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Borrowing money from the bank can help one navigate financial exigencies. Personal Loans are excellent for managing lifestyle needs or unforeseen expenses. However, financial commitments are unpredictable and borrowers sometimes need more money than their original loan amount. Here is where a loan top-up comes to their rescue. For example, if you have an existing Personal Loan, you can apply for the Personal Loan Top-Up facility! This option will allow you to borrow additional money if you clear the eligibility requirements. A Top-up Loan is a convenient way to draw more funds without extra hassles or complexities. Let’s break down the concept of Top-up Loans and their benefits!
Top banks in India offer convenient credit options for their valuable customers. A Top-up Loan is an excellent option to help borrowers extend an existing loan. You can apply for an additional loan amount while repaying the original sum. This top-up is a quick solution to your incremental financial requirements. Once approved, the bank disburses a top-up loan within a short span. The approval process requires minimal documentation as the bank already has the borrower’s details.
Personal Loan users often avail of this facility to extend the availability of funds. For example, if one has taken a Personal Loan from the Bank, they can get a top-up loan on their Personal Loan. This option will allow them to access additional funds without going through the procedural complexities of a new loan.
Many people get daunted by the idea of borrowing more money. But worry not! Managing your credit the right way can yield many advantages. Let’s glance through the benefits of a top-up loan!
● Minimal Documentation: Most banks ensure simplified documentation for borrowers who apply for top-up loans. For example, Top-up Personal Loan applications require very few documents to initiate the approval process.
● Quick Disbursal: Top-up loans are excellent solutions for meeting urgent financial needs. Banks already have relevant documents related to the borrower’s creditworthiness and income. As a result, top-up loan approvals become quicker. You can get the approved amount in your loan account within a few days.
● Favourable Loan Terms: If you are a creditworthy borrower who pays existing instalments on time, your lender may offer attractive terms for your top loan. You can get Personal Loan Top-Ups without putting up any collateral. Moreover, you may request the bank for a tenure extension within the usual five-year limit. Interest rates and tenure extensions are subject to the lender’s discretion. However, expert loan advisors can guide you to get the most attractive terms when you Apply For a Top-Up Loan.
● Better Credit Score: Taking a top-up loan can contribute positively to your credit history if you make the repayments on time. This aspect can improve your Credit Scores for getting attractive terms on your future loans.
Now that you know about this exciting facility, you can contact YourLoanAdvisors to learn more! Their experts can help you get top-up funds from leading banks. So if you need a top-up loan on your Personal Loan, reach out to YourLoanAdvisors today!
With the onset of digitalization, the financial industry has had a makeover online transactions are the rule of the day. Monies are transferred with a click, and Bank visits have become few and far between.
Banks and NBFCs continuously update information regarding products and policies. Terms and offers for secured and unsecured loans are published and advertised.
Taking it further, Top Banks and Finance companies now offer online processing for secure and unsecured credit. The speed and convenience of online transactions boost sales and loan seekers are happy to research the best terms available per their needs from the comfort of their environment.
A complete range of information is available on the net regarding lenders and their latest offers for a Personal Loan individuals needing fund surgently find it convenient to apply online and receive funds in record time without having to visit Banks.
Applying online is easy for a Personal Loan, with soft copies of income and KYC Documents readily available. But using online has some roadblocks, and it is essential to take note of the following to ensure smooth and timely processing.
Before applying online or mailing your documents, it is essential to know the significant terms and charges that apply.
Interest Rate- The interest rate or cost of funds is the primary charge for a Personal Loan and ranges from 10.5% to 18%.
Repayment EMI- The monthly repayment for the Personal Loan should be comfortable to pay. The tenure is fixed from12 to 60 months per the income and loan amount. Calculate your EMI in advance using our EMI calculator.
Processing Fees- Charged is from nil to 2% of the loan amount disbursed.
The Foreclosure Terms- The lock-in period for a Personal Loan extends from 6 to 12 months, with charges applicable for early repayment of the loan.
On mailing details, your request will be registered by the Bank the lender will also forward a CIBIL request. If the terms are not suitable and further processing is not desired, there is no going back to the application the inquiry will show in the CIBIL record, and points will be deducted as per the norms.
Applying online simultaneously to many lenders can lead to a decline of your request due to many inquiries registered on the CIBIL track.
