[straight6]

I have a salary account with Axis bank and they denied me a personal loan. Maybe because that account is not that old. I have it since November '08.

[amtak]

Originally Posted by straight6

I have a salary account with Axis bank and they denied me a personal loan. Maybe because that account is not that old. I have it since November '08.

No Kunal, the chances are because we live in Mira Road. Your area, Shanti Nagar, Naya Nagar some sections of Srushti are negative area

[straight6]

Originally Posted by amtak

No Kunal, the chances are because we live in Mira Road. Your area, Shanti Nagar, Naya Nagar some sections of Srushti are negative area

Its Naya Nagar that is blacklisted. I have got loans before and my area is Gaurav Galaxy which cannot be compared to that place.

[amtak]

Originally Posted by straight6

Its Naya Nagar that is blacklisted. I have got loans before and my area is Gaurav Galaxy which cannot be compared to that place.

Naya Nagar is totally black listed. Other parts are black listed in bits and peieces which are hard to pin point. I have to specifically tell the banker that I am atleast 3-4 Kms away from Shanti Nagar (almost all sectors), Sheetal Nagar, Shanti Dham and more towards Dahisar before he even sees my application. The response from DSA's is also not very encouraging.

PS: Even I had loans earlier from HSBC/HDFC but the going is becoming increseasingly tough as the market is crashing.

[nkapoor777]

Originally Posted by NetfreakBombay

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).

How do I get my score? I will be looking for a car loan shortly (dependson Fiat launching the Punto) and I want to look out for a cheaper interest rate by arming myself with my credit score.

I am pretty sure it will be pretty decent since I have had clean credit card records, no late payments, no loans outstanding, etc in my entire financial history. Do you think I can negotiate a better rate if I can prove my creditworthiness?

[amtak]

Originally Posted by nkapoor777

Do you think I can negotiate a better rate if I can prove my creditworthiness?

There would be factors which would be beyond your control:

1. Which company you are working for? Is its listed in the records of the bank or not. If yes, which catagory.
2. The place where you live. Negative/ Good area
3. Are you a guaranteer to someone who has taken a loan and his/her payment history.

I think I have covered some point that the bank might consider. Am I correct in my obervation?

PS: I would recommend going to a nationalized bank rather than Private banks. Atleast you command respect in these banks rather than private banks who treat you like b***S***

[bblost]

I forgot to mention.
SBI Cards is offering a Loan.

From the sbicard website when I log in.

Get a pre-approved Encash of upto Rs ****** over your SBI Card limit at a nominal interest of 9 % p.a.


No Paperwork. No Documentation.
No Guarantors.


Simply go ahead and Book your Encash now!!

* One time processing fee at 2% of the Encash value, subject to a minimum of Rs 499/- and maximum of Rs 1,500/- will be charged.

[NetfreakBombay]

Originally Posted by nkapoor777

How do I get my score?

If you have your salary account that is few years old, chances are your relationship manager would tell you your score or "control number".

Control number is ID for your report. With that you can get it from CIBIL.

Originally Posted by nkapoor777

Do you think I can negotiate a better rate if I can prove my creditworthiness?

Probably. Along with your credit score, banks would also use their internal rating system. So factors like Company you work for, marital status, pin code also matter to certain extent.

Again, these factors do not matter much in case of salary accounts.

Originally Posted by amtak

PS: I would recommend going to a nationalized bank rather than Private banks.

Highly recommended.

Even if you choose to not get loan from govt banks, do go and talk to them.Their rates are more transparent. That would give you a baseline for further negotiation.