The self-monitoring of credit scores by Indians has increased by 73% in 2023, leading to improved credit profiles, greater awareness of credit monitoring, and access to better credit offers. It also helps in managing debt and protecting against fraud.
A personal loan is an unsecured loan that relies on creditworthiness and ability to repay. Credit score is a key factor used by financial institutions to determine loan eligibility. A CIBIL credit score of 750 or higher is considered healthy.
India Business News: Retail credit growth slowed in FY24 Q2, attributed to reduced home loan disbursements, particularly in the sub-Rs 35 lakh category. Delinquencies incr
The volume of low value home loans, with value less than Rs. 35 lakhs, are 76% of the originations have dropped by 4%, impacting the overall home loan growth. Overall, home loans have shown a 9% growth in value in Q2 of this fiscal.
At present, each lender has its own format, which leads to data variation, an issue flagged by the banking regulator, leading to a rise in cases of customers facing denial of loan or reduction in credit limit. "We are working on a common format," said a bank executive familiar with the development.