Saturday, December 26, 2009
Monday, November 23, 2009
CIBIL- ALL YOU WANTED TO KNOW
CIBIL is an acronym for Credit Information Bureau India Limited. It is India's first credit information bureau, a storage bank of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides information to its Members in the form of credit information reports.
CIBIL was promoted by the State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Transunion International Inc. The promoters SBI and HDFC divested a part of their stake to other shareholders and the revised shareholding stands as follows:
GE Strategic Investments India 2.5%
State Bank of India 10.0%
Bank of Baroda 5.0%
Transunion International Inc. 10.0%
Dun & Bradstreet Information Services India Pvt. Ltd. 10.0%
Bank of India 5.0%
The Hongkong and Shanghai Banking Corporation Ltd 5.0%
Indian Overseas Bank 5.0%
Sundaram Finance 2.5%
Housing Development Finance Corporation Ltd. 10.0%
Punjab National Bank 5.0%
Union Bank 5.0%
Citicorp Finance (India) Ltd 5.0%
ICICI Bank Ltd 10.0%
Central Bank Ltd 5.0%
Standard Chartered Bank 5.0%
CIBIL has an information base on 175 members and database on 127 million companies and individuals which continues to grow at a fast pace. CIBIL shares credit information with its member base on the principle of reciprocity. CIBIL’ s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies.
CIBIL creates value for financial institutions by providing objective information that helps them manage risk and devise appropriate lending strategies, thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of consumers and businesses. With information from CIBIL, credit grantors are empowered to make sound and informed credit decisions.
NEED FOR CIBIL
The need of a credit information system was felt in order to enable informed credit decisions and aid fact based risk management. The idea of a credit information bureau was mooted by the Reserve Bank of India after the South Asian crisis. It was also very much needed to arrest addition of fresh Non Performing Assets in the banking system through a database of credit information on borrowers as a first step in credit risk management. In this regard, the requirement of an adequate mechanism, providing comprehensive and reliable information system on the borrowers through an efficient database system was keenly felt by the Reserve Bank of India/ Government as well as credit institutions. A Working Group chaired by Shri. N. H. Siddiqui with representatives from select public sector banks, IDBI, ICICI, Indian Bank’ s Association and Reserve Bank in 1999 had recommended setting up a CIB under the Companies Act, 1956 with equity participation from commercial banks, FI’ s and NBFC’ s registered with the Reserve Bank. As per the recommendations made by the Working Group, Credit Information Bureau (India) Ltd., CIBIL was set up in January 2001.
CIBIL has two divisions- Consumer Bureau launched in 2004 and Commercial Bureau was launched in 2006.
The fraud repository will help banks access information, which was so far not disclosed to anyone, but the Reserve Bank of India. Before they decide on something they will use the data. It will help reduce frauds and chances of someone vanishing after taking a loan.
Similarly, the mortgage repository will help banks in finding out if someone has used the same papers to get loans from multiple sources.
TO WHOM ALL IS CIBIL APPLICABLE?
CIBIL is applicable to anyone applying for any credit facilities such as Personal loans, Home loans, Business loans, Mortgages, Loan against property, Auto loans, Secured and Unsecured loans, Credit cards, any type of finance or credit facility from banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies etc.
HOW DOES CIBIL FUNCTION?
CIBIL primarily gets information from its Members currently and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive picture of anyone’ s financial track record.
For credit grantors like banks and financial institutions to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.
IS THERE A RISK OF CUSTOMERS CONFIDENTIAL INFORMATION BEING COMPROMISED?
The security of the Members' data is of paramount importance to CIBIL. CIBIL' s security measures are aligned with global ‘best practices’, stringent risk management standards and are subject to regular audits by independent auditors. CIBIL has adopted state-of-the-art technology to provide information security. The important aspects are detailed below:
• Information to databases is accessed only on a strictly ‘Need to Know’ basis. For example, the access to the Data Center is available only to authorized personnel engaged in regular systems and database administration.
• Access control devices, surveillance cameras installed at strategic locations and biometric access system at the Data Center with the highest levels of security.
• Comprehensive perimeter security solution consisting of a Firewall, Intrusion Detection and Vulnerability Assessment System to secure the network infrastructure from external security risk.
• Installation of the following devices to deal with fire hazards:
a. State-of-the-art (VESDA) smoke detection system to provide early warning and isolation of potential fire hazards.
b. FM200 based Fire Suppression System to extinguish fire with minimal damage to the IT systems.
• Anti -Virus software installed on all servers in the Data Center. Security patches and necessary configurations are continuously applied to the Servers and Network appliances.
