Finance

SIP Cancellation Form

SIP Cancellation Form – How to Cancel a SIP?

SIP Cancellation Form: Many mutual fund companies are offering a Systematic Investment Plan (SIP) to their investors. With the help of this plan, investors can invest a small amount instead of investing a lump sum. Nowadays, most investors prefer to invest through this plan, but they have certain questions or doubts regarding the cancellation of this plan. Certain questions like How do I cancel a SIP? How to discontinue a SIP? How long does the cancellation take? comes to the investor’s mind. Through this article, we will try to clear some of their doubts so that they can invest without having any fears.

How to Cancel a SIP?

SIP or Systematic Investment Plan is considered as a commitment to invest for a specific amount of time under a particular mutual fund scheme. In the case of perpetual SIP, one can invest as long as he/she wishes as they don’t have any end date. But sometimes, people lose their interest in these kinds of investments because of having less money to invest or due to poor performance of SIP, and they want to discontinue their plan as soon as possible.

As SIP is considered a voluntary investment, one has the right to discontinue it whenever the need arises. The mutual fund company didn’t have the right to charge any cancellation fees for discontinuing the SIP midway. The mutual fund company and the bank through which funds are provided for the periodic investment have to be informed about the discontinuation of the SIP.

Different Ways of Cancelling the SIP

  • If a person has invested in SIP through an online platform such as AMC Website, CAMS, Karvy, MFUtility, ETMoney, Coin Zerodha and Groww, then he/she can cancel the plan anytime through the official website of the company.
  • If a person has invested in SIP through a distributor, then he/she has to fill up a SIP Closure Form. This form is issued by the Asset Management Company. One must put the exact date on the form from when he/she wants to discontinue the SIP. After filling it up, submit it to the AMC. It might take approximately 21 days for the cancellation or discontinuation of the SIP.
  • If the person investing through SIP has activated NACH, then he/she only needs to remove the Asset Management Company as a biller from his/her bank. After these actions, no further investment will take place in his/her folio.
  • If a person’s account is considered underfunded or stops payment instructions have been forwarded for more than 2 months, then AMC has all the rights to discontinue the SIP.

Note:

  • A person who has invested in the SIP for a specific period then after the expiry of the period the SIP stops automatically.
  • There is no need of redeeming the money once the SIP is cancelled.
  • Cancellation of SIP attracts no tax because, in this case, one is stopping the investment; thus, taxes are exempted.

How to Cancel a SIP

Pause or Temporary Stop of SIP

If a person is investing in SIP through an online platform, then he/she can easily pause it whenever the need arises. If an investor wants to stop the SIP temporarily, then he/she needs to give a stop payment instruction to the bank or maintain a low balance in the bank account. This will lead to the cheque being dishonoured. One can continue to invest in the same SIP after this period.

When Should You Stop The SIP?

People seem to stop investing in SIP and decide to discontinue it when the stock market falls. But during these times, one should invest more and increase the SIP amount so that he/she can earn some huge profits in the long run. SIP with a long-term horizon mitigates market risk and volatility. But most of the investors get afraid and stop their investment in SIP.

SIP Cancellation Form

A SIP cancellation form is used to collect the details of the investor who wants to discontinue or cancel the SIP. Through this form, the mutual fund company gets to know the date when the investor is planning to stop the SIP. One can download this form from the official website of the mutual fund company. In case the SIP has joint holders, then the form needs to get signed by either one of the holders or by all the holders depending upon the mode of holding. Let’s discuss the way of obtaining SIP cancellation form from two companies:

How to Obtain SIP Cancellation Form From Cams

  • Visit the official website of Cams, i.e., camsonline.com and go click on the Tab “Investors Services”
  • Click on “Service Request Forms”, which you can find on the left-hand side of the webpage.
  • Under the option “Non-Financial Transaction Request”, select  SIP/SWP/STP Cancellation request.
  • Tick the SIP box for placing the cancellation request. You might notice a drop-down list from where you can select mutual funds.
  • A site will appear asking about your details, fill each and every detail correctly without making any mistakes after filling up the details, press next.
  • Fill in the other details and print the form. You need to take this form and present it before the CAMS RTA local office or AMC office and lastly, submit the application. You will receive an acknowledgement receipt on the return of your submission.

How to Obtain SIP Cancellation Form From Karvy

  • Go to the official website of Karvy, i.e., https://www.karvymfs.com/karvy/
  • Click on the option “Mutual Fund Investor Services”.
  • Under the “Downloads”, click on the option “services”. 
  • You have to scroll down in order to reach the “services” section and then click on click on SIP/STP/SWP cancellation request.
  • After completing all the above steps, you will reach a webpage where you will have access to download the SIP cancellation form.
  • After filling up the SIP cancellation form correctly, you need to present it before the Karvy RTA local office or AMC office and then submit it to them. Every time remember to collect the acknowledgement receipt, which will act as proof in the near future if anything goes sideways.
Transfer Actionable Claims

Transfer of Actionable Claim Under Property Act, 1882

Transfer Actionable Claims, 1882: Section 3 of the Transfer of Property Act, 1882, which was amended by the Amending Act II of 1990, defines an actionable claim. It is a mobile intangible asset whose transfer is covered in Chapter VIII of the Act.

