happy independence day breeze/aug 2019 breeze/b… · june 2019 4 shriram city—news letter -...

June 2019

1

Shriram City—News Letter - Breeze- 1st August 2019

AUGUST 2019

Nature is something outside our body, but the mind is within us. —Bhumibol Adulyadej

On 2nd

September

2019

Happy Independence Day!

India proudly soars high today...

free and independent...

May the joys of freedom

embrace you always.

https://www.brainyquote.com/quotes/bhumibol_adulyadej_322579

https://www.brainyquote.com/authors/bhumibol_adulyadej

June 2019

2


AUGUST 2019

Breeze Committee members greets all its readers and their family members on the occasion of

Independence Day, Vinayak Chathurthi, Eid Mubarak & Janmashtami

June 2019

3


AUGUST 2019

This article is very useful while processing of loan applications. It is generally be-lieved that customers with good track record mostly honour their commitments

What is a credit report and what does it contain?

Whenever a person apply for a loan, Banks/NBFCs check the CIBIL Score and Re-port to evaluate their credit history and credit worthiness. If the score is higher, better are the chances of the loan application getting approved and 79% of loans or credit cards are approved for individuals with a CIBIL Score greater than 750. These credit reports are maintained by credit bureaus such as CIBIL (a part of TransUnion), Experian and Equifax Based on the result of the credit check, the lender decides to process the loan ap-plication. Every time a lender conducts a credit check, it is recorded on the appli-cant’s credit report.

What Does Your Credit Report Show?

Credit report contains the following information:

Details of all the credit availed. It shows the start date of the credit, credit amount, credit outstanding, tenure, etc. Details of all the payments made for all the credit balances and if they were made on time.

All the other applications made for loans (including mortgage, credit cards and loans) with lenders. Current and previous address as recorded by lenders. Any written-off debt or settlements made with the banks for non-payment of dues. .

What is the range of good Credit Score? Most lenders consider a credit score between 700 and 749 to be good, but the lower cut-off can be anywhere from 680 to 720.

What does status like 'closed', 'settled' and 'written off' in your credit report mean? If the CIBIL report shows a "settled" or "written off" status, then it may get difficult for the concerned individual to obtain a loan.

June 2019

4


AUGUST 2019

Closed: If there is a date adjacent to the 'Closed' field in the account section, it

means that loan account has been closed by the lender. In other words, it means loan account is paid in full and the bank has reported this account as "Closed" to CIBIL.

Settled: If the person concerned has partly paid the dues and settled a loan or

credit card, then the status will be reflected as "Settled" in the credit report. When an account, is settled, it means that the credit institution is agreeing to accept a pay-off amount that is less than the amount originally owed. Because the lending institu-tion is taking a loss, a status of "settled" may be considered potentially negative and detrimental to the chances of loan approval.

Written Off: When an individual is not able to make payments against the out-

standing loan/credit card amount for more than 180 days, the lender is required to "write-off" the amount in question. The lender then proceeds to report this on your CIBIL Report as "Written off". This is a detrimental status for the approval of the loan or credit card application, as the lender may not want to provide a loan or credit card to someone who has not paid dues on past loans or credit cards.

How to read and interpret your Credit Information Report (CIR)

Loan Approval Process: (Understanding how the Credit Score facilitates the loan application process)

WHAT DO BANKS BROADLY CHECK?

1. CIBIL Score and Report: It is one of the most important factor that affects loan approval. A good credit score and report is a positive indicator of one’s credit health. 2. Employment Status: Apart from a good credit history, lenders also check for steady income and employment status. 3. Account Details: Suit filed or written off cases are carefully examined by lenders. 4. Payment History: Lenders check for any default on payments or amount overdue cases, which might project a negative overview of the overall report.

June 2019

5


AUGUST 2019

5. EMI to Income Ratio: Banks also consider the proportion of the existing loans when compared to the salary at the time of loan application. The chances of loan approval gets reduced if the total EMI’s exceed one’s monthly salary by 50%

Sample of CIBIL Credit Report

Section 2 – Personal Information

The next section of the bill report is personal information section. This section of the CIBIL credit report contains name, date of birth and gender as reported to CIBIL by the member

Section 3 - Contact Information

Your addresses, telephone, mobile numbers and e-mail addresses as reported by lenders appear here

June 2019

6


AUGUST 2019

Section 4 – Employment Information

This section contains information on your occupation and income as reported by the lender for a particular credit account.

The most recently reported information will be displayed here.

Section 5 - Account Information

The most important section of CIR- this section contains the details of loans and credit cards. It contains the names of the lender(s), the type of credit facilities (home loan, auto loan, credit card et cetera), the account numbers whether single or

The address category explains whether the address is a residential address, official address, permanent address or temporary address. Up to 4 and dresses and e-mail addresses are provided here.

http://loancalculators.in/

http://loancalculators.in/ask/#/categories/auto-car-loan

http://loancalculators.in/ask/#/categories/credit-cards

June 2019

7


AUGUST 2019

jointly held, when the account was opened, date of the last payment, loan amount, current balance, amount overdue if any and most importantly, a month on month record of up to 36 months payments made

The next part of the Account Information section is your payment history. It tells the prospective lender about the regularity and promptness with which you discharge your payment obligations.

