[NetfreakBombay]

Originally Posted by amtak

Second reason could be the company i work for is relatively unknown and in Financial research domain

In such cases, usually it helps if company is willing to deduct EMI from your salary and give it to bank directly.

Bank that has accounts for company would be most helpful there.

[amtak]

Originally Posted by NetfreakBombay

In such cases, usually it helps if company is willing to deduct EMI from your salary and give it to bank directly.

Bank that has accounts for company would be most helpful there.

Let me try doing that. Btw, are you working for any bank?

[NetfreakBombay]

Originally Posted by amtak

are you working for any bank?

I am a software developer. Worked on Financial Systems in past.

[tabrez02]

I think there is no issue getting the loans, recently HDFC was forcing me to take a loan which i had enquired a month back.

[amtak]

Originally Posted by tabrez02

I think there is no issue getting the loans, recently HDFC was forcing me to take a loan which i had enquired a month back.

Its the location also that matters where you live in.

Originally Posted by NetfreakBombay

I am a software developer. Worked on Financial Systems in past.

Aha! Finnacle??

[nishantgandhi]

IMHO, credit cards are not necessarily evil or 'wallet fleecing' products, as they are sometimes perceived to be. I hold 2 cards with decent credit lines, but I have never maxed out my limits (except of course my marriage, but then I had cash to pay the CC bill).

I use CC more as a 'convenient alternative' to carrying huge amounts of cash in my wallet (which is risky). I always pay the full due amount, much before the due date. I have made it a point never to spend more than I could afford. Hence I also prescribe to the same school of thought - save and then only spend.

I agree with NetFreakBombay - Debit cards are much more riskier than CC when it comes to dispute and fraud cases. Having suffered once in the past, I have stopped using debit cards in hotels or online shopping.

With a CC, it is easier to raise a dispute, fight your war and in most cases, win it too. Heck, if need be, just cancel the card and apply for a new one with another bank.

On another note, I faced a rejection for car loan from HDFC because I did not mention my education loan in the application. Although the EMIs are being paid in time always and the loan is almost clear now, HDFC said that hiding the fact from them is against CIBIL norms and hence they rejected.

Its another story that Kotak approved the loan without bothering to check details.

[Edsel Rulez!]

Originally Posted by NetfreakBombay

IMHO you should stop using debit cards for anything other then as a ATM card. Get a credit card for transactions (online or otherwise).

I never use my debit cards for transactions at merchant establishments; I use them only to withdraw money from the ATM. In fact, I had requested my bank to issue me a simple ATM card without the debit facility, but I was told that's not possible. But I recall reading somewhere that it's possible to get a pure ATM card. Maybe it's a ploy to justify an annual fee.

I did own a credit card a decade ago, but some instances when I was billed twice for the same transaction made me cancel it. I don't miss it either, but I agree there's a case to made in favour of credit cards when it comes to online booking of train/plane tickets.

[vikrut]

ditto, a while back i had all these phone calls with pre approved loans with no paperwork , now that im looking for such a loan , all seems bleak , being selfemployed paperwork is quite a hassle particularly for someone like me as Im perennially on the move.

[amtak]

Loan approved finally! Got my CIBIL score as well. I asked the banker lady to give me the reference number so that I can go to cibil and apply for my Score information. She tells me, no need - This is your score!

PS: It is very good as per her!

Edit: It took me a whole 25 days to get it approved (as per my requirement)

[NetfreakBombay]

Originally Posted by amtak

Loan approved finally! Got my CIBIL score as well. I asked the banker lady to give me the reference number so that I can go to cibil and apply for my Score information.

Cool thing.

However, if you want you can get actual report that has ALL details like

1. How many card you have
2. How many EMIs you are running right now and in last 7 years
3. Late payments
4. Court cases
5. Timely payments

and so on. Forthat you need reference number.

And if my experience with this system is anything to go by. DO expect few things to be wrong in this report. And CIBIL will correct those if you ask them to (will take 2 cycles, I.e. 4 months for change to appear).

[amtak]

Just thought of bringing this thread back to life.

How is the loan scene in the market now? 6 months have passed, and are the banks readliy approving loans or still saying they have stopped issuing loans?

Also, when was the last time you received a cal - Credit card, Saar?

[bblost]

HDFC is offering personal loans. For my company the rate is 14% with 2% processing fees.

ICICI is offering personal loans at 16% with 2% processing fees. But only if you have a salary account with them.

[amtak]

Originally Posted by bblost

HDFC is offering personal loans. For my company the rate is 14% with 2% processing fees.

ICICI is offering personal loans at 16% with 2% processing fees. But only if you have a salary account with them.

That is good news. Are they approving it as well?

Originally Posted by amtak

Just thought of bringing this thread back to life.

How is the loan scene in the market now? 6 months have passed, and are the banks readliy approving loans or still saying they have stopped issuing loans?

Also, when was the last time you received a cal - Credit card, Saar?

OT: Mods, I tried to edit my original post and to inculcate the post of BBlost. However, It seems I am about to make a new post! How do I avoid that?

[bblost]

Originally Posted by amtak

That is good news. Are they approving it as well?

YES.

It took me a total of 7 working days for the money to get credited in my account from hdfc.

I did not like the attitude of ICICI.
In 2006, I had taken a loan from ICICI and it took less than 24 hours.
This time around neither would they reduce the interest nor show any interest in lending the money. I told them to take a hike.

HDFC was a decent experience but nothing beats Standard Chartered. In 2003 I bought my bike after taking a personal loan from them. They no longer offer loans but that entire experience was very good. They took a lot of time to give me the money but kept me updated at every step.
The issue was with me being just 4 months in the current job, 2 months in current residence but they worked it out really well.

[amtak]

Originally Posted by bblost

I did not like the attitude of ICICI.

Thats is correct. Apparently, I live in a area which has been demarked as negative by most banks and the credit for this goes to ICICI. First they issued so many credit cards without verifying anyone's history and then when they vanished, the good people are now suffering getting a loan/CC from Banks. I have an pre-approved loan from ICICI but then they don't give it to me stating I live in Mira Road. Why approve it in first place then? Also, I feel a persons paying capacity should decide whether he should get a loan or not. Not something silly like where he lives? Recession may have made so many millionaires "slumdogs" but they'll get a loan as they live at Pedder Road