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April 2, 2020May 20, 2020

CIBIL score

CIBIL Score – Cibil Top credit information company in India

Transunion CIBIL Limited is the top credit information company in India. The company has got credit info access of 600+ million people. Moreover, They have 2400 members aboard. Of whom top lenders are inclusive. Find Top Bank Loan Consultants for Low Cibil Score.

Most trusted credit rating companies

In India, CIBIL is one of the most trusted credit rating companies. They offer credit score or rating to persons or business organizations. Meanwhile, This score or rating is also known as CIBIL Score. Often credit score and CIBIL score is being used as synonyms.

CIBIL has access to all your financial transactions of borrowings ,repayments & credit history. On the other hand, They assess your financial history and give ratings as CIBIL score.

What is CIBIL score?

CIBIL score is the one of the most vital credit evaluation factor. By all means, It is like yardstick measurement of your creditworthiness. By the way, It is based on your earlier financial activities.

Credit rating given by Transunion CIBIL Ltd.

CIBIL score is the Credit score or credit rating given by Transunion CIBIL Ltd. Most of all, This score gets determined by CIBIL based on your credit history & CIBIL report. CIBIL maintains your credit record containing financial info.

Popular credit info companies

There are other popular credit info companies like Equifax, Experian and High Mark. They have their own credit scoring systems. But CIBIL is the leader in the credit info world. Majority of Banks consider CIBIL score of a Bank Loan applicant.

CIBIL score before Loan Approval.

Every finance company or lender examines CIBIL score before loan approval. For instance, a doctor determines your vitals before a medical process. In the same way a lender examines your credit score before loan processing. Choose the best bank Loan Consultants for Low Cibil Score

Credit worthiness of Loan Applicants

The credit info company, Transunion CIBIL has link with most of the top banks. Of course, This makes it easy for them to assess credit worthiness of millions of loan applicants. CIBIL score is a 3 digit number. Above all, It range between 300 & 900.

Good financial discipline and integrity

High CIBIL score implies that proposed applicant has good financial discipline and integrity. Whenever you apply for loan or credit card your latest score for last 6 months gets checked. In general score above 700 is a good score. Yet some banks may have higher standards and some banks do not mind these scores at all.

What is Credit Score? Why maintaining a good credit score is important?

Credit score defines the creditworthiness of a person or business. Let’s compare credit score to average exam score. If your average mark is 60, then it means you are consistent persons scoring 60. This makes you a good student. When your credit score is high, your past borrowings & repayments were responsible.

Reliability or risky nature of loan applicant

Credit score showcases the reliability or risky nature of loan applicant. Thus credit score has great impact on loan eligibility,. loan amount approval & interest rate. The lenders will be able to assess potential risk in lending you the money. Credit score has great influence when you borrow no collateral or unsecured loans.

Good business credit score

Like an individual, business credit score also impacts business image and credibility. A good business credit score will help them secure huge investments. Advantages of CIBIL score are as follows

Full loan amount approval
Low interest rate-Better loan terms.
Lower loan cost.
Quick processing.
Pleasant Loan Experience.
Good repayment terms.
Power of bargaining
Portrays great image

Full loan amount approval-

A good CIBIL score clears all your loan processing hurdles. Many lenders will be competing with each other to lend you. Hence you can be sure of getting full amount of money you applied for loan.

Low interest rate-

There will be competition among lenders to offer you loan as you have good CIBIL score. Many credit offers will have low of interest rate

Better loan terms. –

Many banks or NBFCs are ready to offer better loan terms for good CIBIL score applicants. They may waive off loan processing fees or legal fees or approval charges too. Some banks may not need collateral or guarantor for good applicants. Hence you can get better loan terms

Lower loan cost. –

You enjoy benefit of getting loans at lower cost with better loan terms. It may be like no loan processing fees or legal fees or approval charges.

Quick processing. –

Banks and finance companies give priority to applicants with good CIBIL score. It involves simple documentation and hassle free loan process.

Pleasant Loan Experience. –

Impressive credit image and great CIBIL score goes a long way in a finance world. All loan hurdles gets vanished making you getting finance a pleasant Loan experience

Good repayment terms. –

Your banker can agree to your convenient loan repayment tenure when you have good CIBIL Score. Make use of this great opportunity with maintaining good CIBIL score.

Power of bargaining.-

CIBIL score gives the borrower the power of bargaining. There are many lenders in the market to offer loans to applicants with good credit score. Hence you have the bargaining power chip on your shoulder with good CIBIL score.

