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Reply to Query asked by NILESH KINHIKAR on 21-02-2012


I want to by Manza Second Model. I have my current account in HDFC BANK. But when i was working i was having personal loan of 2lacs of which all 36emi i paid. but i paid installments late. Also paid interest charges and i have settlement letter of HDFC. But my name is appearing in CIBIL RECORD.


Asked by NILESH KINHIKAR on 21-02-2012




Dear Nilesh, Your credit score plays a critical role in the loan approval process. Your credit score gives loan providers an indication of your capability to pay back a loan, based on your Credit Information Report (CIR). However, it is important to note that every loan provider, that uses the CIBIL TransUnion Score, has its own benchmark of what constitutes a "good" score.Your CIBIL CIR is provided to bank along with your score because it is the record of your credit history, compiled from information received from loan providers, who are members of CIBIL. So If the installments are cleared with late fine and charges it should not affect your rating drastically as the moral remains the same that you have paid all the installments. You can apply for a car loan and if your score becomes the only barrier for the bank for giving you the loan you can submit your settlement letter for your personal loan from the bank to improve your score and get your loan disbursed.



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