Another vital area in which security is of the utmost importance is the two-way transmission of information between CIBIL and it' s Members. In this regard, CIBIL uses:
• 128-bit SSL encryption for all Web-based transactions including FTP.
• Cryptographic solutions for all information sent or received through any physical media i.e. CD, DAT and DLT.
WHAT TYPE OFINFORMATION IS NOT INCLUDED IN THE CIR?
The Credit Information Report (CIR) includes the following information:
• Basic borrower information like:
i. Name
ii. Address
In case of individuals:
iii. Identification numbers
iv. Passport ID
v. Voters ID
vi. Date of Birth
In case of non-individuals
vii. D-U-N-S® Number
viii. Registration Number
ix. Legal Constitution
• Records of all the credit facilities availed by the borrower
• Past payment history
• Amount overdue
• Number of inquiries made on that borrower, by different Members
• Suit-filed status.
What type of information is NOT included in the CIR?
The Credit Information Report (CIR) does not contain:
• Income / Revenue details
• Amount(s) deposited with the bank
• Details of borrowers' assets
• Value of asset(s) mortgaged
• Details of investment(s)
WHEN IS A CREDIT FACILITY CLASSIFIED AS “DEFAULT”?
CIBIL does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Past Due and / or Asset Classification as per RBI definition as submitted by Members is reflected in the Credit Information Report (CIR).
HOW CAN ONE ENSURE CIBIL REPORT DOES NOT CONTAIN NEGATIVE INFORMATION?
The best preventive measure is to exercise good money management practices and make repayments on time.
HOW CAN ONE ACCESS INFORMATION ON CIBIL?
Reports can be accessed by Members on the principle of reciprocity i.e. only those Members who have provided all their data to CIBIL are permitted to access Credit Information Report. Members can do so only to take valid credit decisions. Disclosure to any other person or entity is prohibited. A copy of the same can be obtained by obtaining the control number generated by CIBIL which can be obtained from the bank or financial institution where the applicant is trying to obtain credit facilities.
The applicant can write to support@cibil.com, info@cibil.com, anuj@cibil.com referring his control number and access all necessary information pertaining to his records being maintained by CIBIL.
Very soon one can ask the credit bureau for one’s individual score. To begin with, an individual will have to send a request through a mail and then after verifying the person through certain security questions, they will post the score to the address maintained in their records.
HOW CAN ONE RECTIFY ERRORS IN CIBIL?
Contact the credit grantor from whom you have availed the loan and request the necessary changes. The credit grantor will then report the change to CIBIL and subsequently necessary updates will be made by CIBIL in their records.
Source: http://www.cibil.com/faqs.htm
http://en.wikipedia.org/wiki/CIBIL
http://www.business-standard.com/india/news/fraud-repository-will- help-banks/17/54/342156/
http://www.financialexpress.com/news/in-future-we-will-see- differential-rates/395758/
The author is the founder of Eazeeloans.com a loan advisory portal launched in Mumbai for Personal loans, Business loans, Home loans, Loan against property, New and Second sale Cars, Secured and Unsecured Finance. Website: http://www.eazeeloans.com
CIBIL was promoted by the State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Transunion International Inc. The promoters SBI and HDFC divested a part of their stake to other shareholders and the revised shareholding stands as follows:
GE Strategic Investments India 2.5%
State Bank of India 10.0%
Bank of Baroda 5.0%
Transunion International Inc. 10.0%
Dun & Bradstreet Information Services India Pvt. Ltd. 10.0%
Bank of India 5.0%
The Hongkong and Shanghai Banking Corporation Ltd 5.0%
Indian Overseas Bank 5.0%
Sundaram Finance 2.5%
Housing Development Finance Corporation Ltd. 10.0%
Punjab National Bank 5.0%
Union Bank 5.0%
Citicorp Finance (India) Ltd 5.0%
ICICI Bank Ltd 10.0%
Central Bank Ltd 5.0%
Standard Chartered Bank 5.0%
CIBIL has an information base on 175 members and database on 127 million companies and individuals which continues to grow at a fast pace. CIBIL shares credit information with its member base on the principle of reciprocity. CIBIL’ s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies.
CIBIL creates value for financial institutions by providing objective information that helps them manage risk and devise appropriate lending strategies, thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of consumers and businesses. With information from CIBIL, credit grantors are empowered to make sound and informed credit decisions.
