Loan For Cibil Defaulters
A person with bad cibil record or history should hire a lawyer as every one knows a bad lawyer can lose the case and a good lawyer can win the same case Why ? because of experience and expertise. Here is where you need a lawyer like us, who will help you get your loan approved, So this is place we specialize. We are experts in it. We are experienced and have good knowledge in getting loans approved. We have done case of Genral manager of Reliance Jio, CTO of Jet Air CTO, Director of Inventurus Knowledge Solutions Pvt Ltd, Solutions Architect of Orion India systems and also of Project Manager of Orion. Accenture Manager, TCS Manager, Mseb Engineer, Cipla Marketing Manager, MBBS Doctor of Reliance Hospital. Icici and Yes Bank Employee, Co-op Bank Employees, Call Center and Bpo executives and many others.
Let me give a example.
Will you lend your money to your friend or money who has taken money from you or your friend or your relatives once or many times and not returned it on time or never returned you or them their hard earned money. The answer is obliviously NO. Why ? As you know his behaviour, like that bank and finance companies also check your cibil report to know your behaviour. Whether they will get their money back and that too on time. They don’t want to lend money to people who are not likely to pay them or pay them on time. They don’t to lend it to every one and run after them to get their own money back.
What do bank and NBFC want ?
Bank and finance companies want a good track record of a person paying loans or credit cards on time in past and current. Also a good cibil or credit score, if one of them is missing, then more chances are that your loan will get rejected, if you have not settled or written off any cc or loan but have missed some payments due to some reasons then too the chances are your loan will get rejected.
So if you have defaulted any credit card or any loan in past or have missed any payments this is where our role comes into play.
Do you have a Low cibil or credit score ? Have you settled your credit card or any loan in past ? Are you a cibil defaulter ? Have you not paid your emi’s on time ? Have you missed your Loan Emi’s? Have you missed your credit card due date ? Is there any loan or credit card written off on your credit report ? Is there huge amount of credit card debt on you ? Is your credit score low due to above reason or some other reason ? Are you having a bad credit history ? Do you want to consolidate your credit card and other loans ? Have you taken many small loans and now want to convert them into one single Emi ? Have you done many enquires that’s why your cibil score is low ? Do you a loan without cibil check ?
Cibil score goes down automatically when you do late payment of any Emi or default any type of loan or credit card. When this happens no bank will provide loan to customer who has such bad track of repayment. Bank look for the customers who has good track record of paying loan. Even home loan is a secured loan.
Home loan is a secured loan. where property is used as security in case if the borrower fails to make payments on time they can take over the property legally. Which means that you will get home loan easily.. the answer is NO.. All cases are not getting approved by the bank and finance companies. if they would have approved all cases there is no need to check your cibil report. but they check cibil record of all loan applicants to see your intention of paying the loan and the capability to pay it and your current financial position. if you have any bad repayment track of any loan or credit card they wont approve your case
How to get your loan approved with low cibil score ?
We will prepare and present your case in bank or NBFC. We know the loop holes in every bank and NBFC as we are tied up with more than 20 bank and NBFC’s. We will login and work on your case and get it approved. You leave that to us. You just submit the required documents and necessary information to us and relax, we will work hard on your case and get it approved. if you are looking out for personal loan for cibil defaulters in mumbai then call us on 9324-120-120
Personal loans are very difficult to get approved as it is unsecured loan even if you have good credit score. forget about getting your loan approved if you have bad cibil score. Credit score is the entry door to get the case logged in. But if you have settled a personal loan or credit card then its a tough job getting a loan sanctioned. Or if you have a written off any credit card or any loan then getting a loan is a nightmare, Banks or NBFC’s check your credit report before approving your score. As it shows your financial health. And how likely you are going to pay they them. we specialize in loan for cibil defaulters in mumbai region
Mortgage loan is also a secured loan where property is mortgaged to meet your financial needs.. Even if you are ready to mortgage your property bank look for your loan repayment capacity and you credit history and current track record of you loans. If you have bad cibil score then here too its difficult to get your case approved. Its not easy, but we manage to get your loan sanctioned in short period of time. We do cases of self employed and salaried persons. Who are unable to get loan any where, because of missed payments or low cibil or written off or settlement of any credit card or any type of loan.