Portrays great image.-

Honesty and responsibility are positive qualities. Financial responsibility and integrity are great traits valued in business world. A good credit score helps you to impress your lenders with great positive image

What we should do when we get a loan

Getting your loan approved and having money in your account is not the end of the story. In fact it is the beginning of your credit record. In case if you are first time borrower, credit information companies opens new record. Past borrowers’ are also on track of , credit evaluation companies. Hence you will be under the radar of the credit info companies. They keep track of repayments, foreclosures and delayed payments/defaults. This will have great impact CIBIL or credit score. Credit history has big effects on possibilities of getting new loans in future.

Repay EMIs on time and be regular

As a borrower it is your financial responsibility to repay your EMIs on time every month as agreed. This helps you to have financial discipline in repayment of dues. Be it a short term credit or small loan dues make payment on time and in full. Loan repayment delays & defaults may hamper your credit profile and future loan opportunities.

During emergencies, give priority to loan repayments. They attract penalties and extra interest. To avoid missing due dates, you can give ECS to bankers.

Be a responsible borrower

Loans do not come cheap and free. You have the responsibility to repay your loan with interest. You may be eligible for loan. But that does not mean you to borrow for your luxuries or investment splurges. Borrow when you have need. Use the funds in a wise way. Overcome your financial needs.

Get Loan insurance

Insurance on loan is a smart move for both the borrower and lenders. In particular when the loan amount is huge and is of long tenure. Loan insurance covers the risk of un-affordable debt to your family. The repayment burden may come upon them on dire circumstances. Term insurance for loan not only covers a single loan but a group of loan too covering a fixed period. There will not be any problem when you switch lender.

Keep-up your market research

It is always a good habit to keep track of financial market when you are borrower. Banks and NBFCs often float attractive loan offers. These may be profitable than your ongoing loan. Under such cases you can replace your current lender with the profitable loan option. You may also need to consider the prepayment charges, penalties and other fees too.

Comprehend the loan contract

Loan contracts are full of legal clauses and phrases. They may be difficult to understand and comprehend for a common man. It is important you deduce all the points. It is wise to seek help of Advocates or Chartered accountants to go over your Loan contract.

Debt consolidation

When you have many loans running with high costs, debt consolidation is good. This move will help you ease monthly EMIs or interest rates or tenure. When you provide collateral or make bulk repayments your loan cost comes down.

Keep your retirement corpus safe

Parents do not want to burden their children with loans. A dip in your retirement fund for your child education may not be a good idea. You have education and student loan for those finance needs. Hence plan your finance options and keep your retired life at peace.

Update your family and spouse about loan

It is important to keep your spouse and family about your borrowings. As it has great impact over your household finance. You need to have their co-operation too as it may impact the family budget. It reduces your emotional burden when your family supports you.