NEED FOR CIBIL
The need of a credit information system was felt in order to enable informed credit decisions and aid fact based risk management. The idea of a credit information bureau was mooted by the Reserve Bank of India after the South Asian crisis. It was also very much needed to arrest addition of fresh Non Performing Assets in the banking system through a database of credit information on borrowers as a first step in credit risk management. In this regard, the requirement of an adequate mechanism, providing comprehensive and reliable information system on the borrowers through an efficient database system was keenly felt by the Reserve Bank of India/ Government as well as credit institutions. A Working Group chaired by Shri. N. H. Siddiqui with representatives from select public sector banks, IDBI, ICICI, Indian Bank’ s Association and Reserve Bank in 1999 had recommended setting up a CIB under the Companies Act, 1956 with equity participation from commercial banks, FI’ s and NBFC’ s registered with the Reserve Bank. As per the recommendations made by the Working Group, Credit Information Bureau (India) Ltd., CIBIL was set up in January 2001.
CIBIL has two divisions- Consumer Bureau launched in 2004 and Commercial Bureau was launched in 2006.
The fraud repository will help banks access information, which was so far not disclosed to anyone, but the Reserve Bank of India. Before they decide on something they will use the data. It will help reduce frauds and chances of someone vanishing after taking a loan.
Similarly, the mortgage repository will help banks in finding out if someone has used the same papers to get loans from multiple sources.
TO WHOM ALL IS CIBIL APPLICABLE?
CIBIL is applicable to anyone applying for any credit facilities such as Personal loans, Home loans, Business loans, Mortgages, Loan against property, Auto loans, Secured and Unsecured loans, Credit cards, any type of finance or credit facility from banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies etc.
HOW DOES CIBIL FUNCTION?
CIBIL primarily gets information from its Members currently and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive picture of anyone’ s financial track record.
For credit grantors like banks and financial institutions to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.
IS THERE A RISK OF CUSTOMERS CONFIDENTIAL INFORMATION BEING COMPROMISED?
The security of the Members' data is of paramount importance to CIBIL. CIBIL' s security measures are aligned with global ‘best practices’, stringent risk management standards and are subject to regular audits by independent auditors. CIBIL has adopted state-of-the-art technology to provide information security. The important aspects are detailed below:
• Information to databases is accessed only on a strictly ‘Need to Know’ basis. For example, the access to the Data Center is available only to authorized personnel engaged in regular systems and database administration.
• Access control devices, surveillance cameras installed at strategic locations and biometric access system at the Data Center with the highest levels of security.
• Comprehensive perimeter security solution consisting of a Firewall, Intrusion Detection and Vulnerability Assessment System to secure the network infrastructure from external security risk.
• Installation of the following devices to deal with fire hazards:
a. State-of-the-art (VESDA) smoke detection system to provide early warning and isolation of potential fire hazards.
b. FM200 based Fire Suppression System to extinguish fire with minimal damage to the IT systems.
• Anti -Virus software installed on all servers in the Data Center. Security patches and necessary configurations are continuously applied to the Servers and Network appliances.
Another vital area in which security is of the utmost importance is the two-way transmission of information between CIBIL and it' s Members. In this regard, CIBIL uses:
• 128-bit SSL encryption for all Web-based transactions including FTP.
• Cryptographic solutions for all information sent or received through any physical media i.e. CD, DAT and DLT.
WHAT TYPE OFINFORMATION IS NOT INCLUDED IN THE CIR?
The Credit Information Report (CIR) includes the following information:
• Basic borrower information like:
i. Name
ii. Address
In case of individuals:
iii. Identification numbers
iv. Passport ID
v. Voters ID
vi. Date of Birth
In case of non-individuals
vii. D-U-N-S® Number
viii. Registration Number
ix. Legal Constitution
• Records of all the credit facilities availed by the borrower
• Past payment history
• Amount overdue
• Number of inquiries made on that borrower, by different Members
• Suit-filed status.
What type of information is NOT included in the CIR?
The Credit Information Report (CIR) does not contain:
• Income / Revenue details
• Amount(s) deposited with the bank
• Details of borrowers' assets
• Value of asset(s) mortgaged
• Details of investment(s)
WHEN IS A CREDIT FACILITY CLASSIFIED AS “DEFAULT”?
CIBIL does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Past Due and / or Asset Classification as per RBI definition as submitted by Members is reflected in the Credit Information Report (CIR).
HOW CAN ONE ENSURE CIBIL REPORT DOES NOT CONTAIN NEGATIVE INFORMATION?
The best preventive measure is to exercise good money management practices and make repayments on time.
HOW CAN ONE ACCESS INFORMATION ON CIBIL?
