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  1. Ravi
  2. Finance, Insurance
  3. Wednesday, June 24 2020
Hello, my CIBIL score is low at 685, actually around 7 to 8 years back there were some delayed credit card payments as i lost job and may times card payments were delayed. although i am making regular card payments for 5 years. Worried how can i take car loan and which bank will approve me. Pl help, payment done through paypal
Admin Accepted Answer
Greetings !!

See you need to understand that a Other checks - like if any other loan coming in name of other family members

> CIBIL Score
> Repayment history of Cards, Loan EMI
> Income Details, Profession details, Average Bank Balance
> If salaried and working in MNC then its a mitigant
> If salary credit in respective bank - like say if your salary credit happening in HDFC or ICICI Bank then recommended to apply for loan in same bank as its a mitigant
> Field Verification reports along with Other checks - like if any other loan coming in name of other family members
> Residence owned, stability, job continuity, Previous year Form 16 etc

so there is not one but many consideration factors
Having said same, CIBIL yes is an important assessment criteria and any kind of delayed payments needs to be answered in witha proper analysis. Like
> How many days past due date were the delayed payments been cleared
> Amount Outstanding
> Was there any settlement or write off
> Other repayments history

Basis fact that you referred of issue which occued in long back of 7 to 8 years back and possibly was for a brief time period due to losing job and fact that you making regular card payments for last 5 years

I suggest to
> Apply for a Partial Loan - say 60% to 65% of ex-showroom price
> Do refer in reason of card payment - generally the issue is consdered a merit if applicant states of a dispute with bank due to some charges or a fraud instead of job loss and fact referred that for last 5 years all payments done on time
> Include your Financial Mitigant history - your Bank Account, Owned residence proof, if rented then permanent residence proof, stability

Am sure it will be considered for a consideration unless
> DPD (days past due) went to extent of 90 days twice or 180 days
> Amount outstanding as proved to be substantial
> Intentional default of card payments

in which loan application can be declined. The only other way would then be to apply for a loan by taking against FD and improve CIBIL score so that it may improve repayment history and make timely repayments for your credit history to be build up for future

Hope should help !!

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