Now get Personal loan without cibil check in Mumbai, Thane, Navi Mumbai, Kalyan, Dombivili, Bhayander, Mira road, Vasai Virar, Asangaon, Titwala, Badlapur, Ambernath Neral and Karjat region. Even if you have bad cibil score.
If you are looking out for Personal loan for low cibil score between 550
Criteria : One guarantor if he lives in his own house in Mumbai region.
2 guarantors if customer lives in a rented home.
The emi would be around 5100 to 5500 per lakh for 36 months as the tenure is less. 4% Processing fee and 4% Foreclosure charges.
The guarantors should be working and should live in their own house or parental house not a rented one.
Try our services before
you submit you documents in any bank or nbfc or any Agent.
Advice :- Do run after agents who say they will do you loan and give them money. Don’t waste you time, energy and money after them.
Our Promise : We Dont Charge Money in advance. We charge once you get your loan amount in you account, not a single rupee before it.
List of major cities in India where Banks provide Home loan, personal loan and Mortgage Loan.
Delhi, Bangalore, Hyderabad, Nashik, Faridabad, Meerut, Rajkot, Kalyan & Dombivali, Patna, Vadodara, Ghaziabad, Ludhiana, Agra, Varanasi, Srinagar, Aurangabad, Lucknow, Kanpur, Nagpur, Indore, Thane, Bhopal, Vasai Virar, Ahmedabad, Chennai, Kolkata, Surat, Pune, Pimpri & Chinchwad,Visakhapatnam, Allahabad, Ranchi, Haora, Coimbatore, Jabalpur, Gwalior, Vijayawada, Dhanbad, Amritsar, Navi Mumbai, Jaipur, Jodhpur, Madurai, Raipur, Kota, Tiruchirappalli, Bhubaneswar, Salem, Ulhasnagar, Nellore, Jammu, Sangli, Miraj, Kupwad, Belgaum, Mira Road and Bhayander, Kolapur, Ajmer, Gulbarga, Jamnagar, Ujjain, Loni, Siliguri, Jhansi, Guwahati, Chandigarh, Solapur, Aligarh, Jalandhar,Mangalore, Ambattur, Tirunelveli, Malegoan, Gaya, Jalgaon, Udaipur, Maheshtala Thiruvananthapuram, Hubli and Dharwad, Bareilly, Moradabad, Mysore, Gurgaon, Durgapur, Asansol, Nanded Waghala,Bhiwandi, Saharanpur, Gorakhpur, Warangal, Cuttack, Firozabad, Kochi, Bhavnagar, Dehradun, Noida, Jamshedpur, Bhilai Nagar, Guntur, Bikaner, Amravati,
Tips to Improve CIBIL Score !
Tips to Improve CIBIL Score !
Is your CIBIL report and Score messed up ? Then the biggest question you must be having is “How to Improve CIBIL Score ?”.
“Bad credit score” is really a scary phrase these days. Many people are stuck with a bad credit score/report due to their own or credit card company mistakes, but most of the times I see that it happens due to poor credit behaviour and mis-management of credit officers. Everyone wants to improve cibil score, so that they do not face any issue in getting loans at some point in future. Now in this article, I will highlight few tips/points which will help you understand what makes a great credit report and good credit score. To understand this, just be clear that your credit score is dependent on several things and taking care of each point is very important. Read in detail about CIBIL Score here
1. Late payment / missed payments
The biggest reason for a bad credit score is bad loan repayment history. A lot of people pay their bills late or miss the payment completely. It’s so tempting to pay the minimum balance now and pay the balancing due later. Doing this just saves you from late payment fees, that’s all. The interest is charged and more than that you should be worried because this information is updated by your bank to CIBIL and the next thing is obvious, your credit report and score gets uglier each month because of this. So every time you miss your home loan EMI, car loan EMI, credit card payment or you make a late payment, it affects your score badly. If you have done a lot of late payments or missed payments earlier, its your time to fix it by being more disciplined from now on. Dont worry, if you now promise to pay things on time and do it regularly for next 1-2 yrs, it will surely improve cibil score for you.