Reports can be accessed by Members on the principle of reciprocity i.e. only those Members who have provided all their data to CIBIL are permitted to access Credit Information Report. Members can do so only to take valid credit decisions. Disclosure to any other person or entity is prohibited. A copy of the same can be obtained by obtaining the control number generated by CIBIL which can be obtained from the bank or financial institution where the applicant is trying to obtain credit facilities.
The applicant can write to support@cibil.com, info@cibil.com, anuj@cibil.com referring his control number and access all necessary information pertaining to his records being maintained by CIBIL.
Very soon one can ask the credit bureau for one’s individual score. To begin with, an individual will have to send a request through a mail and then after verifying the person through certain security questions, they will post the score to the address maintained in their records.
HOW CAN ONE RECTIFY ERRORS IN CIBIL?
Contact the credit grantor from whom you have availed the loan and request the necessary changes. The credit grantor will then report the change to CIBIL and subsequently necessary updates will be made by CIBIL in their records.
Source: http://www.cibil.com/faqs.htm
http://en.wikipedia.org/wiki/CIBIL
http://www.business-standard.com/india/news/fraud-repository-will- help-banks/17/54/342156/
http://www.financialexpress.com/news/in-future-we-will-see- differential-rates/395758/
The author is the founder of Eazeeloans.com a loan advisory portal launched in Mumbai for Personal loans, Business loans, Home loans, Loan against property, New and Second sale Cars, Secured and Unsecured Finance. Website: http://www.eazeeloans.com
Sunday, November 8, 2009
Wednesday, September 9, 2009
Apex Finance & Marketing Launches Eazeeloans.com Loan Advisory Portal in Mumbai
Apex Finance & Marketing founded by Subhrajeet Talukdar in Mumbai in April 2006 has launched Eazeeloans.com a premier loan advisory portal for Personal Loans, Business Loans, Home Loans, Loan against Property, Auto Loan, Secured loan. Unsecured loan.
EazeeLoans.com offers the best loan deals, is managed by well trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.
Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity. The vision of Eazeeloans is to provide the best offer in relation to services such as documentation, rate of interest and loan quantum in a personalized manner tailor made for each customer all available under one roof.
EazeeLoans.com aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service EazeeLoans.com provides speedy loans. A team of dedicated and trained staff takes care of all the documentation and other formalities.
EazeeLoans.com provides one window and tailor-made solutions for your unique loan requirements & needs. Many new features and applications currently under development will soon be added to give visitors a more complete and fulfilling experience.
Further details on product features, eligibility, documentation
'process, rate of interest, loan Tenure, Income criterias, Loan process charges faqs , Privacy Policy, and registration page for Bank's/DSA's available on site.
For Personal Loans, Business loans, Home Loans, Loan against Property, Auto Loan, Mortgage loan, Secured loan, Unsecured loan apply on www.eazeeloans.com
EazeeLoans.com offers the best loan deals, is managed by well trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.
Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity. The vision of Eazeeloans is to provide the best offer in relation to services such as documentation, rate of interest and loan quantum in a personalized manner tailor made for each customer all available under one roof.
EazeeLoans.com aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service EazeeLoans.com provides speedy loans. A team of dedicated and trained staff takes care of all the documentation and other formalities.
EazeeLoans.com provides one window and tailor-made solutions for your unique loan requirements & needs. Many new features and applications currently under development will soon be added to give visitors a more complete and fulfilling experience.
Further details on product features, eligibility, documentation
'process, rate of interest, loan Tenure, Income criterias, Loan process charges faqs , Privacy Policy, and registration page for Bank's/DSA's available on site.
For Personal Loans, Business loans, Home Loans, Loan against Property, Auto Loan, Mortgage loan, Secured loan, Unsecured loan apply on www.eazeeloans.com
Personal Loan-All you wanted to Know.
Personal Loan-All you wanted to know.
Source: www.eazeeloans.com
What are the features of Personal Loan?
The main features are:
It is a Unsecured loan suitable for any purpose Like:
Education
Marriage
Medical purpose
Purchase of Property or Assets
Repay old loans
Investments
Holidays
Gifts....etc.
It is Hassle free loans - No guarantors or security /collateral required.
Loans to salaried & self-employed.
Special offers for Professionals like Doctors, chartered accountants, engineers, architects, company secretaries,MBA's etc.
Loans are available from Rs.50,000/- to Rs.20 lakh.
Repayment options,from 12 to 60 months in easy EMI's.
Loans available against surrogate income of any auto, personal or home loan.
Minimum documentation, & fast approval.
What are the Various types of personal loans available?
