By Chaitali Dutta
I never availed any loan, but a leading bank denied my application stating I have defaulted on several credit cards and agricultural loan. They told me that the borrower’s name is same as mine. However, none of the other details like PAN, address and date of birth are same. How can I rectify it? – Tridip Kalita You could take up the dispute with CIBIL by raising a dispute request or write to the concerned credit institution directly. The onus of providing correct information to CIBIL lies with the credit institutions. l I took a loan from an NBFC in April. I now contacted another NBFC for a consumer durable loan. It said I am not eligible as I do not have enough credit score and it shows ‘No History’. How long will it take to update CIBIL score? —Sanju C The frequency of data submission by credit institutions is 30-45 days. So for CIBIL report to reflect a newly availed loan, it should take 45 days from your first EMI due date. Obtain your latest CIBIL report immediately.
Raise a dispute with lender if data is not reported/ incorrect three months after a loan. For your case, the statement of repayment of existing loan is useful to indicate good track record to avail another loan. l I am taking `21 lakh home loan for 25 years. How much subsidy will I get under PMAY scheme? —Vikesh Kumar Kharva We assume you fall in MIG-II class where annual household income should be `12-18 lakh. Maximum loan amount eligible for subsidy is `12 lakh for 20 years for MIG-II class. Subsidy rate is 3% and maximum subsidy interest amount is `2.30 lakh. After verification of documents from the bank, it takes 3-4 months to get subsidy credit amount in the bank account.
How can I get education loan for my daughter who is going to Australia to do MBA for two years? —Sanjiv Singh First, the course should be a recognised professional/ technical course. Loan would be sanctioned in joint name with you as earning member. For interest paid in the moratorium period, you may avail income tax benefits. Amount of loan is `20 lakh-1.5 crore. Usually, the repayment would start six months from the completion of the course. Ask your bank where you have an existing relationship for this loan. The writer is founder, Azuke Personal Finance Advisory. Send your queries to firstname.lastname@example.org