What is an Actionable Claim?

Actionable claim means a claim to any debt, other than a debt secured by mortgage of immoveable property or by hypothecation or pledge of moveable property, or to any beneficial interest in moveable property not in the possession, either actual or constructive, of the claimant, which the Civil Courts recognise as affording grounds for relief, whether such debt or beneficial interest be existent, accuring, conditional or contingent.

As a result, a legally actionable claim could be:

  • A claim to an unsecured obligation that is not secured by a mortgage, hypothecation, or pledge of immovable property.
  • Beneficial ownership of moveable property is referred to as a beneficial interest in movable property.

Because debts secured by the mortgage, pledge, or hypothecation do not manifest as claims to property, but rather as the property itself, they are not included in the definition of “actionable claims.”

Except for demands for payment of a sum of money, debt, or price, all claims under a contract are barred. Similarly, a right to sue based solely on the fact that it is non-transferable is not regarded as an actionable claim.

Examples of Actionable Claims

  • Rental arrears
  • In a dissolved partnership, the partner’s interest
  • Annuities under a waqf deed
  • Reimbursement for items sold
  • A claim for unpaid dower by a widow of a mohammadam
  • A rent claim that will be due in the future

Exceptions of Actionable Claims

  • Debts covered by an immovable property mortgage
  • Contract damages
  • Tort damages
  • A claim for mesne profits
  • Company ownership
  • Copyright protection is a claim made by some people

Unsecured Debt

Debt can be defined as an obligation to pay a liquidated sum of money in a few words.

A monetary commitment that is not secured by a mortgage, pledge, or hypothecation is referred to as an unsecured debt. As a result, for a transaction to be classified as unsecured debt, three conditions must be fulfilled:

  • A monetary obligation is a debt that is owed to a third party
  • Inadequate security
  • Confidence in the amount of money owed

Beneficial Interest in Movable Property

If a person has the right to possess the movable property but does not have constructive or actual possession of it, that person is said to have a beneficial interest in it. As a result, the following are the essential elements:

  • The property must be moveable;
  • The property is not in the claimant’s possession, and
  • The claimant has the legal right to own the property in question.

Transfer of Actionable Claims

Transfer of Actionable Claims Definition: The transfer of an actionable claim whether with or without consideration shall be effected only by the execution of an instrument in writing signed by the transferor or his duly authorized agent, shall be complete and effectual upon the execution of such instruments, and thereupon all the rights and remedies of the transferor, whether by way of damages or otherwise, shall vest in the transferee, whether such notice of the transfer as is hereinafter provided be given or not:

Except where the debtor or other person is a party to the transferor has received express notice thereof as hereinafter provided) every dealing with the debtor or other person from or against whom the transferor would, but for such instrument of transfer as aforesaid, have been entitled to recover or enforce such debt or another actionable claim shall (save where the debtor or other person is a party to the transfer or has received express notice thereof as hereinafter provided)

  • Section 130: The transfer of actionable claims, with or without consideration, is effected by written document, according to Section 130 of the Transfer of Property Act. The transferor or his representative must sign the instrument. The transfer of a claim occurs only once the instrument has been signed and executed.
  • Section 131: The transferor or his agent must sign every notification of the transferable claim, according to Section 131 of the TP Act.
  • Section 132: The act’s section 132 addresses the liability of a transferee of an actionable claim.
  • Section 133: The transferee is not obligated to furnish any warranty as to the debtor’s solvency under Section 133.
  • Section 134: If a transfer of an actionable claim is made by means of mortgage for the purpose of securing a current or future obligation, Section 134 states that the money should be used first to pay for the cost of such realisation and then to satisfy the amount guaranteed by the transfer.
  • Section 135: The transfer of rights under an insurance policy is covered by Section 135 of the law.
  • Section 136 & 137: Officers associated with the court of justice are ineligible under Section 136. Saving of negotiable instruments is governed by Section 137.

Negotiable instruments are governed by Negotiable Instrument Act 1881 which, by approval and/or delivery or mere delivery, shall be assigned or transferred to them. A negotiable tool may also be transferable, however, as well as a shareable claim. The assignee shall not acquire more than the customer’s right, title, and interest under the Transfer of Property Act of 1881, but the customer shall in due time have the same rights and advantages as a customer as a holder under the Negotiable Instrument Act of 1881.

Freedom 251

Freedom 251 – Specifications, How to Book and Concerns and The Most Significant Ponzi Scheme Of The Decade?

Freedom 251: In a country where smartphones are priced at Rs. Seven thousand are regarded as the essential volume generators; imagine the uproar if an Rs. 251 smartphone is published.

Freedom 251 had sparked a massive hysteria in the region, considering the low price of Rs 251.

