Before applying for a loan
in any bank or financial sector do we need to check or CIBIL report? Is it
important to do it?
This is today’s topic.
I have been working as a CIBIL score repairer for years and I am going to answer this question with my own
personal experience.
A month before a customer
came to me with a problem in his CIBIL there is an account where loan payment
wasn’t done properly. And customer confirmed to me that he has paid all loans
properly.
I was not sure about the exact problem with his CIBIL report but I doubted it could be a data mix problem.
So I asked him to send his CIBIL report so that I can verify it properly.
Once I got the CIBIL report
I found out that there is one ICICI bank account in which the loan payment
wasn’t done properly. Then there are 6 to 7 other account loans which don’t belong to the customer.
Then I confirmed that it was CIBIL data mixing error and it was fixable.
My customer’s main problem
was that he applied for a home loan but got rejected. The reason for this
rejection is baa d CIBIL report.
He requested that clear
all the errors from CIBIL and also help him to get a home loan from a bank.
But to rectify a CIBIL report it takes about 45 to 60 days at least.
Once we raise a dispute CIBIL informs us that it will take about 45 to 60 days to get the problem solved. But
in many cases, this doesn’t happen. It takes more time.
Now the problem arises that the customer has
to purchase the house within a month or else his real estate agent will sell it
to someone else. My customer even paid 2.5 lacs for the flat which will be
forfeited.
Customers go super tense due
to this problem.
So this shows how important
is it to check your CIBIL before applying for any kind of loan in any bank or
financial sector.
If you know your check CIBIL score or report first then you will get these benefits:
1.
You get a loan from a good bank and if the bank is good then the rate of interest will also be good.
2.
If the rate of
interest is less, then loan enhancement will be done easily.
3.
If you didn’t check your CIBIL report beforehand and then applied for the loan. Your loan will be rejected due to a low CIBIL score. now then again you applied for a loan in some other financial institute it
will go further down. Then you will never get the loan again.
4.
If you are aware of
your CIBIL score this will give you an edge. You can bargain for a good rate of
interest with the bank and financial institute.
5.
If your CIBIL score is good, many banks don’t
charge you a processing fee.
6.
If your CIBIL score
is good and the rate of interest is less then the best advantage is you will save
your own money.
Example: if you are purchasing a flat and for 20 years, you have to pay 20000 instalments. Just because your rate of interest is less you get to save 1000 rupees every month.
This 1000 rupee was put in sip for
20 years. it will pay you off well. By then your loan repayment will be
complete.
So,
the bottom line is that you should always check your CIBIL report before
applying for any loan. This will give benefits which will make your life
easy.
I
have made a YouTube on how to read the CIBIL report. The link is given in the description.
Read More:
1. Savings account damaged my CIBIL score! Current account affected CIBIL Rank
2. How often CIBIL Score is updated
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