A Personal Loan is forwarded without any security as documentation forms the basis for the decision to approve or decline the request.
Special care is required while compiling Personal Loan documents, including income and KYC Documents. Complete documentation sent on time will ensure speedy processing, which may be withheld or delayed if the required documents needed for the financer are not received.
Copies sent should be updated and authentic, as all documents are verified to ensure they are true copies. The Banks officer may require additional documents from the customer to prove ownership or continuity if an increased loan amount is required.
The Domain and credentials of the service provider should be verified before mailing documents they should belong to an organization, as sending documents to a personal mail ID is risky.
Contact details should be verified to ensure accessible communication and be easy to track. Maintain verbal contact at all stages to check if all is in order.
Most Banks make a verification call after receiving a Personal Loan request to confirm the applicant’s contact details. A message or email is also sent to acknowledge the loan request, and a loan ID is generated. If no communication is received within 24 hours of submitting the paperwork, it is a cause for concern.The USP of a Personal Loan is easy and quick receipt of funds if the process is stalled because of a pendency, it will defeat the purpose of online processing.
Being updated at all stages of the process is essential as it will ensure the timely delivery of a Personal Loan. Systems are still being revised for online processing for secured and unsecured credit, but the journey is mixed.
Applicant sun willing to expose their details online still prefer to process their loan application by giving hard copies of documentation. Cutting down on paperwork and physical visits,customer verification is confirmed on a Video call and applicants can now process the disbursal of their loan online by accepting the terms and conditions of the loan agreement on the soft copy. Banks are working to remove glitches, as there is no denying that digitalization is the finance industry’s future in the times ahead.
A financial crisis can break anyone economically as well as psychologically. If you are going through a major money blow, then Personal Loan Consultants in Delhi can be your one-stop solution to keep your financial woes at bay. Recently Personal Loans have emerged as one of the most practical ways of borrowing as the loans are unsecured. Lenders take on more risk when they provide them to consumers, which is why the interest rates that apply to them are greater than those that apply to home loans or auto loans.
As per RBI data, the credit outstanding for the Personal Loan category was stretched by 12.1% from 26 lakh crore in September 2020 to 29.18 lakh crore in September 2021. 2022 is no different. The numbers have only rose significantly, denoting how Personal Loans have become one of the most pragmatic solutions to handle immediate financial responsibilities.
Personal Loans can be helpful for a myriad of reasons including when you need to pay for a medical emergency, pay off all of your bills, fund your child’s further education, or for other reasons. Because Personal Loans do not require collateral, they are far simpler to obtain than home or auto loans. Here are some crucial factors to take into account if you’re looking to apply for an immediate Personal Loans.
Although Personal Loans will help you out in an emergency, it’s crucial to realize that the interest rates that apply to them are pretty high, and the payback terms are relatively brief. Equated Monthly Installments (EMIs) will be used to repay the amount you borrow, so you will need extra money each month to cover these costs. To ensure you can fulfill your payback commitments, you must take into account your total financial status.
It is simple to get carried away and apply for a greater amount than you need because Personal Loans are so simple to obtain and can be disbursed in just a few minutes or hours. It’s critical to determine how much cash you’ll need for immediate expenses and keep your borrowing to a minimum of that amount.
Banks and other financial institutions charge hefty interest rates for Personal Loans. Consider options like loans against fixed deposits, loans against shares, or even loans against gold if you don’t want to spend a lot in interest. These loans are secured since they are backed by assets, and they have far lower interest rates than traditional loans.
To avoid unpleasant surprises later on, you must carefully read the loan paperwork from beginning to end. Read the small print to ensure you are aware of all the costs and penalties. By doing this, you can make sure you are fully aware of the terms and circumstances of the loan, which will make it easier for you to make timely payments and pay off your debt without experiencing any difficulties.
Defaulting EMI Payments or failure to repay the loan on time can have severe implications. Therefore, understand that deferred or delayed payments lower your credit score and make you an unreliable customer in the eyes of the banks that you approach in the future. In addition, inquire about the penalties on late repayment, so that you don’t increase your financial burden with late repayments.
Personal Loans account for about 28% of total bank credit and a report said that volumes of new Personal Loan accounts recorded a drastic growth of 133.9% due to increased customer demand.