Personal loans can be broadly divided into income based and non income based.
Income based loans are given on the basis of income per month/per year for salaried and self employed respectively.
Non income based loans also know as surrogate loans are given based on repayment track records of existing personal loans,car loans,home loans and Credit cards from approved banks.Minimum instalments paid/Months on books required is 9-12 months.
What are the eligibility criterias?
The eligibiliy criterias for salaried and self employed are :
SALARIED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Mininimum age required is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in current company and 3 years overall.
Minimum Net Take Home - Rs.20,000/- per month .
Residence-either Owned,rented or company provided.
Telephone/mobile mandatory at residence.
Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd ,Limited and multinational companies.
SELF EMPLOYED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Mininimum age required is 23/25 years and Maximum 65 years.
Minimum 3 years experience in same business.
Minimum income Rs.2.50 lakh per annum.
Residence/Office -either Owned,rented or company provided.Either residence or Office should be self owned.
Telephone/mobile mandatory at residence and office.
Partnership firms ,Private Ltd.companies and deemed Limited companies are eligible.
HOW IS ELIGIBILITY CALCULATED?
Diffferent banks have different ways of calculating the eligibility.In the case of Salaried, generally most of the banks would calculate eligibility to be 1/1.5 times of annual income.Factors such as existing loan liabilities ,avg bank balance,track record on existing loans loan,companty profile & loan tenure also plays a part in deciding eligibility.
In the case of Self Employed's the eligibility would depend on the turnover, existing track record,net profit, cash credit /overdraft limit enjoyed, line of business,cash flow,bank statement,existing loan liability amongst other things.Generally the loan amount is limited 1.25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turnover less existing liabilities.
WHAT IS THE LOAN TENURE?
Loan Tenure is the period within which the applicant wants to repay the loan .Loans can be repaid from 1 year to 5 years.
The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa.The age of the applicant along with period of service left also influences the loan tenure.
WHAT ARE SERVICE CHARGES?
Service charges,loan processing charges ,bank charges are various ways of describing the fees which the bank charges for processing and disbursing loans.It is deducted directly from the loan amount and is generally restricted to 2% to 3 % of the loan amount.IT is a one time fee.
WHAT ARE THE DOCUMENTS REQUIRED?
SALARIED:
Photograph.
Pan Card Copy.
Current residence Proof.
Salary Slips for 3 months.
Bank statement for 6 months.
Appointment letter and proof of work experience.
Sanction letters of existing/Closed loans.
SELF EMPLOYED:
Photograph.
Pan Card Copy.
Residence and Office address proof(Either residence or
office should be self owned).
IT Returns CA certified copies for 2 years complete set.
Business Continuity/existence proof 3 years old.
Business banking 6 months.
All existing loan sanction letters.
Qualification proof for professionals.
What is the loan Process?
One can apply for a personal loan any time in anticipation of a quick,hassle free and unsecured finance for any purpose.The verification process at residence and office is physically done within 2/3 days on submission of all documents required.
There is a simultaneous credit check done to find out the credit history of the applicant in the bank applied as also other banks.If all the checks are positive the credit officer normally has either a telephonic or physical discussion with the applicant at his office.
Subject to the discussion being positive the applicant has to sign an agreement and also hand over PDC'c(Post Dated Cheques) or authorisation for ECS(Electronic Clearing System).The applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the agreement.The entire Process may take 5/7 working days.
Who can apply for a personal loan?
Salaried Individuals and Selfemployed individuals,Partnership firms,Pvt Ltd and Deemed Ltd companies can apply.
What are the Income Criterias for Salaried?
A Salaried Individual needs to have Minimum NTH(Net Take Home Salary) Of Rs.20000/- pm.
What are the income criterias for self employed?
Mininimum Income of Rs.2.5 to Rs.3 lakh per annum is the accepted norm.
What is the minimum and maximum loan amount?
The minimum loan amount for salaried is Rs.50,000/- and maximum Rs.15 lakhs For Selfemployed the minimum loan is Rs.1 lakh and maximum 20 lakh.
What are the age Criterias?
For salaried the minimum age is 21 years and maximum 60 years.
For Self employed's the Minimum age required is 25 years and maximum 65 years .
Is a no income Proof loan available?
Yes,salaried individuals and self employed's can apply on the basis of existing personal loan, auto loan & home loan tracks on which minimum 9/12 EMI's have been paid .
What is the loan tenure?
The minimum loan tenure is 1 year and maximum 5 years.
Is securities or guarantors required for a personal loan?
No security,hypothecation,guarantors or mortgages is required in a personal Loan.
