Your CIBIL score or Credit Score is based on your previous credit record. It is indicator of your repayment habit. Whether you apply for a secured loan or unsecured loan Cibil or Credit Score can never be ignored. Sure with bad Cibil score, it will be difficult for you to get some unsecured loan for some years( Credit Card, Personal Loan etc)
Your Cibil score can be compromised to a certain extend in secured loan (Like home loan & car loan etc), where banks gets some mortgage as security for loan.
This deviation will be based on kind of discrepancy you had in your earlier loan payments. If there was small discrepancies or small delay in payment, then leading “A” class banks or non banking financial companies like HDFC, Axis, ICICI, IDBI etc can consider your case.
If discrepancy is bigger and payments for earlier loan were was defaulted for long time, or settled intentionally then chances of getting loan from a good bank will reduce. But there are some banks and non banking financial companies which may consider your case.
Chances becomes further thin, if you have still not paid to them and payment to your previous banks shows still pending in CIBIL. In such a case it gets almost impossible to get loan unless you have some loan coordinator working for your case negotiating with banks.
Bank are trader of money. It buys money at certain cost and lends at certain cost. Difference between buying cost and lending cost is for operation costs and profits. Banks lends to those who has capacity and habit of repaying on time.
Assume yourself as bank. I give you some money which you have to return to me with interest. Mr A & Mr B turns up on your door for loan. You don’t know, who is right borrower to lend to. You checks their credit CIBIL score. Now you finds out Mr A has some issues with past repayment of loan on the other hand Mr B has very good repayment track record. Whom will you give loan to?
That is case of stranger where you don’t know borrower. I ask you a question, will you give money to any friend who had borrowed money from you for few days & returned after many months of follow-ups. Or you will give money to other friend who borrowed money for few days and returned on time.
You know the answer.
If you had a troubled time in life, due to which your CIBIL score has hampered, We may find a bank which is right for you and offer you loan based on your CIBIL score situation. There can be some loan coordination charges for your home loan & loan against property. It depends on your present CIBIL status and your loan amount.
To Choose best suited loan deal, you can do all working. Or you can take our help for most affordable loan OFFERS, With door step service from your home or office. Simply fill your details. We will do all this for you.
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