The Ringing Bell Freedom 251 is by far the most affordable Smartphone on the market. Its actual implementation and architecture are remarkable, and the pre-installed software is also convenient. The phone’s price point makes it a very attractive product.

The Ringing Bell Freedom 251 cellphone was formally introduced to the public in New Delhi at an event attended by Dr. Murli Manohar Joshi, who is a Member of the Parliament hailing from BJP.

The concepts of Digital India, Ability India, and Make in India were given a ton of significance at the launch event, as were the phone’s potential future usage cases to encourage people who live in rural and semi-urban locations.

Benefits of Purchasing the Smartphone

  • Low-cost phone
  • Excellent setup
  • Expandable Memory as per the needs
  • Apps that come pre-installed, all of which are useful

Drawbacks to Buying the Smartphone

  • The inadequate quality front-facing camera
  • Bog standard battery backup

Complete Detailed Parameters of the Smartphone Freedom 251 by the Ringing Bells

Basic Parameters of the device

  • Ringing Bells is the name of the company that makes the phone.
  • The model’s name is Freedom 251.
  • This one was launched in February 2016 and housed a touchscreen, as do most smartphones on the marketplace.
  • The phone provides an average battery life of about 1450 mAh. It also has a removable lithium-ion battery that has an hour of talk time on the scale.

Specifications for Display 

  • The Freedom 251 has a 4.00-inch screen and an IPS LCD monitor.
  • The handset has a touchscreen with a screen resolution of 540 x 960 pixels and a pixel density of 275ppi.

Specification details for the hardware of the phone

  • The Freedom 251 is backed by a 1.3GHz quad-core processor, which is supported by1GB of RAM.
  • The handset has up to 8GB of internal capacity.
  • It has expandable storage with a microSD card with a maximum capacity of 32GB

Image quality

  • The phone has a 3.2-megapixel camera on the back with autofocus, a LED flash, and image stabilization capabilities.
  • The front monitor has a remarkably low resolution of around 0.3 megapixels. Nevertheless, the customer can use it for video calls with acceptable performance.

Software Development

  • The operating system on the Freedom 251 is Android 5.1 Lollipop.

Connectivity

  • It has Wi-Fi connectivity, which ensures high-quality web browsing.
  • Even though it lacks GPS, it also has some Bluetooth functionality.
  • It also lacks a USB OTG jack.
  • The device uses 3.5mm headphones and other electronic devices with the same connector, and it does have an FM radio.
  • The Freedom 251 has two SIM card slots and operates on a 3G network.
  • That being said, in India, it does not support 4G/LTE or 4G. (Band 40).
  • You can improve your internet experience by connecting to Wi-Fi hotspots in your city.
  • Allows one to use their internet access on a laptop that has been Wi-Fi internet.

Sensors Included Inside The Device

The Freedom 251 lacks the following sensors:

  • compass and magnetometer.
  • Accelerometer
  • Light sensor for the environment
  • Barometer and Gyroscope
  • Temperature detector

The Proximity sensor is the only sensor on the handset.

Special Features

  • The Freedom 251 smartphone comes pre-installed with many typical applications of daily use, including Women Safety, Swachh Bharat, and Fisherman, to name a few
  • A default one-year warranty will back the handset.
  • “This warranty of the Product lasts for 12 months for the central server, six months for battery and charger, and three months for earphones beginning from the date of purchase,” based on the current company’s website.

Background History of Ringing Bells

Ringing Bells Pvt. Ltd., was founded in 2015 and is centered in Noida, offers the Freedom 251 smartphone. Three cell phones and one power bank are for sale on the ringing bell website, and every one of them is now out of stock.

Ringing Bells has released numerous other smartphones, including the Smart 101, Master, and 4U cell phones and a 5600mAH power bank called Kiwi.

Some media organizations tested the Freedom 251 smartphone, which Ringing Bells sent, and reported that perhaps the manufacturer sent them Adcom devices with white paint over the iPhone-like device’s emblem.

Aspects to Consider Prior to Ordering the Freedom 251

  • A common hypothesis in nature is when something appears to be too perfect; to be honest, it probably is.
  • Ringing Bells is an inexperienced company with no record of success in appliances, so it’s impossible to determine the final product’s output, including after service, at this time.
  • Your unit might take up to four months to process, as per the company website.
  • The website seems to have no refund policy. However, it does mention that a one-year guarantee supports your Freedom 251 device.

Freedom 251- A Scam

Freedom 251 is a hoax! The least expensive mobile scheme is spinning out to be another decade’s greatest con.

However, only a few days after ‘Freedom 251′ hit the market, and it had become completely obvious that the product was solely a principle instead of just an operating device.

Despite the fact that Ringing Bells “launched” the device with much pomp and circumstance on February 17, 2016, the organization had not produced even a single unit of the Smartphone to be sold on the day before the internet marketing began.

The finished product is a questionable redesigned blatant copy

The Hindustan Times examined a prototype device of the Freedom 251 and discovered that it is a fraudulent, renamed money-making scam of a smartphone sold by Adcom, a Delhi-based producer and exporter of gadgets and electronic goods. And Adcom’s Marketing Executive mentioned, “We have no idea why our product has been used on the Freedom 251.”

