Intending to get working capital for your business? Looking forward to get loan for new machinery? Shopping for a car loan or a new home loan?

Don't hurry up yet. You can get a better deal, if you bargain with your lender.

Bargaining in loan?? You might wonder !!!

Yes it is possible in India. You can be charged higher or lower interest rate on that prospective loan if you can carry your credit report along with your identity, residence proofs and bank statements.

Credit reports have been a very recent phenomenon in India. A credit report will typically give complete historical as well as current details of your loans or credit cards from all the lenders, amount of loan, time taken to repay the loans and so on. This information about each and every customer is collected by the credit bureaus from almost all the banks and financial institutions. On the basis of this record, a score between 300-900 (in case of credit information bureau India limited (credit) is given to each customer and this credit score is the powerful tool which can help in bargaining for loans. For corporates, it is a two digit numeric rank ranges from 1-10 reflecting as CMR. The prospective lender may view it positively and give you a loan at less stringent conditions or at slightly lower interest rates. It can work the other way as well. If you have defaulted on your payments in the past, the credit bureaus, even if it doesn't show up as a poor credit report record.

At present, a credit report can be purchased from four credit bureaus - CIBIL, Experian, Equifax and Crif-Highmark.

You might feel that you don't need a loan and so you don't need to spend on that credit report. However, you should still possess your credit report in order to check if your past records are accurate and up to date. A common grouse among the customer is that the loan or credit card account was repaid in full, but the bank didn't update its records and so the credit bureau got the wrong information and messed up the customer's report.

VNA aims to assist every such individual to rectify the report and improve the scores. We at VNA make every effort in transforming our clients from "Credit Hungry" to "Credit Healthy".

Once these issues are resolved, only then the formal proposal is presented by the team of our professionals to respective bankers and/or financial institutions.