Having a good credit score or rating can make it easier to apply for a loan. Fortunately, there are a number of ways you can boost your score, like paying your bills on time and lowering your debt-to-credit-ratio. Keep in mind, any late or missed payments can negatively impact your credit rating.
The 4 major Credit Information Companies (CICs) in India are Experian, TransUnion CIBIL Limited, Equifax and CRIF High Mark.
Mistakes (and financial fraud) can happen, so keep an eye on your credit report file to make sure it's up to date. You're entitled to one free report a year from each of the credit bureaus. If you spot a discrepancy, you can raise a dispute, but this can take time to correct.
You can't rely solely on your credit report – it isn't the only thing that a lender will look at when considering your loan application.
Was your loan rejected? The reason may have nothing to do with your credit score. Carefully check the application to make sure everything is completely accurate, and that you meet the eligibility requirements, before submitting it.
Applicants applying for an HSBC Personal Loan must be a resident or citizen of India and at least 21 years old. Non-resident Indian (NRI) customers are not able to take out this type of loan, but can apply for an NRI Home Loan or NRI Loan Against Property (LAP).
Many loan applications in a short period of time can make it seem like you're having trouble managing your money. If you're just looking to see what your equated monthly installments (EMIs) would be when paying back a loan, then you can get an estimate from a calculator.
Try the HSBC home loan repayment calculator