FAQs on CIBIL
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1. What is CIBIL?
CIBIL stands for Credit Information Bureau India Limited, and it is a private organization that maintains credit history records of individuals, as well as businesses and helps financial institutions and consumers to make wise credit decisions. It was acquired by TransUnion with a majority shareholding. CIBIL collects monthly credit reports from banks, lenders, various financial institutions, and other sources, analyzes the data, and compiles a credit history report with a credit score against each record.
2. What is a CIBIL score?
CIBIL score indicates the probability of default against a loan/credit. It ranges from 300 - 900 and 1/NA for records with inactive credit history. A score of 700+ is considered to be a good score, and maintaining a good credit score not only helps with getting a loan with minimal hassle but can also be leveraged to negotiate the interest rate to your advantage.
3. What does CIBIL do?
CIBIL is the oldest credit rating agency in India, and it functions based on a license granted by the RBI. It adheres to the credit information and records the repayment of loans and credit cards by both individuals and companies. It shares the scores to businesses based on the needs to make the company's decision confident.
4. What are the benefits offered by CIBIL?
A good CIBIL score is a score between 700 and 900, and this score will be followed by many benefits such as quicker approval of loan, a low-interest rate on the credit facility, a higher loan amount, a longer repayment period, and more.
5. What are the features offered by CIBIL?
CIBIL credit scores help to depict the credit and repayment history, utilization of credit, tenures of previous debts, and so on.
6. When will Haptik bot come into the picture in relation to CIBIL?
At the time of reviewing a loan application, the bank issues a credit report for the applicant, and a loan along with the interest rate is quoted in accordance with the applicant’s credit score.
For example, ABC has applied for a home loan at XYZ bank, the bank manager reviews his loan application and also checks his CIBIL credit history records and score. Based on all the necessary criteria, the manager sanctions the loan application.
We can have a bot that will facilitate easy access to credit reports, and it will also give a clearer picture of the various credit options that are available to the applicant. This will help in reducing time for loan applications and turn out to be useful for BFSI sector.
7. How is CIBIL integrated with a bot on Haptik?
You can check this article here, which will give you a brief understanding of all the steps required for integrating CIBIL with a bot on Haptik.
8. What is the procedure for generating a P12 Certificate?
You can check this article here, which will give you a stepwise approach for uploading a P12 Certificate.
9. What are the requirements for integrating CIBIL with Haptik?
You need to have:
- CSR Token.
- Whitelisted IPs.
- P12 Certificate.
- SiteName, AccountName, AccountCode, ProductConfigurationID, and UAT URL.
10. Will CIBIL require user verification every time the user enters the conversation?
No, it will be a one-time verification process through OTP.