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No credit rating for retail borrowers: Here's what you can do to cash in

Constantly trying to better your credit score is the only way to get better borrowing capacity

BS Web Team  |  Mumbai 

The standard procedure to obtain a retail loan from banks involves obtaining a credit score, which helps banks decide whether or not to approve a loan proposal. While this score may be very important, it is not the only factor in deciding the interest rate at which you will receive the loan.  In India, the interest rate levied on corporate customers is based on their credit rating. Higher the rating, lower the interest rate is the model that applies in this case.  However, in case of retail borrowers, banks do not lend based on credit rating, but only on the basis of a ...

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No credit rating for retail borrowers: Here's what you can do to cash in

Constantly trying to better your credit score is the only way to get better borrowing capacity

Constantly trying to better your credit score is the only way to get better borrowing capacity The standard procedure to obtain a retail loan from banks involves obtaining a credit score, which helps banks decide whether or not to approve a loan proposal. While this score may be very important, it is not the only factor in deciding the interest rate at which you will receive the loan.  In India, the interest rate levied on corporate customers is based on their credit rating. Higher the rating, lower the interest rate is the model that applies in this case.  However, in case of retail borrowers, banks do not lend based on credit rating, but only on the basis of a ... image
Business Standard
177 22

No credit rating for retail borrowers: Here's what you can do to cash in

Constantly trying to better your credit score is the only way to get better borrowing capacity

The standard procedure to obtain a retail loan from banks involves obtaining a credit score, which helps banks decide whether or not to approve a loan proposal. While this score may be very important, it is not the only factor in deciding the interest rate at which you will receive the loan.  In India, the interest rate levied on corporate customers is based on their credit rating. Higher the rating, lower the interest rate is the model that applies in this case.  However, in case of retail borrowers, banks do not lend based on credit rating, but only on the basis of a ...

image
Business Standard
177 22