The phone that is reportedly being rebranded (without their consent) is the Adcom A400, which was released prior to the Freedom 251—as a result, Ringing Bells maybe now simply selling the existing stock at a cheaper profit.

The most ironic component is that a whitener replaces Adcom’s branding. Hardly any legitimate smartphone supplier or dealer would do such a thing. Never, ever!

Adcom, on the other hand, sells the renamed Smartphone for Rs 4000. How is a business venture planning to rebrand it and market it for Rs 251?

This is indeed a huge warning sign for a fraudulent alarm.

Lies And deceit

According to the predictive analytics on their homepage, this Smartphone will come pre-loaded with a wide range of applications like Swachh Bharat, Women Safety App, Facebook, WhatsApp, and plenty of others. That being said, there was no such application on the evaluation system.

Furthermore, the device purchased by HT differs significantly from the handset seen on their website and in full-page newspaper advertisements.

In reality, the icons and browser appear to be identical duplications of the iOS icons and Safari browser.

Pricing that is unreasonable or impossible to achieve

Mobile Industry Association the Indian Cellular Association (ICA) communicated to Telecom Minister Ravi Shankar Prasad, recommending that he investigate the incident. No manufacturer can sell such a smartphone for less than Rs 2700, even after accounting for all concession criteria.

“For your understanding, the bill of material (BOM) value for a commodity like this and when sourced from the poorest supply chain costs approximately USD 40 (Rs 2,700),” said ICA President.

Assuming that this Smartphone has a 4-inch touchscreen, a Qualcomm 1.3-GHz quad-core processor, and 1 GB of RAM, the expense of each feature alone would have been much more than Rs 251.

Not Government Ratified

Ringing Bell, the holding company behind the compelling bid, isn’t really recognized under the Bureau of Indian Standards (BIS), which suggests they are not authorized to distribute any commodity in India.

This is a significant warning sign, signaling that it is a hoax. Even so, there is no handle mentioned on their official site; the copy they have written highlighting the features and benefits is all unimpressive, and the Tweets they are posting are downright obnoxious.

The owner has indeed been convicted.

In 2017, Goel intended to sell ‘Freedom 251′ smartphones for Rs 251, advertising them as the most affordable mobile available on the market. Additionally, mobile delivery did not work according to the plan, and Goel was arrested in 2017 for fraud.

In 2018, he was detained in an extortion event. After the owner of Ghaziabad-based Ayam Enterprises filed an FIR claiming that Ringing Bells “swindled” it of Rs. 16 lakh, Indian police detained Goel. Ringing Bells’ customer support agent, Cyfuture, has also accused the company of fraud and repossession of payments.

The website has currently expired and has been offered for sale off by GoDaddy. The current owner revamped it into a Tech blog on March 24, 2019.

Ringing Bells challenges to have already delivered 5,000 Freedom 251 units by July 9, 2016 and claims to be supplying another 65,000 units to clients.

It is not really a ‘Make in India’ initiative.

Though the company initially claimed that Freedom 251 was a part of the Make in India campaign, proper investigation and actual time product subsequently proved this statement to be completely misleading.

Ringing Bells has received requests and money for the first 30,000 smartphones.

These smartphones, nonetheless, are also not made in India. In truth, the company may not even have finished devices on deck.

Furthermore, since there is no production unit in India, Ringing Bells will produce the remaining units of the Smartphone outside of the region.

There is little assurance about where to get a full refund

Thirty thousand people paid for the Freedom 251 mobile directly up to the close of the registration deadline. Even then, if the units shipped to them are not appropriate, the consumers will inevitably return the product and apply for a refund.

Nevertheless, there are no specific rules for receiving a rebate for disappointing elements in the project.

The Akash tablet’s resemblance to the Freedom 251

Freedom 251 is similar to the Aakash Tablet. Accordingly, what was the final result of the Aakash Tablet?

The Government of India encouraged Aakash, an Android-based tablet, to link 25,000 colleges and 400 universities in an e-learning initiative. DataWind, a British-Canadian agency, created it.

On October 5, 2011, the concerned authorities finally opened the Aakash tablet in New Delhi. Aakash’s consumer version was advertised as UbiSlate 7. On November 11, 2012, the Aakash 2, named UbiSlate 7C initially, was officially confirmed. The official site of the Akash tablet company was www.akashtablet.com.

The Aakash tablet was one of the year’s most significant errors of judgment. Rather than just a home-grown computer that could provide more considerable support to students, we received a tablet with an undependable touchpad and latency and one that was so poor that most applications wouldn’t operate correctly.

The worst-case scenario was that it required to be entirely updated after just a few hours of perceived usefulness.

The concept was moved to IIT Bombay in April 2012. Consequently, it was announced in mid-2013 that the Department of Electronics and IT would proceed with this now.