Can a person staying on rent apply?
Yes,applicants staying either on owned ,rented or company provided accomodation can apply. Permanent residence address proof may be required in case of rented accomodation.
What are the interest charges?
Interest charges depends on various factors like the Loan Amount,Company profile, qualification & Income etc.It could vary from 16 % to 26% on a monthly reducing basis.
Can the loan be prepaid?
Yes,the loan can be prepaid after paying 6 instalments.
Are there any pre-payment charges?
Generally all banks charge 4% to 5% of the principle outstanding as prepayment charges.
Source: www.eazeeloans.com
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Source: www.eazeeloans.com
What are the features of Personal Loan?
The main features are:
It is a Unsecured loan suitable for any purpose Like:
Education
Marriage
Medical purpose
Purchase of Property or Assets
Repay old loans
Investments
Holidays
Gifts....etc.
It is Hassle free loans - No guarantors or security /collateral required.
Loans to salaried & self-employed.
Special offers for Professionals like Doctors, chartered accountants, engineers, architects, company secretaries,MBA's etc.
Loans are available from Rs.50,000/- to Rs.20 lakh.
Repayment options,from 12 to 60 months in easy EMI's.
Loans available against surrogate income of any auto, personal or home loan.
Minimum documentation, & fast approval.
What are the Various types of personal loans available?
Personal loans can be broadly divided into income based and non income based.
Income based loans are given on the basis of income per month/per year for salaried and self employed respectively.
Non income based loans also know as surrogate loans are given based on repayment track records of existing personal loans,car loans,home loans and Credit cards from approved banks.Minimum instalments paid/Months on books required is 9-12 months.
What are the eligibility criterias?
The eligibiliy criterias for salaried and self employed are :
SALARIED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Mininimum age required is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in current company and 3 years overall.
Minimum Net Take Home - Rs.20,000/- per month .
Residence-either Owned,rented or company provided.
Telephone/mobile mandatory at residence.
Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd ,Limited and multinational companies.
SELF EMPLOYED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Mininimum age required is 23/25 years and Maximum 65 years.
Minimum 3 years experience in same business.
Minimum income Rs.2.50 lakh per annum.
Residence/Office -either Owned,rented or company provided.Either residence or Office should be self owned.
Telephone/mobile mandatory at residence and office.
Partnership firms ,Private Ltd.companies and deemed Limited companies are eligible.
HOW IS ELIGIBILITY CALCULATED?
Diffferent banks have different ways of calculating the eligibility.In the case of Salaried, generally most of the banks would calculate eligibility to be 1/1.5 times of annual income.Factors such as existing loan liabilities ,avg bank balance,track record on existing loans loan,companty profile & loan tenure also plays a part in deciding eligibility.
In the case of Self Employed's the eligibility would depend on the turnover, existing track record,net profit, cash credit /overdraft limit enjoyed, line of business,cash flow,bank statement,existing loan liability amongst other things.Generally the loan amount is limited 1.25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turnover less existing liabilities.
WHAT IS THE LOAN TENURE?
Loan Tenure is the period within which the applicant wants to repay the loan .Loans can be repaid from 1 year to 5 years.
The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa.The age of the applicant along with period of service left also influences the loan tenure.
WHAT ARE SERVICE CHARGES?
Service charges,loan processing charges ,bank charges are various ways of describing the fees which the bank charges for processing and disbursing loans.It is deducted directly from the loan amount and is generally restricted to 2% to 3 % of the loan amount.IT is a one time fee.
WHAT ARE THE DOCUMENTS REQUIRED?
SALARIED:
Photograph.
Pan Card Copy.
Current residence Proof.
Salary Slips for 3 months.
Bank statement for 6 months.
Appointment letter and proof of work experience.
Sanction letters of existing/Closed loans.
SELF EMPLOYED:
Photograph.
Pan Card Copy.
Residence and Office address proof(Either residence or
office should be self owned).
IT Returns CA certified copies for 2 years complete set.
Business Continuity/existence proof 3 years old.
Business banking 6 months.
All existing loan sanction letters.
Qualification proof for professionals.
What is the loan Process?
One can apply for a personal loan any time in anticipation of a quick,hassle free and unsecured finance for any purpose.The verification process at residence and office is physically done within 2/3 days on submission of all documents required.
There is a simultaneous credit check done to find out the credit history of the applicant in the bank applied as also other banks.If all the checks are positive the credit officer normally has either a telephonic or physical discussion with the applicant at his office.
