The recovery rate is considered good given that these loans were overdue by around 60 days. "The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong," said a source. Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days. Classification of borrower accounts occurs during the day-end process for the specified date.
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Your credit score can have a major impact on your life as you navigate financial options. As Bellingham native Melissa Bradshaw discovered, a low credit score can hamper life necessities like buying a car. Fortunately, Credit Builder Loans can help make significant improvements to your credit, in as little as one year.