Gone are the days when taking a loan or repaying it was a headache. Now there are hassle-free borrowing alternatives such as Loans Against Property in Delhi and the best part is you can always avail of Personal Loans without any lengthy or gruesome processes. How? Well, all you need to do is reach out to the top loan consultants and they can support you with everything ranging from the initial documentation to final repayment.
Banks advance Personal Loans to salaried individuals to manage urgent financial needs. You can (get) personal loans to fund your lifestyle practices or pay for (Immediate) expenses like medical emergencies. Sometimes, the loan amount is inadequate to cover all the financial needs you might have. A Personal Loan Top-Up can help you manage your expenses and navigate your money matters in such situations!
Let’s break down everything you must know about this financial facility for individual borrowers.
India’s leading banks allow clients to borrow more money from an ongoing Personal Loan account. They can get additional financing while repaying the original sum. These loans work just like your initial personal loan. Banks allow users to enjoy similar benefits. For example, HDFC Bank’s Top-up Personal Loan facility enables borrowers to access funds without providing any collateral. At the same time, the HDFC Personal Loan Top-up also allows users to get money without any end-use restrictions.
Let’s Explore its Salient Features:
● Unsecured Debt: These top-up options ensure collateral-free access to additional funds, just like the original personal loan.
● Tenure Extension: When a borrower applies for the Personal Loan Top-Up facility, the bank may extend the loan tenure. If you apply for a top-up from the bank, YourLoanAdvisors can guide you to seek a loan extension. However, the extended loan tenure must remain within the five-year limit for repaying the regular Personal Loan.
● Attractive Interest Rates: Sometimes, lenders offer lower interest rates on personal loan top-ups. Borrowers who pay their original Personal Loan EMIs within stipulated timelines sometimes receive attractive interest rates. This factor helps to reduce the overall cost associated with your loan.
● Boosts Your Credit Score: Borrowers who take top-up loans and repay them on time can improve their credit scores. When this happens, the borrower’s creditworthiness improves to get better terms on future loans.
Procedure and Documents You Need to Apply for Personal Loan Top Up It is easy to apply for personal loan top-ups with India’s top banks like. For example, the Personal Loan top-up procedure is quick and easy to manage. Lenders typically ask the borrower to submit the following documents.
● Identification documents.
● Income proofs.
● Original documents submitted during the initial application.
However, some lenders do not ask for additional documents and re-verify the original proofs submitted during the initial process.
Offline applications for Personal Loan Top-Ups happen at bank branches of a borrower’s existing lender. However, you can also apply for it via the lender’s website. For example, for an personal loan top-up, the online application process is simple and quick. fill up a form on the bank’s website and submit the relevant documents. The lender will assess the application and determine the revised interest rate before disbursing your loan amount.
If you want to know more about the application process, contact the experts at YourLoanAdvisors. They will guide you through the steps and help you get the best financing solutions!
In today’s lifestyle, liquidity management is imperative handling unexpected financial emergencies is not always manageable. Borrowing money is the first thought that appears when managing a financial problem.
Though meeting loan requirements is not as easy as it seems, you can contact Your Loan Advisors, leading Personal Loan Consultants in Delhi, who can help you to process a Personal Loan that covers your needs.
Savings in the form of a Fixed Deposit can also help you save the day A loan is readily granted against a Fixed Deposit by most Banks. Therefore, instead of prematurely withdrawing a fixed deposit, you can get a loan against it and cover your financial needs.
Which is a better option? Let us discuss the major features, pros, and cons to get a clearer picture.
The interest rate for a Fixed Deposit is 2% to 3% more than the current Fixed Deposit rate. In effect, the higher the return on the Fixed deposit, the more you pay for the loan. With a Fixed Deposit Rate of 7% to 8% currently, a loan will be charged up to 11% per annum.
The current interest rate for a Personal Loan is levied at 10.25% to 18%, charged at a reducing balance. It varies from financer to financer and is subject to change.
Consider the rates, the Personal Loan Rate being charged per your profile, and the interest you will pay for a loan against your fixed deposit before finalizing.
The Loan amount issued against a Fixed Deposit will be determined by the amount you invested and the pending tenure. The loan amount cannot be more than the Fixed Deposit and the EMI over your monthly income.