Subject to the discussion being positive the applicant has to sign an agreement and also hand over PDC'c(Post Dated Cheques) or authorisation for ECS(Electronic Clearing System).The applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the agreement.The entire Process may take 5/7 working days.
Who can apply for a personal loan?
Salaried Individuals and Selfemployed individuals,Partnership firms,Pvt Ltd and Deemed Ltd companies can apply.
What are the Income Criterias for Salaried?
A Salaried Individual needs to have Minimum NTH(Net Take Home Salary) Of Rs.20000/- pm.
What are the income criterias for self employed?
Mininimum Income of Rs.2.5 to Rs.3 lakh per annum is the accepted norm.
What is the minimum and maximum loan amount?
The minimum loan amount for salaried is Rs.50,000/- and maximum Rs.15 lakhs For Selfemployed the minimum loan is Rs.1 lakh and maximum 20 lakh.
What are the age Criterias?
For salaried the minimum age is 21 years and maximum 60 years.
For Self employed's the Minimum age required is 25 years and maximum 65 years .
Is a no income Proof loan available?
Yes,salaried individuals and self employed's can apply on the basis of existing personal loan, auto loan & home loan tracks on which minimum 9/12 EMI's have been paid .
What is the loan tenure?
The minimum loan tenure is 1 year and maximum 5 years.
Is securities or guarantors required for a personal loan?
No security,hypothecation,guarantors or mortgages is required in a personal Loan.
Can a person staying on rent apply?
Yes,applicants staying either on owned ,rented or company provided accomodation can apply. Permanent residence address proof may be required in case of rented accomodation.
What are the interest charges?
Interest charges depends on various factors like the Loan Amount,Company profile, qualification & Income etc.It could vary from 16 % to 26% on a monthly reducing basis.
Can the loan be prepaid?
Yes,the loan can be prepaid after paying 6 instalments.
Are there any pre-payment charges?
Generally all banks charge 4% to 5% of the principle outstanding as prepayment charges.
Source: www.eazeeloans.com
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The Best Links
Saturday, August 29, 2009
Eazeeloans.com Achieves Milestone of 1000th Customer.
Eazeeloans.com has touched its 1st milestone of 1000 customers applying for loan on its portal in only the 2nd month of its launch pan India.
"The achievement is specially relevant in the current global economic meltdown scenario where most businesess have been affected and layoffs have become the trend.The accomplishment gives credence to the already accepted fact that given the power of choice,simplicity and convenience the consumers would opt for the very best"says Subhrajeet Talukdar the founder."We are already targeting our next milestone of 10,000 loan applications" Unquote.
Eazeeloans.com is a loan advisory portal launched by Apex Finance & Marketing in Mumbai in 2006 that offers the best loan deals for Personal Loans,Home Loans,Property Loans,Auto Loans,Business loans,Mortgages, Secured loans,Unsecured Loans.It is managed by trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.
Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity.The vision of eazeeloans is to provide the best offer in relation to services such as documentation,rate of interest and loan quantum in a personalised manner tailor made for each customer all available under one roof.
Eazeeloans.com aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service Eazeeloans.com provides speedy loans.A team of dedicated and trained staff takes care of all the documentation and other formalities.
Eazeeloans.com provides one window and tailor-made solutions for customers unique loan requirements & needs.Many new features and applications will soon be added to give visitors a more complete and fulfilling experience.
You can give your business the impetus you were looking for....
Get the Eazeeloans advantage.
Register with Eazeeloans.com on a cost per lead basis, and..
*Get authenticated leads of interested customers from preferred location.
*Provide services to the customer from the bank you are affiliated with.
*Retain the customer for life by investing only once.
About the author:
The author Subhrajeet Talukdar founded Apex Finance & Marketing in April 2006 in Mumbai and has launched Eazeeloans.com a loan advisory portal that offers the best loan deals for Personal Loans, Home Loans, Property Loans, Auto Loans, Business loans, Unsecured loans, Unsecured Finance in Mumbai.
They have their offices at :
B 7/8,Sai Prasad CHS,
N C Phadke Marg,
Andheri,
Mumbai-400069.
Maharashtra.India.
E Mail :info@eazeeloans.com
Website :www.eazeeloans.com
Subscribe to updates
"The achievement is specially relevant in the current global economic meltdown scenario where most businesess have been affected and layoffs have become the trend.The accomplishment gives credence to the already accepted fact that given the power of choice,simplicity and convenience the consumers would opt for the very best"says Subhrajeet Talukdar the founder."We are already targeting our next milestone of 10,000 loan applications" Unquote.
