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CIBIL score is India's most accepted credit score given to individuals and businesses that indicates the creditworthiness of a home loan applicant. While granting a home loan, lenders consider an applicant's CIBIL score as one of the most important factors in accessing home loan eligibility. This assures the lenders that a person can repay the mortgage loan given to them. The CIBIL score is calculated based on various factors such as the applicant's loan and repayment history and ranges from 300 to 900. The higher the CIBIL score, the more likely you are to get a home loan.
There is no standard definition of a Low CIBIL score. In most cases, a score below 600 is supposed to be a low score to get a home loan. However, the CIBIL score eligibility may vary from lender to lender. A minimum CIBIL score of 700-750 is desired by banks for sanction of a Home Loan. Various banks may have their own criterion for a minimum score, but at least 700 is required by most of the banks in India. An individual with a CIBIL score of 700-750 and above is considered the least risky for granting a Home Loan.
Here are a few options for getting a home loan with a low CIBIL score and determining your loan eligibility.
Apply to an NBFC for a home loan.
NBFC, short for Non-Banking Financial Company, is a financial institution that approves loans to customers like banks, but unlike other businesses that accept deposits, payroll, money transfers, withdrawals, etc. It does not run.
Include a CIBIL-compliant co-applicant.
It is common to apply for a home loan with a joint applicant to increase your CIBIL score. If your CIBIL score is low and your applicant or guarantor has a CIBIL score above 750, some banks may approve your home loan.
Raising Your CIBIL Score
A low CIBIL score usually is a big no for many lenders to give a Home Loan, and you must try to increase your CIBIL Score. Some effective methods to improve your score include paying off all your debts, raising a credit repair request, regularizing your loan repayments, etc.
CONCLUSION
From the above explanation, you can understand how important a high CIBIL score is for getting a home loan. It's always a good idea to have a good credit score when applying for a mortgage. To take advantage of the best house loan offers, visit the housing finance section of the CNS FinServe website.
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Which one is Better for Home Loan: Bank or NBFC
With the skyrocketing costs of real estates, most Indians find it difficult to afford a home without the help of a home loan. Home loans with low home loan interest rates say below 7% are now available, making it easier to make your dream home a reality
Home loans are given by various banks and non-banking finance companies (NBFCs). There are various points to consider while applying for a home loan, but perhaps the first and most important decision you need to make is whether to apply for a home loan through a bank or NBFC. Below are few details you need to know to make a well-informed decision between your bank and an NBFC to get the best home loan possible for you.
Difference between banks and NBFCs
The main differences between banks and NBFCs are as given below:
1)The bank comes under the RBI Banking Act 1956 while the NBFC is registered under the Companies Act 1956.
2)NBFs cannot accept demand drafts, unlike banks where its allowed
3)Banks maintain CRR (Cash Reserve Ratio) which is a percentage of their funds with Reserve Bank of India, where as NBFCs do not maintain the same
Differences in home loan interest rates
There is a huge difference in mortgage interest rates between banks and NBFCs. Since banks are regulated by the Reserve Bank of India, their interest rates are therefore linked to the RBI repo rate. Banks offer variable interest rates that can be changed according to changes in the RBI repo rate. RBI changes the repayment rates based on various economic factors related to the economy. This means that whenever the RBI changes the repo rate, the equivalent monthly installments (EMI) of the home loan will simultaneously be affected. This could cause banks to change their repo-linked lending rate (RLLR) and hence mortgage interest rates get affected.
However, for NBFCs, the mortgage interest rate is fixed and based on the original lending rate, which is not linked to the RBI. This initial loan rate is calculated by the lender. This means that customers can negotiate lower interest rates and other favourable terms but are not free to negotiate with banks. But only customers who meet the eligibility criteria and have a high credit score can negotiate such terms and have lower Interest rate with NBFC.
Deciding whether to take a bank or NBFC home loan one must consider several other factors such as home loan eligibility criteria, documentation, processing speed, customer service and ease of operation. We recommend that you weigh all these factors before deciding on your home loan.
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Why Do You Need Life Insurance During A Recession?
If there's one thing we know about life, it's that it may be unpredictable. Therefore, one of the greatest ways to safeguard your family in both good and terrible times is with an affordably priced life insurance policy in India. The importance of life insurance increases many folds during a recession.
Due to a decline or cessation of their principal source of income, people in the working class and middle class find it difficult to meet their necessities during a financial crisis.
To survive such financially trying times, one must have some backup, such as having a life insurance policy in India. Because of high life insurance premiums, many people are reluctant to get them.
However, it turns out that the notion of expensive life insurance is false. The prices of certain life insurance policies on the market are actually fairly reasonable. To save some money, it's simple to find the finest bargain in the market on CNS Finserve platform.
Life insurance can assist with debt repayment
A decent life insurance policy can assist your loved ones in paying off your existing obligations in the event that something were to happen to you, whether you are now in debt or are concerned about going into debt in the future.
The earnings from a life insurance policy can help with your debts if you and your spouse used a credit card, for instance, or if you and your parents cosigned a college loan.
