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We all know how fitness tests are important in sports. Soccer-lovers keep a track of what comes out of fitness tests of injured players before important matches. After all, an exceptionally good player playing a match and giving his valuable contribution to the team's victory hinges on his fitness. If such a player falters or fails to pass the fitness test, then the possibility of people perceiving a defeat for the team goes up. Picture yourself as this player.
Also read: Be careful of your CIBIL score if you are a loan guarantor
The biggest dream of an average Indian call it 'the game' - nowadays is to own a house. And loans are inevitable. Think of a situation your family has gone out to acquire a house and you are not a part of that 'team' just because you are not fit you are not eligible for a home loan.
Yes. You read it right. Unfortunately it is not an imaginary scenario or a nightmare. Today, when securing a loan, be it personal or home loan is not a big task, being fit in terms of finding out your eligibility and your ability to service the loan after taking care of your and your dependents' needs is a challenging task. So, are you a part of the brigade who pass the loan fitness test? Or you are still among those who are just contemplating.
I keep getting emails from readers, who are caught on the wrong side. Take the recent case of Sumith K, software professional who is employed with a Hyderabad-based multi-national company. He bought a house by making a down payment and then approached the bank for a home loan. He, however, was caught off guard. Considering his fat pay cheque, rejection of his loan application by the bank was a surprise for Sumith. He was told that he is a defaulter in CIBIL records.
There are many such people around, who get such shocks when they are about to borrow an important loan be it a home loan or an education loan for a course overseas as a part of their executive education or a business loan.
While scrutinizing the loan application, banks nowadays check credit score and credit report of the applicant. If the credit score popularly known as CIBIL score is below 750 out of 900, banks avoid giving loan. Worse, if there is a defaulter tag in your credit report. In such a situation applicants are disqualified banks give more weight to the track record of the loan applicant than his repaying capacity.
It all starts, in some cases, even five or ten years back in time, when the individual has not paid a disputed credit card transaction. The banks too put a defaulter tag on that credit card account. In some cases the applicant has not defaulted on a single rupee. Like Sumith, many become victims of identity theft.
Some anti-social elements procure important documents pan card, salary slip, address proof or even photocopies of these documents of innocent individuals and use these documents to get loans and credit cards in their names. Of course, the impostors don't repay the borrowed money. These individuals never come to know about such an act, unless they approach the bank. And by then, it is too late.
Hence, it is important to take loan fitness test at regular interval at least once in a year. Check your CIBIL score, your cash flows what is your income- how much you take home and how much you end up using to repay existing loans how much loan you may get if someone has raised loan in your name... the list may go a bit further.
If you do not know how to do it yourself, seek professional advice. However, ensure that you take your loan fitness test at regular interval. After all, it is all about taking a step in the direction towards fulfilling your dreams.
The author is co-founder and director of www.creditvidya.com
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