The New Controversy of The Owner of Ringing Bells

The owner of Ringing Bells, Mohit Goel, has been accused of defrauding dry fruit merchants in a recent controversy.

Noida Authorities caught the Freedom 251 perpetrator in the Rs 200-crore racket.

Dubai Dry Fruits and Spices Hub is the branding of his startup company.

According to the police, Goel would purchase dried fruits at higher-than-average prices from merchants through India. In comparison, he would make prompt payments in an attempt to acquire their respect and confidence and trust.

Subsequently, however, he would put bulk orders and make a 40% advance payment through bank transfers or other modes of online payment.

The rest he would settle for post-dated paychecks, which would potentially get rejected at the bank.

According to the police, Goel and his coworkers started a business from Gurugram in 2017. Later on, they terminated and shifted to Noida in 2019.

CIBIL Credit Score

CIBIL Credit Score: Steps On Checking CIBIL Score Online For Free – How It Is Calculated?

CIBIL Credit Score: Do you hold many credit cards? Have you taken loan schemes from different lenders? Are you new to credit card and loan benefits? Looking for complete information about Cibil’s credit score, then this guide is the best one to clear all our queries. You can even check your credit score online for free of cost and find out how it is calculated too.

In this article, you will find the details like, What is CIBIL Credit Score, the Key Difference between a CIBIL Score and a Credit Score, What is Good Cibil score, What is CIBIL report, the Advantages of Cibil score for loans, Step-by-step instructions on How to check CIBIL Credit Score online, what is the CIBIL Credit Score Range, and much more related to CIBIL Credit Rating.

What Is Meant By CIBIL Credit Score?

A Cibil score is a 3-digit number that was given by the credit information bureau Ltd (India). It determines your creditworthiness and ranges from 300 to 900. CIB is a credit rating agency sanctioned by RBI. Maintaining a cibil score with a good range is most important for all credit card users and loan applicants.

It impacts your credit card score and while applying for any other loans. If your score is high then no one can stop you allowing with the loan and credit cards. For more details on why it is crucial to maintain a good CIBIL credit score, continue your read!

What is a Good CIBIL Score & CIBIL Report?

A Cibil score varies in the range between 300 and 900 and it is provided completely based on credit history and behavior. A good score of CIBIL is between 720 and 900. If you have a good cibil score then borrowers can attain numerous advantages like higher loan amounts, lower interest rates, faster loan approvals, and save your money and time as well.

The legal document that lists the history of borrowings and repayment is called a CIBIL Report, also named Credit Information Report (CIR). Based on the information provided in the CIR, your CIBIL Credit Score or rank is originated and also it impacts your financial position. CIBIL score is treated as the main proof of your creditworthiness in India.

Do you wonder what exactly a credit report includes? Check here. A Cibil credit report consists of credit score, credit-related financial transactions, payment history, data about your loans approved from various lenders, balances of any loans, and more.

If a credit report is assumed as a report card then credit score is like a percentage in your report card. The higher percentage you get the higher interest rates and other effective deals you can opt for at any time. If you maintain an average credit score of 750 then you can achieve better rates of interest and great offers.

What is the difference between credit score & credit report?

A credit report is a document where it records every single piece of information about credit history whereas a credit score is a three-digit numeric that defines creditworthiness. For more differences do look at the below table:

Credit Score Credit Report
A 3-digit number that denotes the customer’s credit report. A text-based document that reports everything about a customer’s credit history.
You can check credit risk based on the score and data given in the report. It performs as a credit reference.
It displays your creditworthiness in a number ranging from 300-900. It includes various data such as payment history, each loan amount, the number of loan details, etc.
Banks can provide the credit scores on their own or they may be addressed by the frequently availed company. The three main credit reporting bureaus are Equifax, Experian, and Transunion.
The credit score can be obtained from lenders, fico, or other credit bureaus. The credit report can be obtained from the above bureaus.

Difference Between CIBIL Score and Credit Score

Above you have understood the difference between a credit score and a credit report but now you will be knowing the key difference between a Credit Score and CIBIL Score. Let’s check them:

You should know that CIBIL is linked with various major banks, housing finance companies, and Non-banking financial companies. All these credit agencies are approved by the Reserve Bank of India (RBI). The credit rating fixed by CIBIL is called CIBIL Score.

As per your credit history, the total due amount, loan payments, interest rates, and many more, the credit score is calculated. The credit rating or credit score shows the creditworthiness of a potential borrower.

Do Check:

Why Maintaining A Good Credit Score Is Important For Loans?

A good CIBIL Score ranges between 700 and 900 and maintaining an average good score is very important for customers. This score is also considered by Banks and NBFCs to approve the application of retail loans, and also benefits customers with other offers like:

  • Upgrades your eligibility for other loans
  • A quick loan application process
  • Low-interest rates for the loan
  • The easier loan documentation process
  • User-friendly and flexible repayment tenure
  • A higher loan quantum
  • Get attractive benefits with a credit card

How To Obtain A CIBIL Credit Score & Report?