Common sense Tip: Don’t pay your bills through cheque just 1 day before the last due date, because it does not mean that your payment is done. Some one will collect it, send it somewhere, then some one will make an entry for it etc, etc… This can take some time and result in delayed payment. Why not drop it 5 days earlier instead of 1 day? Please automate the payments for EMI’s and your bills. If the bills are not fixed each month, at least put a recurring reminder in your phone 5 days before the last date and then make the payment. If I can do this, why can’t you? In last 4 yrs, I have made my FULL credit card payment 48 times exactly 4-10 days earlier than the last date of payment. My CIBIL score is 831. You can also check your CIBIL score online
2. Large Number of credit cards and loans
There was a time when having 6-8 credit cards was a commonly practiced trend and something to show off, now you will pay for it! A lot of credit cards and loans above a “natural” limit is a big negative thing. That shows credit hunger and an extreme dependence on credit in your life. It shows that your life is too much dependent on external credit. Lets say you have two friends Ajay and Robert. Ajay asks for some credit from 2 people in whole year and then asks you for another Rs X and you have good friendship with him, I am sure you will think once and then may be give the money to him. But on the other hand imagine Robert who has taken a credit from 8 people in your office and 2 other people outside office, then when he comes to you and asks for even Rs X/2 amount, you will think 5-10 times before giving it to him. What kind of feelings you will be having in mind? What all doubts will be there in your mind? Some thing same happens in the loan industry, if you have more than “required” or acceptable limit of credits, it badly affects your score. Your score reduces point by point each month.
Common sense tip: If you have a lot of credit cards, better increase the limit of 2-3 of them and close the other credit cards. This way you will have same Credit limit in total and have reduced number of cards. Its better to have 2 cards with 25,000 limit each, than 5 credit cards with 10,000 limit each.
3. Utilizing your full Credit Limit each month
One of the easiest way to improve cibil score is to effectively use your credit card and do not utilize it fully to the limit. If your credit card limit is Rs 50,000 a month and every month you use 40,000 or 45,000, it will affect your score in bad way. Even if you are paying your dues on time, still what it shows is that you are utilizing your limit to fullest, companies don’t know that you might be doing it deliberately to “manage” your credit effectively, but the way it is seen is that your life is dependent on credit. So stop reaching 80% or 90% of your credit limit. A 30%-40% credit utilization is well accepted and seen as “positive” and make sure its the case with all the credit cards you have.
If you have 2 credit cards with limit of Rs 10,000 in first card and Rs 10,000 in second card and you spend Rs 9,000 from first credit card, but Rs 0 from second credit card, then your 1 st credit card utilization is 90% & 0% in second. Which means that you are seen negatively on your first credit card and “positively” on second card, but what you can do is spend 5,000 from first card and Rs 4,000 from second card, so that your credit utilization is 50% and 40% on both the cards and its “positive” on both.
Common sense tip: If you are reaching your limit, either make sure you move to cash/debit card for a part of your expenses and reduce your credit card limit, but in case you can not reduce your expenses on credit card, better call your credit card customer care or write to them that you want your limit to be increased. Most of the companies will do it. Just tell that you have few things lined up in next 2-3 months and you want the limit to be increased.
On the other hand think well before closing a credit card that you are not using. Your over all credit limit will come down if you close a credit card. So make sure you think twice before closing a credit card from credit utilization ratio point of view.
4. Higher percentage of Unsecured credit
A high number/amount of unsecured credit is bad. Unsecured credit here means credit card debt and personal loan debt, which are totally unsecured and you can run away with it. If you have total 1,00,000 worth of debt and out of that 80,000 is because of credit card and personal loan, then 80% of your debt is Unsecured. This is bad. If you had 80% of Secured debt like education/home/auto loan, then it was a different thing. I believe this is very obvious, the more unsecured debt you have, the bad it looks like. It shows that your life has more “emergencies” than a normal person, which makes you hungry for immediate credit. So this makes sure your credit score takes a hit. Remember that having a good mix of credit types is a good idea. So if you have home loan, education loan and credit card, that’s 3 types of loans, which is good. But if you have 5 personal loans and that’s all, it shows too much dependence on one kind of loan.
