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Q. My application cancelled due to low CIBIL score

I had applied for credit card but my application got cancelled citing a reason that my CIBIL score is low. I want to know that how can I improve my CIBIL Score?
Posted by : Anonymous
2019-01-04 23:15:46
Credit Card

Latest Answer

A. CIBIL score is way to find out the creditworthyness of an applicant. Score is calculated on the basis of all the loans outstanding and proper payment of the installments including the credit card outstanding payment. So if someone has taken a loan or has got a credit card ad if that person is paying his EMI's regularly and all monthly due payment for the credit card then credit score will be good and that means when he applies to a bank for another loan or credit card then due to his good credit history and repaying discipline his eligibility for another loan will be high. But suppose the person has defaulted in paying the EMI or outstanding due then the bank will report this to CIBIL and the credit score will come down. If the person has not paid the EMI at all and the account becomes NPA then his score will be badly affected; and it will come down. So, in your case if your CIBIL score is low then find out the reason for that and also the bank which has reported the default of payments. Once you have found that out then speak to bank and try to close the loan account by settling the amount. Once you have done this the bank will report it to the CIBIL and thus the negative aspect will be removed. This way you can improve your CIBIL Credit Score.
Posted by : MyEazyLoan
2019-01-04 23:38:51

Q. What is better rate of interest- Fixed rate or floating rate of interest.

I have applied to a bank for housing loan and I have been given a choice to choose from Fixed rate of interest or floating rate of interest. I am sure which is good and need your help and guidance on it.
Posted by : Anonymous
2019-01-04 14:37:31
Home Loan

Latest Answer

A. First let us try to understand the concept and difference between Fixed rate of interest and floating rate of interest. Banks whenever gives you loan they will charge an interest on it which you pay as part of your monthly EMI. The interest is the extra that the bank is charging on the principal loan amount they you take from the bank. The interest levied on the loan is linked to a base rate called Bank rate and that is regulated by the RBI. Basis the guidelines provided by the Reserve Bank of India the Banks will have a bank rate. All different kinds of loans will have a rate of interest attached to it which will be Bank rate+some amount. ( Lets say the bank rate is 10% then ROI for home loan could be 12% = 10% +2%). Now Let us try to understand the concept of Fixed and Floating rate; Fixed rate- When you take the loan with Fixed ROI then for the complete loan tenure ( say 20 years for Home loan) the ROI will be fixed and hence the EMI will also remain fixed for the tenure regardless of change in the Bank rate. Floating Rate- If you have chosen the floating ROI then assume then the applicable interest rate will change as per the changing bank rate. Assuming you chose floating ROI which is bank rate + 2%. Then when the Bank rate is 10% your applicable ROI will be 12% and when the Bank rate is 9% your ROI will be 11% and when the Bank rate is 11% your ROI will be 13%. This means that your EMI for the loan will also keep changing with the Bank rate. Now the most important part, which ROI to choose from? Well for that you will have to figure out that how the economy and the bank rates are going to move. If you think that the bank rates are going to go up in future then you should settle with Fixed rate and in case you think the bank rates are going to go down then you should go for Floating.
Posted by : MyEazyLoan
2019-01-04 14:57:53

Q. Can I apply for a home loan to renovate and repair my home?

I have an old bungalow in Bangalore which needs repair and I want it to be renovated. It a huge one spread on more than 7000 sqft. Can I apply for a home loan to Bank?
Posted by : Anonymous
2019-01-02 23:39:44
Home Loan

Latest Answer

A. Usually home loans are provided by Banks to buy or construct a flat or house. The loan money can be used to even buy an old house as well. Recently some of the banks have started giving loans to repair and renovate the old houses. It depends on the individual banks policies and products. You can get in touch with the banks and find out if they are giving such loans or not. Some banks like HDFC, ICICI, DHFL etc. do provide loans to renovate the house.
Posted by : MyEazyLoan
2019-01-03 14:25:49
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