Your family can keep their home if you have life insurance
A life insurance policy might assist your family in continuing to make your mortgage or rent payments in the event that you pass away. This is especially crucial if you are the only source of income for your family or if you struggle to make ends meet without multiple sources of income.
Moreover, this kind of life insurance in India is essential during a recession when one or more family members may become unemployed and household income may be lower than usual.
Accidental Death benefit
If you die as a result of an accident, such as a car accident, natural disaster, falling from a height, etc., you may be eligible for an Accidental Death Benefit under your life insurance policy. Because this benefit has more coverage than the natural death benefit, it would give your family even greater financial security.
Conclusion
Life insurance policy in India is no longer a luxury as it has become a necessity. Talk to insurance experts at CNS Finserve who will guide you on choosing the best policy for you and your family.
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Top 5 Personal Loan Lending Companies in India 2022
Whether you are looking to buy a new car or simply pay for your existing one, there are many personal loan companies in India that you can choose from. But choosing the right one can be difficult, especially considering that there are so many options to choose from.
Below, CNS Finserve has listed five of the best personal loan companies in India that you might want to consider.
Bajaj Finserv
Among the top five personal loan lending companies in India, Bajaj Finserv stands out with its wide range of loan offerings. The company offers loans for all types of purposes - be it home renovation or wedding expenses, educational expenses, or medical emergencies.
This company offers unsecured loans, without the need to provide collateral. Besides personal loans, Bajaj Finserv also offers consumer products finance, credit cards, and loans against shares.
HDFC Personal Loan
HDFC is a trustworthy company established in 1994 that provides personal loans in India at very affordable interest rates ranging around 10-21%. Customers can avail of loans from Rs.50,000 to the range upto Rs.4,00,000.
The interest rate is not fixed as it changes from time to time so you need to visit the official website for more information on the loan process, eligibility, documentation, etc.
KreditBee
Founded in 2018, KreditBee is an instant Personal Loan platform that offers personal loans of up to 2 lakhs to salaried and non-salaried individuals. The loan amount is instantly disbursed to the customer and they can use the money for various purposes. This lending company in India has over five million unique loan customers.
ZestMoney
The company uses artificial intelligence and mobile technology to create a lending platform that allows people without a credit history to get loans. Its aim is to make life easier for millions of households in India.
ZestMoney has a wide network of lenders that offers customers affordable credit. These include credit cards and personal loans. ZestMoney uses Artificial Intelligence to analyze a borrower's credibility.
Mahindra Finance
Founded in 1991 as Mahindra Finance is now a wholly-owned subsidiary of Mahindra and Mahindra Ltd. It offers personal loans and mortgage services to small and medium enterprises.
This lending company in India offers personal loans with attractive interest rates and offers easy repayment options. It also offers auto loans. The company has branches in over 7,000 towns and villages.
Conclusion
Besides these 5 top lending companies in India, there are many more. We at CNS Finserve help people in choosing the right lending company matching their requirements. You can consult us for all sorts of loan and insurance products.
#personal loan#personal loans#loan#top lending companies in India#lending company in India#personal loan in India#cnsfinserve
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5 Questions to Ask before you apply for Capital Loan
According to some random report, approximately 29% of enterprises or small businesses fails due to low capital. So if you’re running a business somewhere you definitely need some capital loan to invest in your business in order to make your business more productive, contact CNS Finserve for a capital loan in India.
However, there are a few questions that you will want to ask before you apply for a capital loan.
1. Why do you need a loan?
Capital loans in India can be used for various purposes, such as purchasing a business or investing in a new project. Make sure you know the specific needs your investment will fulfil before applying for a loan. Most financial agencies for capital loan want a specific explanation for your loan requirement.
2. How much money do I need?
Capital loans come in different sizes, so it's essential to understand how much money you need and what your repayment schedule will be. So before apply for a capital loan just make the plans about the money you need.
For example, if you need money for new equipment just find the rates & maintenance costs you need for purchasing machines or equipment. This will help you to figure out how much money you need. This is important because you have to tell this to the financial agencies.
3. What will be the terms & conditions of the loan?
Don’t forget to read the terms and conditions of the capital loan carefully before submitting your loan application. This information will include interest rates, repayment schedules, and other important details. Also if you found any unethical condition just ask the capital loan provider before signing loan applications
4. How do I know if my investment is approved?
Capital loans undergo a thorough due diligence process before being approved. Before you submit your application, be sure to contact your lender to inquire about any additional documentation or requirements that may need to be met.
As sometimes due to incomplete documentation they can reject your loan application so make sure you met the loan criteria.
5. What Are The Interest Rates That I Will Be Paying?
This is another very important question to ask before applying for a capital loan in India as some organization charges high-interest rates so before signing the document make sure that the loan interest is in your budget. The interest rates that you will be paying depend on a number of factors, including the loan amount, the credit score of the borrower, and the term of the loan.
Conclusion
Make use of these tips to get the best capital loan in India. For any assistance in that, contact CNS Finserve.
