potato - dices into small cube sized pieces and soak in waterBeans - about 10 of them chopped into medium pieces, soak in waterCarrot - about 2 of them chopped into medium pieces, and soak in waterOnions - big ones, 2 of them sliced thin and longGreen peas - a handfulMint and Coriander leaves - one medium sized bowlGhee - 2 to 3 teaspoonsCurd - 4 tea spoonsGroundnut oil - 4 to 6 teaspoons for the onions to caramelize (same can be later used for vegetables to be cooked), 4 teaspoons for the spices to be cooked along with riceBasmati rice - One cup upto brim (standard cup measure)Multi spices pack - 2 packs (contains cloves, elaichi, cinnamon, star anise)Bay leaves - 3-4 for vegetables, 2-3 for riceShahi jeera - for vegetables (2-3 teaspoons)Turmeric powder, chilli powder, garam masala, biriyani masala, salt, cumin powderGinger garlic paste - 2-3 teaspoonsMethi leaves - half a handfulChillies to taste (I used one long chilli, you can desire to add 2) - diced into medium p…