Personal Loan eligibility is calculated per income, employer, and obligations if the EMI is affordable. The applicant can check the EMI using the EMI Calculator.
The fixed deposit and the EMI suitable loan amount required should be covered.
The tenure granted for a loan against the fixed deposit depends on the period the loan must be repaid before the maturity date. If the date is closer, the loan amount granted will be as per the affordable EMI.
The tenure for a Personal Loan extends from 12 to 72 months, fixed as per the applicant’s requirement and the financer’s policy.
The documents required for processing a loan against a fixed deposit are the updated KYC Documents. which include residence and identity proof.
The customer will have to visit the branch to complete the formalities physically Banks do not offer digital processing.
Personal Loan documents include income documents, bank statements, and KYC Documents. A Personal Loan can be conveniently processed from the comfort of your premises. Documents can be submitted digitally and the loan is disbursed online.
The loan against a Fixed Deposit is secured; if the customer cannot return the loan in time, the Bank can break the Fixed deposit to recover the loan amount.
While a Personal Loan is an unsecured loan based purely on the applicant’s profile and income forwarded without guarantees, the terms and conditions are applied per the financer’s policy.
If the loan amount required is minimal and for a relatively shorter period, then a Fixed deposit may be your answer. However, if the terms are unsuitable or you do not have a Fixed deposit, a Personal Loan is a solution.
Loans, secured and unsecured, are a primary source for individuals requiring funds for a new home, education, or personal usage.
A lender’s primary concern is that the money forwarded as a loan should be repaid per the schedule. Besides documentary proof or collateral,the customer’s profile is vital. The application form for a loan requires both personal and professional details,which help the lender decide whether the applicant qualifies or not. Fillout the application form for a loan carefully with valid information which matches the documents submitted.
Details are asked regarding the applicant’s source of income and personal information,which contribute to the decisioning of the loan. Significant questions include the following:
The applicant’s source of income is a priority for the lender. A regular income will ensure financial stability for repayment of the borrowings.
The applicant, if salaried, must be working for a minimum of 12 months to be eligible for a loan. They will be quizzed about their employment history and change of jobs. If there has been a break in employment and if so for what reason? The applicant may be asked to submit documentation of previous jobs as proof of continuous work.
For self-employed individuals, the business entity must have a vintage of 5 years or more, with a consistent turnover and profit. The company must be registered with the MCA with all required certifications.
The nature of the business of Self-employed persons and business organizations is vital to the lender if the business profile is considered nonprofitable and risky as per the financer, the loan will not be processed. Specific business profiles may be supportive, while others could be regarded as ‘negative’ and thereby not fundable per policy.
The current employer of salaried applicants must be in the approved company list of the financer. Most Banks will happily fund the employees of the Economic time’s Top companies, profitable ventures having a high turnover and Government staff. At the same time all Banks may not fund applicants employed with proprietorship firms.
Give a thought to the loan amount you want to apply for. It should be commensurate with your income so the EMI can be easily repaid.
The need for funds may be in excess, but the loan amount given will be as per the Eligibility Calculation Criteria of the financer. When filling in the loan amount required provide a realistic figure in sync with the earnings that the financer will be comfortable lending.
A Home Loan or mortgage is calculated by considering the property’s cost and the applicant’s income. Other EMI being paid and existing credit will be taken into account.
The amount approved as unsecure depends on the pay of the applicant, mandatory monthly expenses and other obligations, loans, and credit card bills.
Use our EMI Calculator to check if the EMI is affordable before requesting the loan amount and repayment tenure.
This is the most crucial query the lender will want to know the end users of the funds given. The applicant will be questioned in detail to verify the purpose of the loan.
For a Home Loan, the amount is meant for purchasing a residential property. When disbursing the loan amount, the lender must provide proof of purchase and an advance payment receipt.
The loan amount will be given directly to the seller for a ready-to-move property and funds will be forwarded to the builder if the property is under construction.
For a mortgage, the net is more comprehensive a loan granted against property, or LAP as it is popularly known can be used for business, for further education of children, or the construction of residential or office premises. As the case demands, the payment order is made in the customer’s name or company and can be used at the customer’s discretion.
A Business Loan is meant to be used to further the business, buy equipment, and for expansion the applicant must be able to give details to support the request as to how the funds will be deployed in the business venture.
