NEWS & ADVICE : HOME LOANS
Credit score from CIBIL: will it really benefit the customer?
By Joseph Samson
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Ideally, unsecured loans would require a higher credit score than secured loans to get sanctioned.

How beneficial would it be to the borrower?

The viability of the score to the benefit of the borrower is however the most important question that needs to be answered.

One major factor acting as a drawback to the potential viability of the score is that it is not the sole decisive factor in making a customer get the loan. So the credit score just by itself will not be able to make the borrower judge his loan eligibility and other factors related to it.

Moreover every bank would have different criteria for interpreting the loan. Banks' interpretation of the credit score would depend a lot on the risk appetite of the concerned bank. Type of asset/type of lending would also play a role in deciding the loan eligibility of the borrower.

Many banks have their individual models for determining credit score and they abide by that in deciding the loan eligibility of the borrower. Lenders like Union Bank of India have credit score defining models of their own and might thus not consider this credit score.


 


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(Comments Posted : 2) Post Your Comments
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Peter James (Posted: Jan 27, 2015)
2. m settlement our all c.c. dispute only principle ? but our card dues bank no any responce till taoday so m very prob ? nw m very helpless wt do ?
anilkumarkabra (Posted: Jun 9, 2011)
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