General Union Budget 2014-15

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 Main Features of Income Tax rates of FY 2012-13 (Part -2)

 Main Features of Income Tax rates of FY 2012-13 (Part -3)

 Main Features of Income Tax rates of FY 2012-13 (Part -4)

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 What is CIBIL  

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What is CIBIL ?

CIBIL is acronym of Credit Information Bureau (India) Limited). CIBIL is formed in association with DUN & BRADSTREET and TRANSUNION. Cibil provides the credit report of any person or firm / company. On analysis of any CIBIL report we can judge the credit worthiness of the customer (individual or company). In a CIBIL report there are a number of entries about each credit taken by customer (individual or company) from different financial institute or bank. Credit Information Bureau (India) Ltd; CIBIL is India's first Credit Information Company, also commonly referred as a Credit Bureau. CIBIL gather and maintain records of individuals' and non-individuals' (commercial entities) payments pertaining to loans and credit cards. These records are provided to CIBIL by member banks and other lenders on a monthly basis. A Credit Bureau is licensed by the RBI and governed by the Credit Information Companies (Regulation) Act of 2005. CIBIL is mow trying to collect data from Telecommunication companies also, but this is under process.

There are generally two type of CIBIL reports -1) Consumer Credit Information report 2) Corporate Credit Information report.

1) Consumer Credit Information report: - Consumer report is searched for individual person. In this report detail entry of each credit availed by a person from different banks or financial institutes is given. Current status of position i.e. standard/default/willful default, amount of loan taken and balance position can be viewed in this report. This report also gives summery of different enquiries made by a person at different banks or financial institutes.

2) Corporate Credit Information report: - Corporate report is searched for companies either proprietorship or partnership. This report shows the different type of credits availed by a company/firm from different banks or financial institutes. Also different type of guarantees given by a company to other company is also displayed in the report.

Any person or company can get his/her credit report by just paying a fee to CIBIL. The report will be delivered to his/her address. The report is confidential report. CIBIL never discloses your report to third party. Now days almost all banks or financial institutes are member of CIBIL. They provide credit data to CIBIL, on the basis of which all banks or a financial institute generates the CIBIL report of their existing customers & new customers. On the basis of CIBIL report they give new loans. If the CIBIL report of any person is doubtful i.e. his report shows that he is defaulter of any bank or any kind of written off/willful default status shown in his report then there may be chances that banks may refuse to give loan.

On the basis of your CIBIL score your loan is processed at banks. There are some common rules by which you can make your CIBIL score better & CIBIL history impressive.

  •  Maintain a healthy mix of credit
    It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.

  •  Always pay your dues on time
    Late payments are viewed negatively by lenders

  •  Monitor your co-signed, guaranteed and joint accounts monthly
    In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder's (or the guaranteed individual) negligence could affect your ability to access credit when you need it

  •   Keep your balances low
    Always prudent to not use too much credit, control your utilization

  •   Apply for new credit when you really required
    You don't want to seem Credit greedy; apply for new credit cautiously

  •   Review you credit history frequently throughout the year
    Purchase your CIR from CIBIL time to time to avoid unpleasant surprises in the form of a rejected loan application
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    @ All the Income tax slabs details are collected from different information sources. There may be some difference in actual Tax calculation.



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