Good credit history paves way for easy loan, says CIBIL official

RANCHI: A good credit history and Credit Information Bureau of India Limited (CIBIL) score can bring in good luck to the prospective entrepreneurs looking for bank loans under the Prime Minister’s Mudra Bank Yojana, said CIBIL chief operating officer Harshala Chandorkar.

She told media persons on Thursday that credit record was a touchstone for individuals, industries, societies and self-help groups seeking loans from commercial banks and for prospective buyers using credit cards.

“The credit score ranges from 300 to 900, and anything beyond 450 this, is considered healthy,” she said, adding 79% cent of applicants who had 450 to 750plus score got loans.

She said, “Timely payment of EMI helps improve credit history. One should go to the banks if the accrued sum is really scaring.”

She said multiple credit cards and co-signed credits should be avoided and periodic review of credit history – at least once a year or before applying for loans – should be done.

Applicants can seek it from CBIL online or through writing by making one-time payment of ` 500.

Chandorkar said even utility firms like telecom companies turn up to Credit Information Bureau of India Limited for credit records before offering post-paid services.

She appreciated the growth i n credit market and said the home and car loans were increasing steadily from 2007 and the retail market which registered a boom shows positive signs from 20011.