Find Top Bank Loan Consultants for Low Cibil Score

Loan Serves in Areas Served as as follows

North Chennai	Karambakkam	Kanathur	Erukanchery
Manali new town	Vadapalani	Muttukadu	Broadway
Kodungaiyur East	Saligramam	Kelambakkam	Ponneri
Kodungaiyur West	Shakthi Nagar	Kovalam	Athipattu
Madhavaram	Sri Iyyappa Nagar	Siruseri	Coimbatore
Madhavaram Milk Colony	Virugambakkam	Jamalia	Sholavaram
Mathur MMDA	Alwarthirunagar	Kallikuppam	Minjur
Puzhal	Valasaravakkam	Pattabiram	Red Hills
Moolakadai	Thirunindravur	Kosapet	Ennore
Kolathur	Thirumangalam	West Chennai	Avadi
Parry’s Corner	Thirumullaivayal	Alapakkam	Pattabiram
Royapuram	Thiruverkadu	Anna Nagar	Thirunindravur
Villivakkam	Nandambakkam	Annanur	Iyyappanthangal
Perambur	Nerkundrum	Agathiyar Nagar	Kattupakkam
Korukkupet	Nesapakkam	Ambattur	Poonamallee
Tiruvottiyur	Nolambur	Bhuvaneshwari Nagar	Thirumazhisai
Vyasarpadi	Ramapuram	Chinmaya Nagar	Thiruvallur
Manali	Mugalivakkam	C.M.D.A Colony	Pallavaram
Tondiarpet	Mangadu	Defence Colony	Pozhichalur
Vallalar Nagar	M.G.R Nagar	Padi	Anakaputhur
Ennore	M.G.R Garden	Ayappakkam.	Pammal
Old Washermenpet	Pallavan Nagar	Thiruvallur	Kundrathur
Kavangarai	Porur	Arakkonam	Mangadu
New Washermenpet	Poonamallee	Korattur	Chrompet
Korukkupet	Moulivakkam	Mogappair East	Thiruneermalai
Mannadi	MMDA Colony	Mogappair West	Keelkattalai
George Town	South Chennai	Arumbakkam	Chitlapakkam
Seven Wells	East Chennai	Avadi	Tambaram
Basin Bridge	Mylapore	Pudur	Selaiyur
Sowcarpet	Perungudi	Maduravoyal	Madambakkam
Park Town	Sholinganallur	Koyambedu	Medavakkam
Periametu	Alandur	Ashok Nagar	Sithalapakkam
Choolai	Adyar	KK Nagar	Kovilambakkam
Veppery	Besant Nagar	KK Nagar West	Nanmangalam
Pattalam	Triplicane	KK Nagar East	Karapakkam
Pulinanthope	T. Nagar	Oragadam	Pallavaram
M.K.B Nagar	Thiruvanmiyur	Ayapakkam	Tambaram
Sharma Nagar	Saidapet	Pattravakkam	Perungalathur
Selavoyal	Guindy	Thirumullaivoyal north	Palavanthangal
Edapalayam	Madipakkam	Avadi north	Peerkankaranai
MAnjambakkam	Nanganallur	Redhills	Mudichur
Ponniammanmedu	Velachery	Ajax	Vandalur
Sembiam	Taramani	Kathivakkam	Kolappakkam
T.V.K Nagar	Pallikaranai	Ernavur	Kandigai
ICF Colony north	Keelkattalai	WIMCO	Mambakkam
Central	Kovilambakkam	Sathangadu	Pudhupakkam
Padi	Thoraipakkam	Rajakadai	Palavakkam
Korattur	Neelankarai	Kadambakkam	Varadharajapuram
Lakshmi puram	Injambakkam	Kathirvedu	Medavakkam
Ambattur north	Chromepet	Moolakothiram	Pazhaverkadu

April 2, 2020May 29, 2020

NBFC Non Banking Finance Company vs Banking Finance

Non Banking Finance Company NBFC vs Banking Finance

NBFC and Banking Finance

NBFC, a company registered with ROC under Companies Act, 1956

Non Banking Finance Company in short is NBFC. An NBFC is a company registered with ROC under Companies Act, 1956. NBFC is a company that offers banking services to people without a banking license from RBI. Non Banking Finance Companies are under the regulation of RBI. They need to follow Companies Act guidelines too.

Find the Best Loan Consultants for Non Banking Finance Company in Chennai, Tamil Nadu, India

NBFCs offer great support in development of a nation. They support backward sections of society. Rural segments get Bank credits from Non Banking Finance Companies. They aid boosting transport, education and create wealth of an economy.

How Non Banking Finance Company works

NBFC companies do not accept deposits repayable on demand. NBFC are more into credit creation. They do no maintain any reserve ratio. Non Banking Finance Company depositors do not have deposit insurance facility.

Business activities of NBFCs

The nature of business activities of NBFCs can be about loans & advances. Buying of shares, bonds & other securities. Leasing, hire-purchase, insurance or chit business. They do not include companies related to agriculture, immovable property or industrial activities.

Demand for Loans, credit and other financial needs

NBFC supports both individual and business borrowers. They support applicants who have trouble in meeting traditional bank eligibility standards. They meet rising demand for loans, credit and other financial needs of people.

Alternate sources of finance

NBFC are not only an alternate sources of finance, they are more efficient too. Clients have direct contact with NBFCs. Thus this eliminates unnecessary financial intermediaries when one seeks loan. They provide credit and finance to keep the liquidity of our economy.

Wide range of Financial products and services

They offer wide range of products and services. They are credit facilities. Loans & advances. Saving and investment plans. Acquiring of stocks /shares. Hire-purchase. Insurance or chit business. Money transfer services.

Education loans & retirement plans

They also offer education loans & retirement plans. They do stock-shares underwriting and money market trade. In fact, They issue term finance certificate and are in to other activities. NBFCs are also into wealth management services. It can be shares discounting services & stock portfolio management.

