June 29, 2018

Banking Problems

Due to Digital India mission, every Indian now prefers to make payments with the click of a button as Aadhar Linked Bank Accounts known as Jan Dhan accounts have brought about a Banking Revolution in India. Young India wants to do something constructive but due to the shortage of financial resources, the young people find themselves in a dilemma. Such Young people, without applying any mind, approach the Banks and Lending Companies online for Personal Loans, Car Loans, Home Loans and Business Loans. They do not do any preparatory exercise if they are eligible to get loans or not.

Problems in Getting Loans from Banks:(We are neither Middle-Men nor have any Tie-Up for Bank Loans but Loan Applications – Critically examined by us are Approved by Banks):

We, at New Samadhan Kender, are a Team of Professional Bankers who guide the Loan Seekers to check their eligibility conditions before approaching the Bankers or Lenders, as Sanctioning of Home/Auto Loan/ Personal Loan depends on a variety of factors. Generally, the public applies for such loans and the loans get rejected due to one reason or the other owing to reasons – some of which are given below:

  • Bad CIBIL Scores and Bad CIBIL Report – We provide Long Lasting Online Solutions for your Bad CIBIL Reports and Scores. Once your CIBIL Report is OK, then you will pass the basic eligibility criteria and if you go on applying to Banks for loans without checking your CIBIL Report examined from professional experts like CIBIL Consultants, the loans get rejected resulting into further down gradation of your CIBIL Scores and CIBIL Report.
  • Poor Repaying Capacity: If your CIBIL Scores and CIBIL Report is fine then it does not mean that you are entitled to get an easy loan at your own Terms and Conditions. Gone are the days when the Banks/Lenders could be befooled to get loans even by defaulters and people with no known source of regular income. Now the Banks have access to all your existing loans their EMI’s and current status of each loan account. Banks will ask for your last 3 years ITRs as Income Tax Returns are considered as valid proof of your regular and legalized income as Banks cannot take into account illegally or unreported income which is subject to heavy penalties and even confiscations. We, through our associated platform at New Samadhan Kender, provide services to file IT Returns for the previous years so that Banks can check your repaying capacity on the basis of your Income Tax Returns. On an average bank consider that no one can pay EMI more than 50% of his or her monthly income as per ITR. Say your monthly income is Rs.50000-00 per month then you cannot afford more than Rs.25000 per month as your EMI and if all EMI’s of your existing loans taken together from the Banks, as per data reported in Credit Reports generated from all the four CIBIL, Equifax, Experian and CRIF High Mark Credit Bureaus in India, comes to say Rs.20000, then you are left with further Repaying Capacity of Rs.5000 per month. Bank will work out Eligibility Amount of Loan by applying Reverse Calculations.
  • Personal Loans and Credit Cards: Personal Loans and Credit Card are Unsecured Loans and initially while sanctioning such loans/credit cards the Banks prefer Government and Corporate employees whose salary accounts are maintained by the loan sanctioning banks and no other bank will entertain your Personal Loan or Credit Card application except your own salary paying Bank Branch.
  • While considering Personal Loans and Credit Cards, the lending Bankers also take into account the Educational Qualifications of the Applicant, Age of the applicant, Present Net Worth (Net of Assets and Liabilities), of the applicant, Market Report of the Applicant.
  • For other individuals to get their Personal Loans and Credit Cards they need to have good Personal Score which is different from the Overall Credit Score. First-time borrowers do not have any Personal Score or even CIBIL Score of their own. Such Persons should build up their Personal Score history with Credit Bureaus like CIBIL, Experian, CRIF High Mark by first obtaining secured Credit Cards as Credit Cards help in building not only Personal Scores but also Credit Scores. A word of caution from CIBIL Consultants – As ignorance about the use of Credit Cards and misuse of Credit Cards can significantly lower your Credit Scores – please make use of your Credit Cards judiciously under the guidance of Professional Experts like CIBIL Consultants without sharing any of your Credit Card credentials like Credit Card Number, CVV on the Back, PIN Number, Expiry Date, Date of Birth etc etc. Through Secured Credit Cards like SBI Card Unnati our experts will help you to build your Personal Score History to make you eligible for Personal Loans and Credit Cards for higher values based on your repaying capacities.
  • Home Loans, Business Loans, and Auto Personal Loans: These Loans are secured loans which are sanctioned by the Banks based on Credit Reports and Repaying Capacities. While considering such secured loan the banks also take into account the Cost of the Vehicle and Cost of Project of building House. The applicant has to proa vide margin of 10 to 25 % as his or her personal stake in the Assets. In respect of Auto Loan, the Cost of Insurance per month is also checked with the repaying capacity. In respect of Housing Loans, Banks prefer that the applicant has Land Plot in Municipal Area in addition to the contribution of 10% to 25% margin of the total cost of construction. Banks also ask for approval of map from the local authorities. As the Housing Loans – Term period is long 20 years to 35 years, the banks do not consider the loan for a term period not extending beyond 65 years of age of the applicant and prefer to include earning son or daughter of younger age as co-borrower who will be made liable to pay the loan EMI even after the death of the Principal borrower. Sometimes Banks also taken Mortgage Life Insurance on the life of the borrowers in respect of Home Loans as the Term Period is long. The cost of the premium of such mortgage insurance is also checked by the Banks with regard to total unused EMI repaying capacity as discussed in the previous paragraph.

Other Banking Problems:

Public faces a lot of problems at the hands Public Sector and Private Sector Banks including Finance Companies. Some of the Problems are listed below:

  • Banks charge Penal Interest on Bank Loans without the knowledge of their customers. Immediately when Penal Interest is applied by the Banks, the customers must inquire into the reasons and rectify the things in such a way that No Penal interest is charged by the Bank. If Penal Interest is charged by the Banks, then your CIBIL Credit Report is automatically damaged and it takes a lot of time and effort to wash out bad credit history.
  • Generally, Bank Customers do not get written confirmation from Banks about the Registered Nominations in their Bank accounts and their legal heirs and nominees face an uphill task to get back the money lying with the Banks in the deceased accounts of your nears and dears.
  • Date of Birth is not properly and accurately updated in Bank Accounts which can result in denial of extra interest to Senior Citizens and Minors accounts do not get upgraded to Major accounts on attainment of majority.
  • In case Banks do not enter your PAN Number in Bank accounts then Banks can deduct 20% TDS from Interest on Term Deposits without issuing you any Form 16A to claim it back from the Income Tax Authorities.

We at CIBIL Consultants and New Samadhan Kender make the things easy for our clients who can contact the CIBIL Consultants on their Whats App No.+91-8849950799 and New Samadhan Kender on their Whats App Number +91-9115950012.

To Discuss your Problem in Details, Please Pay a sum of Rs.500-00 through Tatkal Booking and  Rs.500 will be adjusted from total Professional Fees for providing multiple services like CIBIL Consultation, Filing, and Loan Appraisal to be completed by our experts based on inputs provided by you.