A Personal Loan is meant for personal usage, emergencies, vacation, home renovation, a family celebration,or wedding expenses.
Before sanctioning a Personal Loan, the underwriter must be convinced that the funds will be used appropriately and will question the applicant to ensure that the applicant has a genuine need. Funds granted via a personal loan cannot be used for investment or starting a business, or nefarious activities.
Before sanctioning a loan, the CIBIL of the applicant will of the applicant is checked. The applicant will be asked about the existing loans as reflected in the CIBIL if there are any delays in repayment in the past, pending loans,or credit card bills., At this juncture, the customer will get a chance to clarify If there are any errors or missed updates. The CIBIL Records the details of all credit used from the start, and the applicant must be clear and accurate about all inquiries regarding credit usage.
Stability and Contact ability are the bywords for getting credit. An applicant who has been residing in the same premises for several years or has a self-owned property has a permanent base will give a sense of comfort to the lender.
A self-owned or family house has the added benefit of no rental expenses and adds points to the profile.
The underwriter will confirm the residentialst at us,and a physical verification will be conducted to verify the details. Documentary proof for ownership can be requested if the requirement for the loan amount is in excess.
The number of persons supported by the earning member will make a difference to the allotment of expenses. First, the mandatory and lifestyle costs must be covered, like education expenses for children and household expenses for the family. Surplus funds are used to pay for EMI or luxury spending.
The applicant will be asked about his children, spouse, and parents living with him and if other earning members help support the family.
Banks and NBFC also club the income of a spouse or blood relatives to increase the eligibility for funding extra loan amounts.
The applicant can submit proof that there is a regular income from other sources, such as rent or commission, which can be added to the income criteria to increase Eligibility for a Loan.
Strong family ties have always been a part of Indian traditions generations live together and share a home. Living under one roof,supporting each other practically, emotionally, and financially whether a business jointly by the family or salaried members.
Expenses are shared by all earning members contributing to the family coffers for monthly household expenses, vacations, celebrations, and emergencies, thus collectively bearing obligations.
The Credit Bureau of India Ltd, or CIBIL, as it is popularly known, maintains credit dealings of individuals and Pvt ltd and Partnership organizations as a record.
A CIBIL record has become an essential part of a Personal profile the credit dealings of an individual have much to say about the financial status and management skills, making it necessary to maintain a good score and an on-time payment record.
The CIBIL identifies individuals and organizations with personal information, KYC details,income, banking,and credit lines. Data is matched, a CIBIL account is generated, and records of previous history and current repayment tracks are duly maintained.
Whenever an application for further credit is forwarded, the CIBIL details of the individual or organization are viewed to ascertain the credit worthiness of the applicant/organization.
Financers must check the CIBIL of all applicants before processing the request for any loan, credit card, or mortgage. Taking it a step further,the CIBIL of the family members living at the same address is viewed. If the applicant is married,the CIBIL record of the spouse will be closely monitored.
The CIBIL check of the family is essential as it affects the decisioning of the credit application.
The family evaluation applies to blood relatives and family members living at the same address.The personal credit history will be viewed,and delays or defaults in the repayment track of Personal Loans or credit card bills will affect the decision to issue further credit. Home Loans and mortgages being repaid jointly by earning members of the family must have a clear repayment track.
The spouse’s credit history will be closely evaluated if the applicant is married. The CIBIL Score of the spouse should be above the minimum benchmark required; Bills ofcredit cards used by the spouse as a Primary cardholder or an add-on card should be cleared timely. The family’s income must be sufficient to bear the cost of the total credit taken, as reflected in the CIBIL record.
If the Family owns a business, the CIBIL of the company and individual directors will be assessed before issuance of credit.The distribution of further credit will be based on the calculation and individual and company obligations. Any overdue loan or settlement track in the family is a deterrent.
A family CIBIL check is always not limiting; it has advantages too. A spouse having a healthy CIBIL is an asset, giving the lender a sense of confidence.
Banks also entertain loan applications for Personal Loans, Home Loans, and mortgages with family members as financial co-applicants. When clubbing the income together,the CIBIL obligations are also clubbed, increasing the eligibility for the loan amount.