Trade finance, venture finance and specialized equipment finance

They offer finance for Construction equipment, Commercial vehicles and cars. They offer gold loans. Loan against shares. Consumer durable loan. 2 wheeler loans. They fund infrastructure assets like plant and machinery and aid project finance too. They provide trade finance, venture finance and specialized equipment finance.

NBFC VS BANKING FINANCE

Getting loan is no more a trouble now. If you are eligible applicant, you can have more than one loan offers from banks and NBFC. When you loan options from both banks and NBFC, you will be in a wondering which loan to opt for. Before you decide, Let us compare both the loan options.

Finance intermediaries

NBFC are becoming popular among borrowers. They offer better performance than banks with great customer support. Banks and NBFC are both finance intermediaries. Their services are pretty much same. This is where the customer is in a dilemma who one to choose.

Some of the advantages of NBFC over bank finance are:

Quick loan sanctioning process. – A loan application goes through varied procedures involving stringent verification. Both banks and NBFCs have their own system of verification. Online facilities and technology can help you bring down loan application process time. NBFCs processing time is low when compared to banks. Hence getting quick loan money in to your account is simple and easy with NBFC.

Less time for loan process. –

NBFC follow stringent verification process like banks. But they accommodate scan proofs of required copies online too. This takes them less time to approve and sanction loans. You can get processed and approved within few hours too with NBFCs.

Flexibility of loan terms. –

Banks need to follow loan and conditions terms as instructed by RBI. But NBFC has the freedom to decide about loan term with the borrowers. Hence NBFC has edge over bank loan terms. You can skip the boring loan paperwork with NBFC. But banks do insist on loan paperwork. NBFC support online loan application. Whereas all banks do not accommodate online loan applications. You can get top loan amount with long tenure within few hours approval with NBFCs.

Attractive features and benefits. –

NBFC offers many positive features and benefits to both new and existing borrowers. Banks loans also have good features and benefits. But they not be as attractive as NBFC.

Wide arrays of tailored loan products.

– NBFC are ready to offer a wide range of tailored loans and other financial products. This is very much beneficial to borrowers when get good loan offers with low loan cost.

Great customer service.

NBFC often do involve any middlemen to approach clients. They have direct contact with clients without any middlemen. This helps them to understand the customers’ needs better. Both banks and NBFC are into meeting finance demands of their customers. But NBFCs offer dedicated customer services to derive customer satisfaction. They have customer relationship manager who are happy to help all the time.

Cheap loans and low interests. –

Bank interest rates are under RBI regulation. Their interest rate includes base rate + margin. Bank loans involves certain costs. They are processing fee, application fee or legal fee. NBFCs interest rate is RPLR based. Non Banking Finance Company have freedom to fix interest rate that is not linked to RBI. Hence one can avail loan at low interest without other fees too.

Less Rules and Regulations. –

Getting loans from NBFC is much easy than bank loan. It is because they do not follow complicated loan processing rules like banks. But do involve in stringent verification that are convenient to clients.

Loan offers for poor credit score. –

NBFC offers loan to applicants who have poor credit score. Banks may not encourage applicants with less credit score below the loan eligibility. They consider low credit score a high risk loan. Non Banking Finance Company accommodates low score applicants with suitable loan products.

Choose Top Finance Consultants in Chennai, Tamil Nadu, India

Sometimes interest and collateral may vary on the credit score. Individuals prefer to get loans from NBFC due to great customer care. Corporate may prefer banking finance due to huge amount and long term. Yet Non Banking Finance Company are competing with banks to bag corporate clients too. Choose Top Finance Consultants in Chennai, Tamil Nadu, India to avail the best Bank Loan offers.

Now you have got a better picture of NBFC loan and bank finance. Choose the loan option suitable for you and overcome your financial hurdles.

Find the Best Loan Consultants for Non Banking Finance Company in Chennai, Tamil Nadu, India

April 2, 2020May 20, 2020

Good News Women Home Loan borrowers – ADB + AAVAS to lend $60 million

Great News to all MSMEs & borrowers- ₹350 Crore finance from Veritas Finance: Bank Loan

Good News Women Home Loan borrowers – ADB + AAVAS to lend $60 million

Asian Development Bank (ADB) agreement with Aavas Financiers Limited (Aavas)

Firstly, The Asian Development Bank (ADB) made an agreement with Aavas Financiers Limited (Aavas). ADB plan to ends $60 million towards home loan credit for lower-income women borrowers.

Aavas Financiers Limited (Aavas) – housing finance company

Aavas Financiers Limited (Aavas) is a housing finance company located in India. In fact, Their Mission is to help home loans more accessible to lesser-income groups. Moreover, Women take priority for loan approval.