Common sense tip: Make sure your total unsecured debt, looks small in front of your total debt. You if have 80,000 of unsecured debt out of total debt of 1,00,000, then your unsecured debt ratio is 80%. If you take 5 lacs of secured loan, then your unsecured debt comes down in percentage, that makes things look better. Or make sure you prepay a part of your unsecured debt and bring down the percentage, Its one of the ways to improve cibil score !
5. Being a guarantor without giving a thought
If I take a home loan and ask you to be a guarantor for my home loan because I have helped you with so many things in personal finance, because I have answered so many of your comments and helped in solving your queries, what would you say? Don’t think more on this, you better say “Go to hell”. Because if I default on that home loan, you are held liable and your score will go down. While my score will be affected more, yours will also take a good hit! A lot of people because of various reasons become guarantor for other’s loan and then the primary person runs away or is unable to pay off the loan. Don’t do it, unless you are really sure you want to do it. I can do it for my brother, but not for you.
Common sense tip: Don’t leave your documents here and there, if you don’t agree to become a guarantor, many people try to make you guarantor by forging documents and misusing xerox PAN card or driving licence. Signature is easy to copy these days! Also when your friend who has spent good time with you in last 3 months, asks you to become a guarantor, tell him you were thinking of asking him to be guarantor for your home loan, good way to test the friendship!
6. Duration of your credit history – more is better
Longer the history, better it is. You will trust a 5 yrs old friend more than 3 months old one. That’s true in case of credit history too. If you are paying your payments/EMI’s for all loans on time from last 5 yrs, it’s very much a proof that you pay on time, you have a good history, but if I have a good history from last 5 months, that is not that strong. So higher the duration of good payment history, the better your score will be and will help you to increase cibil score.
Common sense tip: If you do not have a credit card, there is a good reason why you should get one now and do your payments with credit card and pay in full every month, so that your payment history is built.
7. Too many inquiries in short spam of time
Making too many inquiries in a very short time is not looked at positively. Imagine you have made a credit card inquiry, a personal loan inquiry, a car loan inquiry in last 3 months itself. What does it show? It shows credit hunger, it shows that you want to snatch any credit which you can get, you want to get things in life on credit. Hence have a respectable amount of gap between each inquiry you do. Dont apply for home loan with 6 banks. Note that each and every inquiry you do is reported in your credit report and if your report is full of inquiries, your score will stink! Any lender will doubt your payment capacity when you are so much dependent on credit. So the best way to improve cibil score is to keep your enquiries minimum.
Common sense tip: A lot of people just apply for loans even if they really don’t need it, keep this thing in mind and deliberately make sure that there is few months of gap between 2 loan applications (at least 6 months gap would really be good).
8. Settlement of your Loan Or running away
This is the worst mistakes of all. There are people who first take on a lot many loans and then are unable to pay it. So they either ran away (companies mark it as “write-off”) or at best just made some payment and settled the loan (companies mark it as “settled”). And this will make sure you are blacklisted for at least 7 yrs. You will not be given any loan, you can cry your eyes out for that 1 small credit card and you will be treated like you are nothing.
Common sense tip: Cut your debt, when it shows a sign of going out of control. One common ground rule which can be followed it that the overall outstanding credit at any point of time should not be more than 1 month of your take home salary. There is no solution of an out of control credit card debt other than paying it in FULL. Live a life with credit card as if you don’t have one!
Each tip on How to Improve CIBIL Score has its own weightage
Note that different factors which affect your credit score has its own weightage, so one factor can be more stronger than the other, but make sure you follow all the best practices and do not make any wrong decision. Look at your actions from the lender point of you. See what kind of people you would like to give credit if you were the loan provider. Just act like what you had expected if you want loan for cibil defaulter
Did you understand how you can improve cibil score ? Can you share some top to increase your credit score , incase its not covered in this article !