To get a CIBIL score and report, you simply have to visit the credit rating agency in India ie., CIBIL. For obtaining the credit report or score, you have to pay some amount to the CIBIL. The amount of charge is Rs.500/- for individual credit report applications. If your bank or lender asks you for a credit report with a score for verifying the loan eligibility then they need to pay for a copy of the report too.

Still, if you are looking for free online sites or platforms to check your credit score then there are a few websites that provide the same for free of cost. But they get benefitted from you by downloading and signing up as members on their websites. The detailed steps to check the CIBIL Score or credit report with paying and without paying are explained below:

What Is The Process To Pay & Check Your CIBIL Credit Score Online?

To check the CIBIL Credit Ratings online with paying, you should follow the simple steps mentioned below:

  • Visit the official CIBIL website and log on to it.
  • Now click on the Know Your Score option.
  • Enter the details required in the online form.
  • After filling out the form and accepting changes, it redirects to the payment page.
  • Choose a suitable mode of payment from the options like credit cards, prepaid cards, net banking, etc.
  • The amount you should pay to get the credit report is Rs. 550/-
  • After paying, you will be moved to the authentication page which asks you five questions related to your credit history. At least, you need to answer 3 questions correctly to validate your identity with the CIBIL.
  • In the next 24 hours, you will be received an email with the credit report.
  • If you get failed at authentication, then you have to fill out the application and send it to CIBIL via mail. After validation by CIBIL, the report will be obtained via mail only.

Step-By-Step Process On How To Check Your CIBIL Credit Score Online

The simple procedure to check the CIBIL Score Online is provided below in a step-wise manner:

  • Initially, a customer should visit the official website of CIBIL.
  • Now, check for the option called the ‘Get Your Free CIBIL Score button on the homepage.
  • It redirects to the next page where you will be asked to enter the needed information like Name, Email ID, and Password.
  • Link with any ID proof (passport number, PAN card, Aadhaar, or Voter ID).
  • After attaching the id proof, give your DOB, contact details, and PIN code.
  • Press the Accept and Continue buttons.
  • Provide the received OTP number in the box and click on the Continue button.
  • Now, choose the option called Go To Dashboard to check your credit score.
  • After pressing the dashboard button, you will be redirected to the myscore.cibil.com website.
  • Login to the site by clicking on the Member Login and see the CIBIL Score.

Also Refer: How to Close Credit Card

Meaning Of The CIBIL Score Range

The range of the CIBIL Score starts from 300 and ends at 900. Now, we will know the details regarding each range of a CIBIL score and try to maintain the average CIBIL score for smooth dealings in the future. Let’s have a glance at the below table:

NA/NH: If you see this sort of score when you check the CIBIL score online for free then it states that there is either no credit history or not applicable. If you have a credit card or applied for any loan, then only you will have the credit history.
350 – 549: Customers who have the CIBIL score in this range are considered as having a bad credit rating. Any offers will be not entertained to he/she with this CIBIL score and also you are at a high risk of turning into a defaulter.
550 – 649: This range of CIBIL Score is considered a fair rating and a few lenders will entertain these borrowers for offering credit cards. You will see the high-interest rates on the loan so improving the CIBIL score is more important at this range for better deals.
650 – 749: This CIBIL Credit Score range is the right start to get a position in the excellent score range. You have to pay properly all your bills and increase your score further. Easily you will get loan approval from lenders with this range. Still, you won’t be eligible to negotiate on the best deals or the loan rate of interest.
750 – 900: Borrowers with this range are considered to be responsible and consistent to pay. So, banks and loan lenders will offer these customers loans and credit cards at the lowest risk.

How Can I Improve My CIBIL Score? – Tips On CIBIL Credit Score Improvement

Prior we have discussed how important to improve the credit score for availing the advanced benefits from banks and lenders. So, improving and maintaining a high credit score can be done via these tips. If you follow the below tips that will surely help you better your cibil score:

  • Do pay the bills before the due date
  • Low balances will help you out
  • Always pay the EMIs on time
  • Escape over-leveraging
  • Keep your eye on bill payments, payment history, and credit history once a month and make sure it is error-free
  • Apply for new credit in moderation
  • Have a good credit mix
  • Check your guaranteed, co-signed, and joint account at every month’s end.
  • Monitor your credit report annually and make it with no errors.
  • Keep your financial records properly with no late payments and great debts.
  • Use valid apps and sites to get a copy of the credit reports.
  • Sustain with a low credit exposure like 20-30% of the actual credit card limit.
  • The most crucial tip to follow is to use the credit card in a disciplined manner. Ensure to not cross the credit limit.
  • Ensure to examine the credit score and cibil score every week or regularly.

What Are The Factors Impacts Your CIBIL Score?

Four main factors affect the CIBIL score. Every factor has its weightage so understanding each element and how they impact your credit ratings is essential. So, let’s have a look at the below explanation:

Credit Utilisation Ratio (25%)

It doesn’t matter how many loans and credit cards you hold but utilizing them at a high ratio will affect your score. The best and decent credit limit you should not cross on spending is 30% so maintain this limit and control your credit expenses. Else, we suggest you increase your debt and turn into a defaulter.

