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A personal loan is the money lent to an individual from a bank or NBFC for a short-term at pre-determined interest rates. The money can be used to fulfill any immediate or critical needs of an individual.
Different Banks and NBFC have different timelines for approval for different loans, so it depends entirely on the bank you are applying to. Typically, the customer can expect to get his loan approved within 24-72 hours of loan application submission
All our services rendered to our customers are free of cost meaning Rupeeq will not charge any commission or processing fee from its customers at any stage of the process. Be wary of unknown callers who may use our name and ask you to pay certain fees for your case or loan application.
Surely you can. Once you have logged your personal loan application with Rupeeq, you will be issued a unique ID. This ID can be used to track your application. We notify the progress of loan applications to customers, through SMS alerts on their registered mobile number.
The product has been designed to service the salaried & self-employed individuals.
Yes, the banks & lending institutions charge processing fee which ranges from 1% to 3% of the total loan amount. You can negotiate with the bank and can expect to get a certain level of waiver on the processing charges if you have a strong portfolio & relationship with the institution is good.
Different Banks and NBFC have different disbursal guidelines and timelines. Disbursal of loan post sanction can maximum take upto 7 days from the date of sanction.
No, not at all, Rupeeq is an official partner of CRIF which is why your credit score will not get affected after you check it on Rupeeq
In India, there are different credit bureaus which have their own set of credit score calculating algorithms. But normally if your credit score is above 750, it is considered that you will be eligible for majority of credit products.
A credit card is a plastic card that allows you to make purchases on credit. You can pay the full balance each month or carry a balance and pay interest.
Consider factors like annual fees, interest rates, rewards programs, and your spending habits.
Credit cards offer convenience, rewards, and the ability to build credit history.
Pay your balance in full each month, avoid carrying high balances, and create a budget to manage your spending.
There are various types of credit cards, including cash back cards, travel rewards cards, balance transfer cards, and store cards.
Yes, most credit cards can be used for online transactions. Be sure to follow security best practices to protect your card information.
Annual fees are charges assessed by some credit card companies on an annual basis.
A balance transfer fee is charged when you transfer a balance from another credit card to your new card.
A cash advance fee is charged when you withdraw cash from your credit card.
Contact your credit card issuer immediately to report a lost or stolen card.
Contact your credit card issuer to dispute a charge.
A credit score is a numerical range between 300-900 reported by the CICs for individuals. Your credit score is used by lenders to evaluate your eligibility for a particular loan based on your previous and active loan accounts. The closer you are to 900, the higher your chances for your loan applications to get approved.
Bureau credit reporting is based on data submitted by lenders to the CICs. Submission time for this data varies across the industry; hence, It may take up to three months for your latest loan activity to be reflected in your bureau report.
For any inaccuracies in your credit report, you can reach out to Crif Highmark by writing to them at crifcare@crifhighmark.com
Your credit score can be improved by ensuring consistent and responsible behaviour towards your active loan accounts. This can be achieved by: • Ensuring on-time payments • Optimising your new credit application • Maintaining a healthy account mix • Efficiently using your credit cards
Credit Utilisation
Credit utilisation is the percentage of the credit balance utilised across your credit account and your total credit limit across all your accounts.
20% to 30% of the limit is considered the safest credit utilisation every month. The utilisation is not specific to a single account, and over 30% reported on a single account does not push the customer into an increased risk quadrant.
Something most consumers don’t know is that credit card issuers only report balances to the credit bureaus once a month. So if you normally pay your balance off in full, but your credit card issuer submits the data before the end of the billing cycle, it could appear as though you always have a large balance on your card. Avoid this by making multiple payments throughout the billing cycle.
A grace period allows the user to pay the credit card bill without having to pay any additional interest. In general, it is not recommended to wait until the end of the grace period.
NO. Income or job change does not affect credit utilisation. Based on the credit utilisation & payment history, the credit limit is raised which can support higher credit utilisation.