Eazeeloans.com is a loan advisory portal launched by Apex Finance & Marketing in Mumbai in 2006 that offers the best loan deals for Personal Loans,Home Loans,Property Loans,Auto Loans,Business loans,Mortgages, Secured loans,Unsecured Loans.It is managed by trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.
Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity.The vision of eazeeloans is to provide the best offer in relation to services such as documentation,rate of interest and loan quantum in a personalised manner tailor made for each customer all available under one roof.
Eazeeloans.com aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service Eazeeloans.com provides speedy loans.A team of dedicated and trained staff takes care of all the documentation and other formalities.
Eazeeloans.com provides one window and tailor-made solutions for customers unique loan requirements & needs.Many new features and applications will soon be added to give visitors a more complete and fulfilling experience.
You can give your business the impetus you were looking for....
Get the Eazeeloans advantage.
Register with Eazeeloans.com on a cost per lead basis, and..
*Get authenticated leads of interested customers from preferred location.
*Provide services to the customer from the bank you are affiliated with.
*Retain the customer for life by investing only once.
About the author:
The author Subhrajeet Talukdar founded Apex Finance & Marketing in April 2006 in Mumbai and has launched Eazeeloans.com a loan advisory portal that offers the best loan deals for Personal Loans, Home Loans, Property Loans, Auto Loans, Business loans, Unsecured loans, Unsecured Finance in Mumbai.
They have their offices at :
B 7/8,Sai Prasad CHS,
N C Phadke Marg,
Andheri,
Mumbai-400069.
Maharashtra.India.
E Mail :info@eazeeloans.com
Website :www.eazeeloans.com
Subscribe to updates
Thursday, May 7, 2009
Have you ever felt the need for a quick and hassle free way of getting a Personal Loans,Business loans,Home Loans,Loan against Property,Auto Loan ,Unsecured loan,Secured loan.
I am sure you would have faced the situation sometimes or the other in your fast paced and stressfull career.
Perhaps you would like to share your experience of going about the task of getting a quick fix solution to your problem.
Most people have gone through a harrowing experience of applying ,providing documents,verification process and more only to find out that there is a vast gap in promises made during initial pitches by various providers and the actual sanction if at all.
There are a myriad of reasons for the same .Not understanding the profile of the customers and the nuances of the products offered by various banks and lending institutions being the foremost.
Is there a simple solution?
Yes, apply on Eazeeloans.com.
Eazeeloans.com is a loan advisory portal for Personal loan,
Home loan,Auto Loan,Loan against property,Business loans in Mumbai.
Eazeeloans.com is managed by a team of experienced professionals
having vast experience and indepth knowledge in the above fields.
At Eazeeloans.com you can get quotes of different banks and Financial
Institutions providing the above facilities.Eazeeloans.com provides a
single window for all your financial needs.
EazeeLoans.com is the ultimate destination for every kind of Consumer finance solution. With support of our Finance Partners and efficient service EazeeLoans.com provides speedy loan to their customers at their door. Our trained staff takes care of all the documentation and other formalities.
Click on Eazeeloans.com for a quick quote from various banks and enjoy
a hassle free and relaxed way of availing the various facilities
provided.
The author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of www.eazeeloans.com a premier loan advisory portal.
Subscribe to updates
I am sure you would have faced the situation sometimes or the other in your fast paced and stressfull career.
Perhaps you would like to share your experience of going about the task of getting a quick fix solution to your problem.
Most people have gone through a harrowing experience of applying ,providing documents,verification process and more only to find out that there is a vast gap in promises made during initial pitches by various providers and the actual sanction if at all.
There are a myriad of reasons for the same .Not understanding the profile of the customers and the nuances of the products offered by various banks and lending institutions being the foremost.
Is there a simple solution?
Yes, apply on Eazeeloans.com.
Eazeeloans.com is a loan advisory portal for Personal loan,
Home loan,Auto Loan,Loan against property,Business loans in Mumbai.
Eazeeloans.com is managed by a team of experienced professionals
having vast experience and indepth knowledge in the above fields.
At Eazeeloans.com you can get quotes of different banks and Financial
Institutions providing the above facilities.Eazeeloans.com provides a
single window for all your financial needs.
EazeeLoans.com is the ultimate destination for every kind of Consumer finance solution. With support of our Finance Partners and efficient service EazeeLoans.com provides speedy loan to their customers at their door. Our trained staff takes care of all the documentation and other formalities.
Click on Eazeeloans.com for a quick quote from various banks and enjoy
a hassle free and relaxed way of availing the various facilities
provided.
The author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of www.eazeeloans.com a premier loan advisory portal.
Subscribe to updates
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