Credit Type and Duration (25%)

Credit history plays an important role in affecting the CIBIL Score. Hence, the age passed and the average number of years you hold the credit account from the start is very crucial for CIBIL. So maintain a good balance of credit history of secured and unsecured ones and increase your score. If you start this balancing at the early stage then you can easily become a low-risk borrower. Thus, helps approve loans to buy a car or house in the future.

Payment History (30%)

The first and foremost factor that impacts CIBIL score mainly is payment history. If you want to maintain a high score at CIBIL, you need to pay all credit card bills and EMIs of your loans on time without any delay. The recent report on CIBIL analysis by the financial express, exposed that delinquency for 30 days can decrease your CIBIL score by 100 points.

Other Factors (20%)

One more important factor is Credit Inquiry. It is used at calculating the CIBIL Credit Score. Making the credit requests multiple times will affect the score so we suggest you distribute the credit applications over the year rather than all at a time.

Factors That Don’t Affect CIBIL Credit Rating

From the above module, you have become aware of the factors that affect your cibil score. But have you ever thought about the factors that don’t impact your credit ratings? If yes, then this section is completely on it. Have a glance at the list:

  • Income
  • Education
  • Checking your own credit score
  • Debit card
  • Savings Account
  • Cheque bouncing
  • Fixed Deposit
  • Overdraft

Perks Of Good CIBIL Credit Rating

If you hold a good credit score then you can be benefitted from numerous offers. Below are some of the advantages that a good CIBIL Score borrower can avail:

  • Low-interest rates
  • High credit limit
  • Higher chances of loan approval
  • Quick credit card sanction
  • Access to pre-approved loans
  • Great discounts on charged and processed fees

How Is CIBIL Score Calculated?

There are a few important factors that are considered while calculating the CIBIL Score. They are as such:

Loans as a Proportion of Income

This factor checks that you are holding a low loan balance or a high loan balance. Maintaining a low loan balance is healthy as increases your score whereas a low loan balance reduces your credit score.

Loan Equities

Multiple loan inquiries are symbolic of credit-hungry behavior and it impacts negatively on your score.

Track Records of Past Payments

It verifies all your past repayment records. If you are consistent at paying the bills on time then your score increases whereas delayed payment affects on score. When you delayed the recent payments then it affects you negatively.

Secured Vs Unsecured Loans and Credit Cards

Higher credit card balances reduce your score. If you have a mix of different unsecured or secured loans or credit cards then your credit score rises.

Previous Settlements, Write-offs, and Defaults

Many write-offs cause lower scores. When they are recent then it affects negatively on your score. If you have various delays or defaults on secured loan repayments than unsecured ones then it affects your score negatively.

How Many Credit Bureaus are Available in India?

A credit Bureau is a trusted credit agency that gathers all the credit/loan history and other credit or financial data of every individual and creates credit scores and credit reports. This credit score and report will get shared with all the lenders and banks to check your creditworthiness and approves your request for a loan or credit card.

Some of the leading credit bureaus in India are TransUnion Credit Information Bureau (India) Limited, CIRF high mark, Equifax, and Experian.

Related Posts: 

FAQs on CIBIL Credit Score Range

1. What is a good CIBIL Score for a loan?

A CIBIL score of 750 and above is a good score for a loan and other credit benefits too.

2. How can I raise my credit score in 30 days?

The two main steps that can help to raise your credit score in 30 days are paying bills on time and paying your credit card down balances.

3. What is a good credit age?

Scoring an excellent credit score is very difficult yet beneficial as it helps borrowers obtain great deals like loans, credit card offers, and discounts on utilities. Consumers with the perfect credit score are between the ages of 56 and 74.

4. What CIBIL score is required to apply for a personal loan?

A CIBIL score of 750 and above is excellent and sufficient for getting any personal loans or unsecured loans or secured loans.

5. Is my CIBIL score affected if I check my CIBIL score often?

No, it doesn’t affect on your CIBIL score because checking your CIBIL Score is not a hard inquiry.

6. Who can access your CIBIL Score?

Only CIBIL Members like banks, lenders, you, and other authorized institutions can access your CIBIL Score.

7. How does CIBIL find the details of your Credit/Loan History?

Your credit/loan history will be provided by the banks and other authorized government agencies to the CIBIL in favor of accessing the credit reports and CIBIL Scores from the CIBIL portal.

8. What is meant by CIBIL 2.0?

A recently launched scoring model which is used by TransUnion CIBIL Limited to calculate the credit score and report for individuals is called CIBIL 2.0.

9. How to correct errors in your CIBIL Report?

The steps to be taken to raise a dispute with CIBIL for correction of any errors in the report are as follows:

  • First, review your CIBIL Credit Report provided by your bank or lender.
  • If you found errors then fill out the CIBIL dispute form online.
  • Process the form and it gets verified by the CIBIL.
  • Wait for some time to get resolved.

