@nehanagarr The banks are not paying any heed, what to do?

@nehanagarr @grok give and example

@nehanagarr Can you please share the circular?

@nehanagarr Such a game-changing move by RBI. Finally rewarding people for actually improving their credit score. Most borrowers don’t even realize how much difference a small reduction in spread can make over the loan tenure. This step promotes financial discipline and empowers responsible

@nehanagarr Do cibil score get down if we use maximum credit limit but at the same time paying it on time @nehanagarr

@nehanagarr This is exactly the kind of policy change that underscores the importance of accountability and progress in our financial institutions. When you work hard, improve your credit, and demonstrate responsibility, you deserve to see that effort reflected in your financial journey,

@nehanagarr Will help the middle class - although it’s of paramount importance to only take loans/EMIs which you can pay off. India’s savings rate is at an all time low of 8.5% which is not necessarily the best news….

@nehanagarr Again a major step from RBI towards making the Indian economy strong. Only skeptical about implementing parts on the bank side, if it will get implemented fast with less hustle from the customer side then major impact it can create for customers.

@nehanagarr Where is the circular?

@nehanagarr @grok give the RBI circular

@nehanagarr How to do step 2

@nehanagarr Smart move by RBI! If your credit score has improved, calling your bank could literally lower your EMI 💸📞

@nehanagarr That's really a good initiative

@nehanagarr @grok, does this rule apply to personal loans? How do I find what my credit score was when I took the loan?

@nehanagarr I have never taken any credit. My credit score would be NA right. Can I get a home loan without any score? If yes how?

@nehanagarr How can I compare my previous credit score with the current one ? Any tools or suggestions?

@nehanagarr @grok validate please? And check for feedback from people who have borrowed if they are talking about this.

@nehanagarr Asked @LIC_HFL to reduce my interest rate as my credit score has improved but they are asking to pay 3000+ 18% gst. Also RBI has reduced 1% repo rate in current yr but lic has reduced only 0.25% and they are not replying when will they reduce the balance 0.75

@nehanagarr What if my loan is at fixed rate not reducing rate

@nehanagarr @_screenshoter screenshot this

@nehanagarr This is inaccurate information. Banks, especially nationalized ones, have long tied the rate of interest to the CIBIL score. Many banks review accounts yearly as part of compliance, and the rate of interest is subsequently increased or decreased based on the CIBIL score.

@nehanagarr Do they ask for any convenience fee

@nehanagarr Pardon me for my ignorance! What is the benefit one will get by spread reduction?

@nehanagarr @GrihumHousing @adarpoonawalla I have taken loan from Grihm and asked them to cut my interest rate after RBI policy but they didn’t give a heed to it nor they are interested in doing that ! Thier customer care executive simply asked me that we will not going to reduce interest

@nehanagarr Is it applicable to personal loan as there is fixed interest rate on personal loan.

@nehanagarr "@pikaso_me screenshot this"

@nehanagarr Problem is no one remember what was cibil when we took home loan 5 yrs back

@nehanagarr RBI can do all they want but the banks/finance companies are the one's who are not passing the benefits to the consumer. The main reason being the bank employees are already overloaded with loads of pending work and they just cannot keep up with the changes.

@nehanagarr This will also impact in case your credit score is reduced

@nehanagarr Who manages credit score ??? Is it RBI or some private organisation …?. Thos is also a fraud, if you close credit cards , this score decreases

@nehanagarr If roi on loans is dynamic but roi of deposits is static, then there will be undue pressure Net interest margins. When it comes financial contracts, there should not be confusion. RBI wants both depositors and borrowers to be happy at the cost of margins to the banks.

@nehanagarr India's dumb freebies...Go to the Bank with Docs or go back again n again....why cant it be Automatic...link the credit score....Indians are IT Geniuses right😆is this the Policy for the Ease of Businesz or Beaurocracy.

@nehanagarr Any idea who does the credit score ???

@nehanagarr What if bank didn't responded.. where to complain?

@nehanagarr Banks will work around this Sounds too good to be true

@nehanagarr Baas blue tick leke kuchh bhi bol do, sab man jayege. Isko ye pata nahi ek overdue amount CIBIL me rectify hone kiye minimum 3 month lagta he. Unless u complaint in CIBIL portal for rectification.