Loans, whether private personal loans, home construction loans, or higher education loans- are all expensive. Besides, getting any kind of loan means getting a big responsibility on your shoulders.Learn more
Your CIBIL score plays a crucial role in your financial journey. It is an indicator of your financial stability and is used at many places to ascertain your future behaviour.Learn more
If you have a history of a CIBIL dispute, or are looking for a loan for low CIBIL score, then it can be difficult to get an approval. However, sometimes you may face loan rejections despite having a high credit score. But why?Learn more
Would you ever lend money to a friend if you doubt his repayment capacity? No. Similarly banks and financial institutions want to secure their investments. Hence before lending money they do a thorough background check of the applicant and assess their creditworthiness. Only when they are sure that the borrower has the capability and willingness to repay the money back on time, will they approve a loan application. The credit scoring agencies have made this task easier for the banks. CIBIL keeps a complete record of a borrower's past payment history in a CIBIL report and calculates a credit score. This score is a true reflection of a person's credit behaviour. Banks rely heavily on this credit score to predict the borrower's future financial behaviour.Learn more
Loan application can get declined for various reasons. The credit score or credit status is one of those. But borrower's credit score also happens to be the most important and dominant reason impacting the outcome of a loan application. The other reasons for decline could be failed verification, incomplete documentation apart from the credit policy of the bank.
While Credit Sudhaar Finance will review the past defaults, it would not be to reject the loan application but to weed out the intentional defaulters and lend to those who have not been able to pay for some exigency.
The low credit score generally leads to rejection of loan application. Credit Sudhaar Finance has introduced an innovative product that aims to extend loans to those who have low credit score. Irrespective of the reason for low credit score, including delinquent accounts, Credit Sudhaar Finance will evaluate the application and will lend if the borrower meets the laid down criteria.
Yes, getting a loan in individual capacity is definitely possible despite having a bad credit score. Credit Sudhaar Finance has introduced "Plus Loans" product for individuals who have stressed credit history owing to mistakes made in past.
There is no particular loan defaulter list. The underwriting is based on the data available on applicant's current and past accounts available on the credit bureau report.