Home Loans and mortgages are usually a family endeavor whether it is buying a new home for the family or a commercial space for business expansion the finances are shared and the finance request is forwarded jointly. If married, the husband and wife will beco-applicants if the primary applicant is single a blood relative the parents or a siblingis an option. The income of all the earning members is counted and if the CIBIL is above the required benchmark, there is no stopping getting the loan amount needed.
Family members help each other to maintain financial stability, and repaying credit promptly will ensure a secure future.
Since its inception in 2000, the CIBIL Score has become a crucial part of the economic backbone. Lenders assess an applicant’s CIBIL Score when they get a Personal Loan application. Even when a borrower applies for a Personal Loan without providing wage evidence or a pay stub, a high CIBIL Score serves to satisfy the eligibility requirements. The CIBIL Score is very significant for anyone searching for financial aid.
When applying for a personal or unsecured loan, the CIBIL Score determines a person’s creditworthiness. Getting an Instant Personal Loan without the CIBIL Score is achievable nevertheless, as more and more financial institutions introduce new programs and deals to increase people’s access to financial services.
A CIBIL check assesses an applicant’s eligibility for any loan without collateral (A cibil is checked for all loans with or without collateral). The Credit Score, also known as the CIBIL Score, is a three-digit numerical summary of a person’s or a company’s creditworthiness. The Credit Information Bureau (India) Limited manages this rating, which is used to determine whether a borrower will be able to repay the loan in full and on time. The CIBIL Score is comprised of four factors.
• Payment History- 30%
• Credit Exposure- 25%
• Credit Type and Duration- 25%
• Other Factors- 20%
When calculating this score, CIBIL receives credit information from all banks and financial organizations. A borrower who applies for a Personal Loan without providing income documentation, such as a pay stub, may still be approved based on their CIBIL Score (this statement is false). However the question is, is anyone eligible for funding if they have a low CIBIL Score for a Personal Loan?
Any CIBIL Score below 750 is typically regarded as having a low CIBIL Score ranging from 300 to 900. Personal Loans carry a higher risk for the lender because they are unsecured loans without a need for collateral. However, a high credit score demonstrates a history of on-time payments and attests to a person’s creditworthiness. This does not imply that obtaining a long- or short-term loan is impossible without the CIBIL Score.
Even if you lack a credit history, income documentation, or both, you can still apply for a loan even with a low CIBIL Score. Here are some choices to think about.
• Prove that your income is enough for loan repayment
• Ask the concerned lender to mark NH or NA in your credit report
• Ask for a smaller loan amount
• If possible, apply with a co-applicant
• Rectify the mistakes in your credit score
• Get collateral-based loans
The CIBIL Score fluctuates based on an individual’s most recent credit report and debt repayment. This implies that you can focus on raising your credit score before submitting a loan application. A credit score increase of several hundred points can be seen after just six months of the on-time bill and EMI payments. Other factors that can raise your CIBIL Score include having a variety of loans in your name having a low credit card utilization rate, retaining old credit accounts, etc. Once your scores rise, you can apply for a Personal Loan based solely on your score without providing a pay stub.
Are you still wondering about the Minimum CIBIL Score for Personal Loans? Or do you need more information on getting a Personal Loan without any effective CIBIL Score? Get in touch with the experts at Your Loan Advisor now!
YourLoanAdvisors is the digital arm of Oshun Advisory Services Pvt Ltd (formerly Oasis Marketing), conceptualized to keep abreast of the changing times and the advances being made in the web world.
Aimed at providing services with a difference, YourLoanAdvisors deliver start-to-end services with the ease of a single-point contact. Applicants can now comfortably log in to tabulate their requirements and get a dedicated connection, compared to other financial sites looking to register customers and move forward.
Associated with Leading Banks and NBFC, loan seekers are satisfied with fulfilling their needs in Personal Loans, Loan Against Property, and Home Loans transparently and efficiently.
Whether a first-time loan seeker looking for an additional amount as a TopUp or opting for a transfer for a better interest rate and terms, you no longer need to spend precious working hours shopping around for your financial needs. We consider it a privilege to do the research and notify you of the best offers currently available for your financial requirements.
Every customer who visits our site is important to us and is given services to the best of our abilities. With an in-depth knowledge of the product offerings, we can service customers from varied segments per the profile details and individual needs.
