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Loans have become an important part of our financial lives. We need to maintain an excellent credit score if we want easy approval of loans at an attractive rate of interest. That's because it has become a norm for almost all banks and financial institutions to check the applicant’s credit score before approving the loan. It is a good way to assess whether the borrower has displayed financial responsibility in handling debts in the past. It helps gauge the risk associated with lending money.Learn more
While it has been about 12 years since the credit bureaus started to function in India, there are still a lot of misconceptions that people at large have on account of how the credit score gets impacted and how it further impact their financial life.Learn more
The topic that we have here for discussion may seem to be a self-defeating one as without debt there can be no credit score and then we say debt can ruin your credit, how is that possible? The catch word here is "can" and not "will". So as we know in life excess of anything is bad the same applies to debt too, while debt in moderation can be a good thing for your credit, too much of it or overdependence on debt can cause trouble for you. Let's see how?Learn more
There are few people who get to walk all their life on a bed of roses. Most of them have to go through all kinds of ups and downs, of which the finances are often an important element. For example, a lot of people take loans but end up in such a mess that they are not able to repay and default. Sometimes this leaves them with no other option but to declare bankruptcy.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.