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What is CIBIL score? How to improve CIBIL score

The credit information bureau India limited is the first credit information company in India and it was founded in the August of 2000. CIBIL helps in collecting and maintaining all the records of a particular individual’s payments that pertain to the credit cards and loans. All these records are submitted to CIBIL by various credit institutions and banks and this is done on a monthly basis.

The information acquired is later used to create various credit information reports or CIR in order to approve all the loan applications. CIBIL plays a very important role in the financial system of India and this is the main aim for its formation. In simple terms it helps the customers acquire credit by quicker and simpler ways and also helps the loan providers to manage their businesses effectively.

CIBIL score helps the various loan providers to identify those customers who are most likely to pay back all their loans. These loan providers also help those people to acquire loans in a very quick as well as an economical manner. This helps the people to get faster loan approvals and also get their jobs done.

Thus an individual who has got a credit score that is above 750 has a much better bargaining power with the lenders as he will be perceived as a very responsible borrower. The consumers will just have to pay a cost of Rs. 470 in order to gain access to their CIBIL score. Thus they can see for themselves how they will be perceived by their prospective lenders. This will help them to take better and more informed decisions as far as the process of acquiring loan is concerned.

In order to maintain and acquire a good credit score, it is very important to pay all your dues properly without keeping any balance payments. You must also maintain a healthy credit mix and resist from using all of your credit. Such techniques will not only help you to acquire a good CIBIL score but will also help you to maintain it.

Personal loan for CIBIL score can be acquired very easily if your score is as high as possible. You can get the personal loan at your own merit. Negative CIBIL personal loan can also help you in the process.

Thus CIBIL is a very important institution and it plays a very important role in the financial system of India. Acquiring and taking possession of loans can be significantly impacted by your credit score.

It is thus recommended to have a score of over 700 in order to gain an edge over other borrowers in the market. A good score will help you to gain a good impression in the minds of the lenders.

By adminAudio PostFebruary 8, 2021 No comments yet

What is Top up Personal Loan?

Top up Loan is a facility provided by banks or loan lenders to its existing customers to borrow a certain amount over and above their already existing loan, subjected to required terms and conditions as set by the lender. A Top up loan is the best option during a financial cash crunch as it provides the required finance at the right time enabling you to fulfill your dreams and responsibilities.

Benefits of Top up Personal Loan

A top up loan facility is highly beneficial for people who are facing a financial cash crunch and in urgent need of funds.

What is the maximum tenure of the top up personal loan?

Usually, maximum tenure is about 5 years and the top-up loan facility is offered only after a few years of your already existing personal loan giving a fair record of repayment history, no pending or defaults down the years and this also increases your loan eligibility.

Utilizing a top up loan

Top up loan which is almost similar to personal loan can be utilized for any purpose like a wedding, higher education, house renovation etc. Top up loans are a blessing in disguise to people who are in urgent need of funds. Compare to Personal Loan Top up loan comes with better interest rates based on the prevailing track rate.

Am I Eligible to avail top up on Personal loan?

Personal loan Bangalore, You are eligible to add top up loan only if you have an existing personal loan to top up on. The terms and conditions may vary from bank to bank depending upon your repayment track record. Considering certain factors like the outstanding loan amount pending with the bank are taken into account before the bank provides you maximum top up loan. Be sure that the outstanding loan amount you owe to the bank, as well as the top up personal loan. Since each bank would have its upper limit and the loan amount will be restricted accordingly.

Eligibility Criteria

Certain factors required to avail a top up loan is purely decided by your repaying capacity, income and commitment towards any other loans would be considered before the bank decides on the exact top of loan that can be given.

Please make note that the Bank also considers the following factors before sanctioning a top up loan like no due in EMI, no check bounce, Cibil of the customer and job stability etc.

If the following conditions are satisfied, then you can avail Top up the loan in max 2 to 3 days.

The rate of Interest for a top up loan?

Unlike the personal loan, the rate of interest for a top up loan is either same or lower by 1%.

How does Top up personal loan work?

The top up loan usually works with the fact that you have started repaying your loan, thereby decreasing your outstanding loan amount with each payment. Some of your dreams and urgent needs would be fulfilled by utilizing the top up personal loan.