You can even ask for the control number of your credit report or communicate with CIBIL by mailing the dispute report at info@cibil.com

Key Outcomes

We think that the shared information on CIBIL Credit Score benefitted you to plan your repayments and increase your CIBIL score to higher. If you need other details on the same, please suggest us so that we will do research and provide the content related to your queries soon.

In case, you feel this CIBIL score article is worth referring then share this informative guide with loved ones on various platforms and spread the needful information to others. Still, surfing for other loan schemes then stay in touch with GSTGuntur.com and check the articles regularly.

Fill Aadhaar Card Enrolment Form Content, Steps To Fill and How To Track

Fill Aadhaar Card Enrolment Form | Content, Steps To Fill and How To Track?

Fill Aadhaar Card Enrolment Form: The Aadhaar Card is an essential document one must possess in recent times. It is a proof of identity and proof of address, and most importantly, it is proof to identify an individual as an Indian citizen.

This article guides you on how to proceed if you want to fill the Aadhaar Card Enrolment Form and the related proceedings.

Contents of an Aadhaar Enrolment Form

In the Aadhaar Enrolment Form, the following fields are present, which are required to be filled by the applicant –

  1. Pre-Enrolment ID: This is given by the enrolment centre.
  2. NPR Receipt/TIN Number: This field is not mandatory. But, if you have NPR (National Population Register) receipt or survey slip, the number form same is required to be mentioned here. Otherwise, if you have TIN (Tax Identification Number), the same can also be submitted.
  3. Full Name: Enter your full name – first name, middle name, and last name. The name entered here must match with the name mentioned on your proof of identity.
  4. Gender: Specify your gender correctly – male, female, or transgender.
  5. Age or DOB: Provide your date of birth in the format DD/MM/YYYY (date-month-year). If you are not sure of the correct date of birth, you can specify an approximate age in this field. If there is no proof for DOB, tick the box with the label ‘Declared’. If you have supporting documents, tick the box with the title ‘Verified’.
  6. Address: Enter the postal address on the form as mentioned in the address proof. The card will be then delivered to the same address you provided in this field. Also, provide with your email address and mobile number within the same field.
  7. Details of Father/Mother/Guardian (mandatory for children below 5 years of age): You can provide the name and Aadhaar number of your family members in this field.
  8. Details of submitted documents: Document-Based – mention the documents you submit as proof of POI, POA, DOB, POR, Introducer Based, Head of Family Based. Introducer and HOF details are only required if you do not have Identity Proof or Address Proof of yourself.
  9. Applicant’s Signature/Thumb Imprint: Sign the document at the designated area on the form to show your consent. Otherwise, you can also place and submit your thumb impression.

Steps to Follow to Fill the Aadhaar Card Enrolment Form

The Aadhaar Enrolment Form can be filled in both offline and online modes. The offline form is required to be filled at the enrolment centre only, but the online enrolment form can be downloaded from the UIDAI website and submitted to the centre with the required documents.

  • Step 1: Download the Aadhaar enrolment form from the UIDAI website, or visit your nearby Aadhaar centre to get the form.
  • Step 2: Fill in the form with the necessary details in the relevant fields. Follow the instructions given in the form itself to avoid any errors.
  • Step 3: Attach the relevant supporting documents to prove your DOB, identity and address. These documents must be valid and accepted by the UIDAI. If you use an introducer or Head of Family (HoF), provide with a relevant proof of relationship with the member.
  • Step 4: Visit your nearby Aadhaar centre and submit the form along with the required documents.
  • Step 5: The staff at the centre will take a photograph of yours and capture the biometric data, which are iris and fingerprint. This data will be added to the database along with the details provided in the form.
  • Step 6: Collect the acknowledgement slip that has your details, the date and time of enrolment and enrolment ID.
  • Step 7: You can then track the status of your Aadhaar card with the enrolment ID provided.

How To Correct or Update Aadhar Card Online?

How can I Track the Aadhaar Enrolment Form Status?

After you have enrolled for Aadhar through its enrolment centres, you can easily track the application status online. To check the enrolment status, follow the process given below –

  1. Visit the home page of the UIDAI website.
  2. Select My Services and click on Check Aadhaar Status.
  3. After this, a page opens up where you need to mention your enrolment ID as mentioned on the acknowledgement slip, followed by the date and time of enrolment. Next, enter the security code as shown in the image.
  4. Finally, click on Check Status, and your Aadhaar status will be reflected.

FAQ’s on Fill Aadhaar Card Enrolment Form

Question 1.
Can I update my details after enrolment or submission of the application?

Answer:
Yes, you can update your biographic and demographic details in the Aadhaar after enrolment within 96 hours of enrolment, absolutely free of cost.

Question 2.
Is it mandatory to use only capital letters while applying for Aadhaar?

Answer:
The Aadhaar Enrolment Form or correction form has mentioned filling up the form in capital or uppercase letters. It is then easier to read and distinguish, and hence there are fewer chances of error.