Section 6 – Enquiry Information

This is the last section of your CIBIL report and provides details regarding your loan application such as the name of the lender, date of the application, the type of loan and its size.

June 2019

8


AUGUST 2019

Enquiries are added to the report when a person apply for a loan or credit card and the lender decides to access the CIR. Details such as the name of the loan provider, size and type of loan are captured in this section. Please note that the date of the enquiry may differ from the actual application date because the lender may access the credit report any day after you have applied for the loan but before approving the loan. Moral of this article: CREDIT HISTORY of an individual has become an important factor in taking credit decisions and the absence of credit record or an unfavourable history can seriously affect the chances of getting a loan in future particularly be-cause of huge uncertainty in assessing the repayment capability of intending borrower if there is no tool such as this in the hands of Banks /NBFCs today. This has become a way of life in the financial services industry in meeting ever increas-ing demand for loans for different purposes from the customers. The importance of good track record of loan repayment and maintaining high score is also applicable for all of us as well.

June 2019

9


AUGUST 2019

Leadership qualities

“A leader is one who knows the way, goes the way, and shows the

way.”– John C. Maxwell

“It is better to lead from behind and to put others in front, especially

when you celebrate victory when nice things occur. You take the front

line when there is danger. Then people will appreciate your

leadership.”-Nelson Mandela

“Management is doing things right; leadership is doing the right things.”-

Peter Drucker

“People ask the difference between a leader and a boss. The leader

leads, and the boss drives.”-Theodore Roosevelt

These thirteen leadership qualities that every good leader should strive for, are;

Honesty

Delegate

Communication

Confidence

Commitment

Positive attitude

Creativity

Inspire

Empathy

Accountability

Enthusiastic

Focus and drive

Responsible

These qualities are the foundation of a good leadership. While some of

these leadership qualities may be more naturally present in the

personality of a leader, it is definitely something you can develop and

strengthen over time.

June 2019

10


AUGUST 2019

DYKS – AUGUST 2019

Rules of DYKS

The details and rules of the Do You Know Series are as follows:

Each issue will contain 3 multiple answer questions

All replies to be sent to [email protected] only.

The mails should be sent from the official mail ID of the employee.

The response mail should be as follows;

The name of the employee from each state and from whom the first

correct response comes will be published in the subsequent issue of

‘Breeze’.

Sl No Required Information Employee Entry/ Answer to Quiz

1 Employee Name

2 Employee Number

3 Designation

4 Email ID

5 Branch code and

name

6 State

7 Answers:1

2

3

Sl

No State Branch Name of Employee

1 Maharashtra Kolhapur (CPU) Mr. Pramod Shivaji Dabade

2 Tamil Nadu Adyar Mr. Kothandaraman. N

3 Gujarat Baroda Ms. Shweta Joshi

4 Uttar Pradesh Lucknow Mr. Ranjeet Shahi

5 Haryana Rewari Ms. Priyanka Gagan

6 Tamil Nadu (H.O) Santhome (BSC) Mr. Senthil Kumar. C

7 Jammu and Kashmir Jammu Mr. Manish Sharma

State wise 1st correct response to quiz in July 2019 Issue

mailto:[email protected]

June 2019

11


AUGUST 2019

Answers to Quiz of July 2019 issue Sl No Question Answer

1 Some of the key responsibilities of

an Internal Audit team are:

D. (a) and (c) above

2 Which, of the following, is not true

about the Loan to Value (LTV) ra-

tio?

C. It can be more than

product value that we are

financing

3 Who is the most important person

for our company?

D. A and C above

DYKS - AUGUST 2019

1. All required documents should be collected from the customer

before disbursement to facilitate which of the following??

A. Ensure completion of customer KYC

B. Ensure adherence to our Credit Policy

C. We have a legal remedy in case of non-payment by the customer in future

D. All of the above.

2. Who can be a Whistle Blower as per the “Whistle Blower and

Vigilance Mechanism Policy”?

A. Directors of our company

B. Employees of SCUF

C. (A) and (B) above.

D. Customers of SCUF

3. FPC means _______________ and which one of the following are

guidelines are stated by FPC?(Refer:www.shriramcity.in)

A. Fair Policy Code. All Customers should be treated consistently & fairly.

B. False Practices Code. All Employees should be treated consistent and

equitable.

C. Fair Practices Code. All Customers shall be treated consistently & fairly,

Employees should offer assistances, encouragement and service in a fair,

equitable and consistent manner, FPC applies to the all categories of

products & services by the company.

D. None of the above

June 2019

12


AUGUST 2019

Communication Address:

Editorial Committee, (News Letter—Breeze)

Shriram City Union Finance

144, Santhome High Road, Chennai—600 004

Phone: 044 43925300

Email: [email protected]

Editorial Committee

Shri K.Subramaniam CO, Mylapore

Smt M.Subhashree BSC, Santhome

Shri N.R. Sivakumar SFPS,Santhome

If you don't like something,

change it. If you can't change it, change your attitude.

-Maya Angelou

happy independence day breeze/aug 2019 breeze/b… · june 2019 4 shriram city—news letter -...

Documents