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Types Of Car Insurance Policies In India
Car insurance is the best way to alleviate financial stress in such instances. Protection is provided for financial losses resulting from any unfortunate events involving your car under all types of car insurance online or offline, subject to the specific terms and conditions of your policy.
Comprehensive Insurance
Comprehensive car insurance is an extensive insurance policy for private cars that offers protection to the vehicle from all kinds of risks, such as accidents and collisions, theft, third party liabilities and natural calamities like flood, landslide etc. The insured also has the option of adding add-on covers to enhance the scope of coverage.
Third Party Insurance
Third-party car insurance is a standard vehicle insurance policy which is mandatory to be taken in India. It covers you up to a maximum of INR 7.5 lakh against third-party liabilities and offers insurance coverage against damages caused by your car to a third party or third property. It also provides coverage in case of the death of a third party.
Standalone Own-Damage Car Insurance Policy
This kind of policy provides coverage for own damages, which has caused loss to the policyholder’s car. It is to be noted that this kind of policy does not offer coverage for third-party car insurance. Standalone own-damage car insurance policy is effective in India from September 2018.
#car insurance#car insurance in India#vehicle insurance#car insurance policy in India#Comprehensive car insurance#car loan#car insurance policy
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How Does NBFC Play A Major Role In Business Funding?
Nonbank Financial Businesses (NBFCs), often known as nonbank financial institutions, are financial firms that offer a variety of banking services without a license (NBFIs).
Companies that are registered under the 2013 Companies Act in India and engaged in a variety of activities, such as loans and advances, the purchase of shares, stocks, bonds, insurance business, hire purchase business, and chit fund business, are considered non-banking financial institutions.
Institutions that have agriculture finance, industrial activities, and other purchases, sales, and construction of goods as their primary business are excluded. CNS Finserve- your finance partner will discuss the role of NBFC in business funding here.
Role Of NBFC in Business Funding
The primary areas of emphasis for NBFCs include loans and advances from small to big businesses. Both in urban and rural locations, NBFCs serve a diverse range of clients. They provide funding for small business ventures, which is crucial for rural communities to develop.
Additionally, NBFC also assists in modest-cost financing for housing developments. All of these support the nation's inclusive progress. By providing funding for infrastructure projects, NBFCs significantly contribute to the economy.
The small business dependence on NBFCs is well acknowledged. The majority of small firms are unable to get loans from conventional banks because of the strict lending conditions. They thus struggle to meet their needs for operating capital. However, things have drastically altered since Non-Banking Financial Corporation’s (NBFCs) started to appear in India.
In recent years, NBFCs and conventional banks have collaborated to provide business loans. They have assisted countless business owners in realizing and fulfilling their ambitions.
Here, business loan in India, such as CNS Finserve plays a big role. CNS assists business owners in getting loans at low-interest rates. A heavier financial burden is produced by increased interest rates, which raise EMIs. NBFCs provide business loans at cheaper interest rates than conventional banks. When company owners take out a loan from an NBFC, it signifies that they are under less pressure. As a business, if you’re struggling with financial crunch, take help from CNS Finserve With their assistance, you can get easy and fast loans.
#business loan in india#business loan#loan#loan for startup#fundraising#apply home loan#apply business loan#home loan calculator#cnsfinserve
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Tips For Faster And Smoother Home Loan Processing
Finding the ideal home and a specific mortgage that covers it is very crucial in life. The home loan that you seek is a life-long commitment, so you must not have any regrets while making such a decision. CNS Finserve- the leading home loan facilitator in India has come up with some tips that will be helpful in the long run.
First, you must try to manage to make a down payment. You should restrict your monthly expenditure and rack up your savings in a planned manner such that your down payment is covered by that.
Keep all your financial documents ready with yourself. While submitting a loan application, you must gather and present a variety of financial documents. The processing time will be sped up if these documents are prepared and organized.
Most significantly, you must have at least the most recent few months' worth of bank statements, tax returns, and pay stubs.
Easy Home Loan Process
Check your credit score right away! People with higher credit scores have seemed to get the best offers on mortgages for homes. A high credit score is a good look for you in front of lenders. It tells them that your financial track record is practically clean.
However, even if your credit score is low, you can get a good home loan in India with assistance from CNS Finserve.
Never presume that just because a lender has checked your credit before approving your application, they won't do so again. Before your loan closes, the lender may run another credit report to determine if anything has changed. Therefore, be sure to keep your credit in good standing during the loan processing period.
It is wise to evaluate and contact various home loan options. Loans that have the same interest rates are not exactly the same. Loan offers differ from each other by various factors. Examples include the points, charges, etc. You need to be aware of all the elements that go into calculating the loan's cost.
To get the best home loan in India, contact CNS Finserve. We give you the flexibility to compare and choose the best.
Only applying for a mortgage does not rid you of your responsibilities. Once your lender communicates with you during the process, you must promptly reply back. The loan closure can be postponed if you take too long to react to the lender. So, make sure to reply back to your lender on time.
Conclusions Make use of the above-mentioned tips for home loan in India. For any assistance, contact CNS Finserve.
#home loan#loan#home loan calculator#home loan rates#home loan benefits#home loan tips#cnsfinserve#cns
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