Should I opt for a top up loan or a fresh personal loan?

Let’s take an example; Swaroop is a content writer, living in Mumbai with his wife and one child, with his income steadily rising over the last 10 years. He had taken a home loan 8 years ago. Now he wants to renovate his house despite not being able to save for their future. Swaroop is unable to spare any funds and he does not want to draw from his existing investments. Since the renovation is going to be a one-time expenditure, his wife suggests that they should go for a personal loan. Is her suggestion right? Should he opt for a top up or a personal loan?

Since Swaroop already has a running personal loan which was taken eight years ago with no due in EMIs, his financial advisor suggest taking a top up loan, which would be a better and faster option than a personal loan. Moreover, Swaroop will be eligible for a top up loan now since the personal loan was taken four years ago and has been sincerely cleared all the existing EMIs, he will be eligible for a big top up loan.

The documentation and overall process will be fast in case of a top-up loan, considering Swaroop is an existing customer, as there is an existing relationship and the history is known by the Bank. He gets the benefit of longer repayment tenure with a top up loan. Well, the maximum tenure for a personal loan is 5 years while a top up loan’s tenure could go up to the remaining tenure of the personal loan. Moreover, the interest rates on top-up loan are lower when compared to a personal loan, also the top-up personal loan is secured by the property compared to the unsecured personal loan. Additionally, Swaroop will be able to claim tax benefits as he plans to utilize the top-up loan amount for renovating his existing house in Mumbai.

Considering the story of Swaroop who has a good repayment track record, availing a top-up loan may work out to be the best option with long term benefits like the lower rate of interest, longer tenure, and EMIs without having to mortgage a new property.

Advantages and disadvantages on Top up on Personal loan

However, there are some pros and cons of availing of a top up on personal loans.

Some advantages of a top-up personal loan are

Quicker and hassle free documentation process, as the customer would have already gone through the loan application formalities earlier, the process to avail a top-up facility becomes relatively simpler and gets completed quickly.
No collateral requirement needed since the same lender has sanctioned the loan in the past and perceives you to be a risk-free safe customer.
You may take a top-up for any reason like renovation work, medical emergencies, higher education, international holiday etc.

Disadvantages of top-up on a personal loan are:

One of the biggest disadvantages of a top-up is that only existing customers of the financial institutions are eligible, besides those customers with a low credit history has a lean chance of getting a top-up loan.
No tax exemption as tax benefits is applicable only on loans that are taken for educational purposes and renovation of home or construction purpose.
Top –up loan for any other reason is not eligible for tax exemptions, cannot be claimed for any deduction.

A top-up on a personal loan can be taken for different reasons like house renovation, purchase of property, business expansion, higher education, marriage and many others. Top-up loans act as a great savior during times of financial troubles. Try to be smart and opt for a top-up personal loan after analyzing the pros and cons of such a loan.

By adminAudio PostFebruary 6, 2021 No comments yet

What is Personal Loan Balance Transfer?

Personal loan balance transfer facility is the same as any other balance transfer facility, which lets you, to transfer your outstanding personal loan amount from one bank to another bank. Once you opt for this Personal loan balance transfer facility, you will be required to pay the loan EMIs to the bank which you opted to transfer your loan into. This means the applicable rates and charges of the new bank or money lender would come into force.

Why should I opt for personal loan balance transfer?

Some of the many reasons that might be considered to take a personal loan balance transfer:

Better interest rates with services: You might have taken the existing personal loan with a higher interest rate depending on your salary or income, but once you start climbing up your professional ladder by improving your income track record, banks might be willing to offer lower interest rates on personal loan compared to your existing rates. You can also hope for better services if you are unhappy with the services offered by your current money lender.
Avail additional loan amount: Personal loan balance transfer gives you the option of increasing or adding the loan amount while changing the bank.

Can I transfer my personal loan from one bank to another?

Yes, you can transfer your personal loan from one bank to another, but not similar as balance gets transferred on your credit card. You can take a loan with lower interest rate from the second bank by repaying the loan of the first bank.

What key factors should I consider while availing a personal loan balance transfer?

