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JULY 2019 | Vol.1
Welcome to our First Newsletter!

Your Quest for Finance ends with us and quite literally here!

From the MD's Desk

We present to you our MONTHLY NEWSLETTER. Your monthly round up of updates, news, views and interesting write ups from our in-house editorial team and subject matter experts from the Financial Services space in India and globally.

While addressing a group of young working professionals last week, what stood out was while this generation is competely re- defining the credit/ borrowing landscape of the country in line with their financial goals and lifestyle aspirations, it is imperative that they understad how their profile is being evaluated by the lenders and why it is important to maintain a healthy credit report. The section enclosed includes a high-level view on credit reporting and what actually impacts it.

It is said, "Time is always right to do some savings", We, at KonQuest keep suggesting to our existing customers how Balance Transfers can bring in huge savings – here is a short excerpt outlining this offering of ours.

‘Customer affinity’ is a Quality that makes us stand apart in this marketplace and our brand new customer testimonial says it all!

Hope you enjoy reading this issue... Until next time!

Keshav Gaur

    In this issue

  • All About Credit Rating
  • Balance Transfer
  • Customer Testimonials
All about Credit Rating

Understanding Credit Score and Loan Approvals

When you apply for a loan or credit card, the bank or financial institution will generally take a few days to carefully consider your loan application before accepting or rejecting it. How does it work? They review your creditworthiness as well as assess the loan amount based on factors like your past credit history, current liabilities and repayment capacities. Based on what they find, they will assess the loan amount they can give you. But how do they get the information they need to make a decision? Simple! They go to a Credit Information Company (CIC) or Credit Information Bureau (India) Limited, better known as CIBIL one of India's most reputed CICs.

Your Credit Information Report

Every month Banks and other lenders submit all loan and credit card details to CIBIL (a CIC). Once the information is obtained and your records processed, CIBIL draws up your Credit Information Report (CIR) which outlines your credit payment history across all loan types and credit institutions over a period of time. This report has a score on it which is a three digit figure ranging between 300 and 900. CIBIL studies show that loan providers are more likely to give you a loan if your score is over 720.

How does it affect me?

What Can I Do To Increase My Score?

A good credit history will work wonders in improving your CIBIL score. Here are a few ways in which you can maintain a good credit history.

Pay Dues on Time:
Any late payment you make is viewed negatively by lenders. Ensure all your dues are paid on time.

Maintain Low Balances:
Avoid using too much credit. If you control your credit utilisation, you won't have any heavy debt, and it won't have a negative impact on your score.

A Healthy Mix of Credit:
As mentioned earlier, a good mix of unsecured as well as secured loans is a good way to keep your credit rating up.

Moderation in New Credit Applications:
It is important that you do not appear as somebody who is continuously seeking excessive credit. Think about whether or not it is really necessary before applying for new credit. Exercise caution in your applications.

So remember, It is never too late to check your score and start working towards a positive credit footprint today!

What is one step you will be taking in ensuring a good credit behaviour?
Please note: The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.
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