Payment History
The Payment history is the account of several timely payments made in each account of credit availed by the user in the last 36 months.
If the user is unable to pay the outstanding amount, it is better to clear the possible outstanding amount to ensure the low outstanding balance is reported.
Payment history can be improved by i. Paying Bills on time ii. Clearing the outstanding amount regularly & leaving no debt balance iii. Keep all the active accounts open & debt free
The negative information can generally stay on your credit report for up to seven years & it could take years for the bureaus to remove them from your credit reports.
Accounts
Accounts comprise various credit/loans taken by you, including credit cards, Home loans, Personal loans, Car loans, Consumer loans, etc. Credit accounts or credit mix is an important parameter that affects the credit score.
Credit mix is one of the factors that are considered while computing credit scores. Having multiple credit accounts may give a clearer picture of your credit history & ability to repay. Although a diversified credit mix may show your repayment capability, a lesser diversified credit mix does not necessarily affect scores. Credit mix makes up roughly 10% of your credit score.
Although a diversified credit mix may show your repayment capability, opening new accounts to increase your credit mix would decrease the average age of your credit history, which may, in turn, cause your credit score to drop.
Credit Enquiries
A credit inquiry is a request by an institution for credit report information from a credit bureau. Credit inquiries can be from all types of entities for various reasons. These are generally of two types: - Hard enquiry & Soft enquiry.
These inquiries are also popularly known as ‘soft pulls’. When you check your own credit score/report, then it is considered a Soft enquiry. Unlike Hard enquiries, soft enquiries don’t affect your credit scores.
An enquiry made by a financial institution to whom you have permitted to check your credit score for availing loan, credit card or any other credit product will be considered a Hard enquiry.
Yes, Hard enquiry affects your credit score, but these enquiries are not something you should stress about. It can happen due to various reasons, and it's not always a bad thing. It's okay if your credit score goes down temporarily, you can always improve your score in a few months by using your credit products responsibly.
Below are a few ways you can avoid/minimise hard enquiries:- • Avoid applying for too many credit cards within a short span of time. A gap of six months can be considered between applying for two credit cards • Understand your need for a credit card & apply for the cards that meet your need/requirements. • Make sure you are eligible for a credit card by checking your credit score beforehand.
Credit History
Credit History is a record of how a person manages debt, such as credit cards and loans. Credit History helps Credit Bureaus track activity against each account. It forms the majority part of the credit report. Credit History includes no. of accounts, type of accounts, payment history and balance on respective accounts. A customer can have good, bad or no Credit History.
The age of credit history is calculated as the age of your longest active credit/loan account.A longer credit history gives you a track record of responsible credit behaviour. A longer track record of on-time payments is viewed positively by lenders and improves your credit score.
Credit history aids lenders with information that helps in extending credit. It is imperative that consumers know that credit history forms a large part of their credit score. Potential lenders look at the payment history on the credit report. Late payments, defaults, and bankruptcy are flagged by potential lenders. Credit history may affect interest rates. Lenders offer their best interest rates on mortgages, car loans, and credit cards to those with the best credit ratings. Credit history is important to consumers who want credit.
A good credit history points to a responsible consumer who makes timely payments. As a result, the consumer can easily avail of credit, quicker processing of loans, credit cards, and sometimes reduced interest rates. To attain and maintain a good credit history, consumers must responsibly pay their bills, i.e., without default. Furthermore, it enhances the credit score.
A bad credit history points to a negative credit record and portrays the consumer as less trustworthy. Increasing debt, delay in payments, and defaults from the consumer side creates a negative impression on the lender. Other activities that might lead to such history include bankruptcy and frequent applications for credit cards in a brief period.
Not every single individual has a credit report. If a person has never availed of any credit, like no credit account, never owned a credit card, never took a loan, or engaged in similar activities, there may be no credit information about that customer. It might also indicate the unavailability of a credit score. A consumer may obtain a loan despite having no credit, but lenders will have stringent checks if the credit record is blank, which is more likely to get rejected.