Please ensure to follow some important factors before you opt for a personal loan balance transfer like calculating how much you will end up paying in total to the new bank. Some banks may be offering you a lower EMI, be careful to check whether that is coming at the cost of a longer duration, as you opt for a longer loan duration, the overall interest outflow would also increase. Please access and compare the old option with the new one by using online balance transfer calculator.

Processing fee and other charges:

A personal loan balance transfer usually comes with a pre closure penalty, with a fee ranging between 1% to 3% of the principal loan amount being transferred and should be payable to the new lender or old one depending subjected to the individual bank policies. Keep in mind as this fee is charged because the original loan is being cleared before the loan tenure completion.

Terms and Conditions:

Remember to read and understand all the key documents of your personal loan balance transfer agreement carefully before opting for the loan transfer facility. Ensure that you are aware of the key terms and conditions; do not miss out on any of the hidden charges which would increase your overall personal loan amount.

Be careful Banks may offer additional benefits like free credit cards or accident insurance to prompt you for availing loan transfer facility, try to analyze such offers very carefully and the terms and conditions before taking any decision.

It is highly advisable to consider all the factors mentioned above before opting for a personal loan balance transfer. Assess the long-term benefits of the balance transfer and make sure that you don’t do it for an offer that is slightly better than your existing bank.We are a best service provider for Personal loan at Bangalore.

By adminPersonal Loans, Personal Loans BangaloreFebruary 6, 2021 No comments yet

Personal Loan in Bangalore at low-interest rates

Personal Loan in Bangalore: Personal loans for people with bad credit in Bangalore is an ideal way to avail the most of the hard cash advance loans, there are huge numbers of person checkout for money advance financial loans on the web, this is because all tend to reveal them in a confined region financially and online cash loans supply magnificent value to those persons on requirements.

With the digitized cycle everywhere, obtaining a personal loan is the most supportive decision these days to beat the financial crunches. Gone are the days when we would have to stay in long bank lines with a group loaded with reports with an online bank office all is just a click away thereby making the financial world straight forward and pleasing for all of us.

Loans at Personal Loan in Bangalore

Personal loans are ideally meant to best suit your immediate needs, they come up with a wide range of features and benefits to fit your financial requirements particularly at the emergency periods.

The personal loans creating your future much brighter amongst the apprehensions of an achievable budgetary crash taking steps in clearing out the whole united economic climate, non-accessibility of feasible credit history with alternate options is a specific part which has lessened the chances of rebound to nil.

The reasoning for this scarce credit items and arrangements is quite straightforward as the rigidity crisis impacted the bank loan industry with a beachcomber of most repelling; recently referenced the realm framework has thus enhanced leaving unguarded in fascinating circumstances.

Truly hard revenue financial credits, funds while you need them hardly aids might vary from pecuniary advances which you procure smooth rules and standards were created by the guarantor.

In hard circumstances the financial loans, lending corporations have their guidelines, they are short articulation in natural force and if you have extraordinary monitor history and also pay frequently. Thus you could get huge cash when required from your troublesome money financial credit endeavour.

Are you in need of cash fast? Then come here we provide you with the best personal loans in Bangalore, this will assist you to obtain cash faster without any credit checking. We are well framed in such a way to aid you in suiting your financial needs. We make the process of loan simple and easy for our customers with just minimum documentation. You can get maximum loan value at low-interest rates.

The payment option is made easier, we offer flexible financing options that in bad credits there is the possibility to get a personal loan

Personal Loan in Bangalore to meet your requirements at hard times. Instant loan applications are available now so you can easily obtain the funds while applying for it. Thus it is a simple and easy way to utilize it. We make the personal loans in Bangalore a very straightforward one, our team members are there with you always to assist you and in clarifying the doubts on the process of availing personal loans.

The highlight of concern is there is no middle man in between involved, also we make sure that the information you share with us is kept safely and securely. We offer loans for all your needs. We are the best-rated concerns in Bangalore, India. Avail instant loan in your bank account with fewer documents along with flexible tenor.

By adminPersonal Loans, Personal Loans BangaloreFebruary 6, 2021 No comments yet