Aavas $60 million house financing for women

It’s great news to all women in India to hear about Aavas $60 million house financing for women. However, Women of Lower income groups are a priority. It is a ray of hope for every woman who yearns to have a roof over their head all their life.

Mortgage loans for housing needs

Ms. Susan Olsen is a Senior Investment Specialist at ADB’s. She says Low-income women in India struggle to mortgage loans for their housing needs. By the way, It results in women’s low social status- poverty-vulnerability & low bargaining power. ADB is Indeed contributing to our community through Aavas to empower women across India.

Women hold priority for Aavas housing loans

Mr. Sushil Kumar Agarwal, MD & CEO-Aavas says they are happy to join hands with ADB. By all means, It has made them realize their company mission through ADB. The company’s goal has been to aid low income Indian families to have their own home. Most of all, Women hold priority for Aavas housing loans. Aavas wants to extend profound presence in backward states of India too with this move. Above all, Aavas say their growth journey is smooth with ADB’s Partnership.

Biggest hurdle of housing finance is the limited access to long term credit

Mr. Ghanshyam Rawat is CFO & Co-founder Aavas. He says that the biggest hurdle of housing finance is the limited access to long term credit. ADB is keen to fund long term housing credits to under-served community of India. In particular women in India. It helps to boost investor confidence in home loan sector too.

Aavas disburses home loans under ADB project of lower income women group. It is a scheme meant for backward states of India. Women are main applicants or co-applicants of this Aavas house credit.

Biggest hurdle of housing finance is the limited access to long term credit

We all know that India is facing million units of housing shortage both in Urban and rural areas. The worst affected are the low income groups. People face lots of challenges in securing mortgage loan for housing needs. Lack of income proof and documentation is one of the top hurdles too.

Do not worry. Aavas lands great housing finance scheme in affordable housing credit in India. They have more than 70 billion assets with 245 branches all over India.

ADB, established in 1966 has great commitment to achieve prosperous Asia Pacific. They drive great efforts to remove poverty.

March 21, 2020May 20, 2020

Great News to all MSMEs & borrowers- ₹350 Crore finance from Veritas Finance

Non-Banking Finance Company (NBFC) in Chennai

Veritas Finance Private Limited is a Non-Banking Finance Company (NBFC) headquartered in Chennai. In fact, Their mission is to lend finance to Micro, Small and Medium enterprises and other borrowers.

Finance to Micro, Small and Medium Enterprises and other borrowers.

The Chennai-based NBFC shores-up a whooping amount of ₹350 Crore capital from varied E-Investment Series. Moreover, The company’s main business focus is to provide finance to Micro, Small and Medium Enterprises and other borrowers. Of course, The additional influx of investments has been funded by Kedaara Capital, a new investor. Avove all, The existing players Lok Capital Growth Fund, Norwest Venture Partners (NVP) and P. Surendra Pai & family have also funded investment in Veritas Finance. Meanwhile, Their big-brain financial advisor is none other than Spark Capital.

Funding of working capital, buying assets and business expansion

The company indeed is keen to utilize this top-up capital to finance business sectors and conquer existing markets. By the way, MSMEs can approach VERITAS FINANCE for funding of working capital, buying assets and business expansion.

Best customer service, transformative technology and robust credit appraisals.

Borrowing Loan from this finance company is a pleasant experience due to best customer service, transformative technology and robust credit appraisals.

Mr.Arulmany, the MD and CEO of Veritas Finance

Veritas Finance started in 2015 by Mr D. Arulmany, has 48000+ customers with a lending record of ₹1,308 Crore. Mr.Arulmany, the MD and CEO of the company was quoting that they had set a milestone of ₹1,000 Crore as finance target for the first four years of phase-1.

Crossing the milestone with great success, at present the company is set upon embarking the next thrilling journey of phase-2.

MSMEs employment opportunities in Veritas Finance

Mr Shiv Chaudhary, MD of Norwest Venture Partners, India, a Co-investor of Veritas believes that MSMEs are the engines that boost the economic growth of our country. MSMEs generate numerous employment opportunities at the base level. By all means, They have a great pleasure to top-up investment with ₹200 Crore expecting great returns.

MSMEs have a great impact on our Indian economy, contributing to 45% exports & 69% employment opportunities. Most of all, Veritas finance takes great pride to serve MSMEs and borrowers thereby contributing to our society.