Tough to get a Credit from Bank’s
Banks are getting stricter towards giving any kind of credit to the customer whether this is through a credit card or any type of unsecured loan. In last two months there is a huge fall in the rate of interest of Personal loan & Home loan. But the falled rates are not enough to satisfy the need of the customer. The rates have fallen but the criteria to avail the loan have increased. With the entry of the Cibil Score (or cibil check), the process to getting a loan or a credit card have changed.
Before whenever a customer applies for a loan or a credit card with few documents & on simple verification the Bank issue the credit card or loan to the customer. But with the entry of the Cibil check the formalities have changed. Every Bank send the customer’s file for Cibil check & if the customer cibil is not okay or have a bad payment history the Bank doesn’t provide any kind of credit to him.
So in the coming years Banks will follow the Cibil process, so if you are not paying your emi on time or any kind of default you have done in your credit card then to get the things on Credit will be difficult for you.