No pre-payment penalities on Floating rate laon :RBI

RBI has released a notification on dated 07/05/2014 in which all commercial banks has been asked not to charge foreclosure charges/prepayment penalties on all floating rates term loan sans cation to individual with immediate effect. This is applicable only to individual so bank may charge pre payment charge from partnership firm or corporate

This rule is also applicable to loan like car loan ,House loan ,personal loan
RBI has taken this step to safe guard customer intrest which is really appreciable and a historically important

Check CIBIL score before your apply a LOAN

CIBIL Score for Individual

If  you are looking for Home loan,Car loan or new credit card Check your CIBIL TransUnion Score and Credit Information Report first, as this can make your loan processing faster, smoother and simple

The CIBIL TransUnion Score is a 3 digit numeric summary of your credit history which indicates your financial & credit health. The Score is derived from your credit history as detailed in the Credit Information Report [CIR] and ranges from 300 to 900 points. Your credit score tells the lender how likely you are to pay back loan or credit card dues based on your past repayment behavior. The higher your score, the more the chance of your loan application getting approved!

Did you know, 90% of new loans sanctioned are to individuals with a credit score of 700 and higher!

Your CIBIL CIR is provided to you along with your score, because it is the basis on which your credit score is generated. It’s a record of your credit history. i.e past loans or credit cards availed from various loan providers. who are members of CIBIL for more information please go to the Frequently Asked Questions section.

If you want to get your CIBIL score and CIR click here and fill this form and know what is probability of your Loan

CIBIL Company Credit Report (CCR)

A CIBIL Company Credit Report (CCR) can achieve this In today’s day and age, your business needs to be responsive to rapidly evolving market needs. Be it daily working capital, or for any expansion plans, you always need an access to finance.

A CIBIL Company Credit Report (CCR) is a record of your company’s credit history. This report is used by loan providers to make informed lending decisions – quickly and objectively.

Just to make you understand about Loan approval process here is flow chart which will help you to understand better.