Get in touch by giving us your details and filling up the required information on our site Yourloanadvisors. Receiving your inquiry, our advisor will get in touch instantly. Applicants will be notified with details as per the requirement regarding options available from Banks and NBFC with a view to
1- Identify the lender offering the Lowest Rate of Interest available.
2- Fulfilling the provision of the amount needed.
3- Offering the most relevant terms and conditions.
Once the customer is satisfied with the terms offered as per the choice of the lender, our team will collect documents as required and dispatch the file for processing. A follow-up on the Loan Application will be done consistently to avoid undue delays and discrepancies and ensure timely processing.
Our team actively coordinates and tracks the progress of the loan request to ensure our customer receives the amount as desired with the most suitable terms and conditions.
The relationship is not over yet! We readily assist our customers with any queries and solve any issues arising during the loan.
We have been around for some time! In the field for over a decade, our foray into the Loan and mortgage field started with the HSBC Bank, sharing a mutually beneficial association during this time we received accolades and acknowledgments for our marketing achievements and services.
YourLoanAdvisors endeavors to live up to its name our experienced advisors are readily available for guidance and advice to get complete information about related products, help customers, and answer CIBIL-Related Queries. We take pride in genuinely helping customers who are debt-ridden due to unforeseen emergencies or credit card overdue by showing them the correct roadmap. Our services come entirely FREE of cost.
The reviews of our esteemed customers are the reward for our services and proof of our success!
The terms Settled & Closed are often viewed in a CIBIL Account what is the reflection of these terms on the creditworthiness and the CIBIL Score. it is essential to be aware of the impact of these transactions.
Trying circumstances or unplanned budgetary spending may lead to delays in Loan Repayment or Credit Card spending an applicant unable to pay regular EMI or clear Credit Card bills will incur additional interest on the amount due to the Bank or NBFC.
Reminders are issued regularly to the applicant to clear the pending dues in case of further non-payment, there will be calls made on behalf of the Bank team or collection agencies. It is in the applicant’s interest to make the payment as soon as possible as there is no running away.
If the applicant pays the entire amount due to the lender with interest accumulated on the principal loan amount, pays all credit card dues & chooses to give up the card the Credit Card or loan account will be treated as Closed. Having received the complete payment the parent Bank or NBFC will issue a no dues letter to the borrower and update records accordingly.
Under the circumstances, if the borrower cannot pay the pending dues. In that case, the collection agents of the Bank will offer the option of a settlement. As per this option, a discount is provided to the loan holder on the total outstanding, which could be a waiver of the interest due on the principal debt.
Upon receipt of the amount, the lender will terminate the credit line. Further interest will not be charged on the unpaid dues & the applicant will no longer be pursued up to pay the balance. The account will be marked as settled in the records of the Bank/ NBFC providing the facility.
The CIBIL of the borrower will be updated as per the following information.
• The Loan amount issued.
• The issue date of the loan /activation date of the credit card.
• The payment history: timely payments, delayed payments, bounces, and overdue.
• The final status of the Loan as Closed or settled
The Effects of a Closed/Settled Credit Account
Paying back the total loan amount & closing the loan is a wise resolution, as the Bank/NBFC will mark the Loan account as repaid and a nil balance all previous late payments may be viewed as a temporary aberration, as a period of financial problems due to an emergency. The applicant can rebuild a credit standing &look forward to a fresh start.
The CIBIL Record of the applicant will be updated as the loan account is closed: showing the loan as fully paid back to the lender & giving the date of complete repayment. The CIBIL Score will record an upswing after the full payment. The track of the delayed payments will show permanently in the record of the loan holder, but the final closure will mitigate the late payment record to some extent.
A Credit Card or loan settlement is not recommended as the settled tag reflects that some amount is still due to the lender. Collection agents in a bid to recover the amount from the customer, will sometimes mislead the customer to believe that with a partial amount paid back the total loan obligation is over but this is not the case.
An ensuing settlement will always reflect the unpaid balance as overdue, further negating the CIBIL Score. Every time the applicant applies for further credit the CIBIL History is viewed, and the settled tag will be encumbering. Therefore, planning your budget and keeping a cushion for emergencies is advisable. Apply for additional credit in advance if short of finances and avail of Loan insurance that will help in the repayment of EMI during a difficult period.
Every effort should be made to repay all dues and close the account successfully as a settled tag will continue to haunt the CIBIL & the credit history of the individual for times to come.