Satin Creditcare launched its operations as a provider of individual and small business loans and savings services to urban lenders in 1990, going on to be registered as an NBFC with the RBI in 1998 and converting into an NBFC-MFI in November 2013.
The company completed its IPO in the fiscal year of 1997 and was duly listed on the Delhi Stock Exchange (DSE), Ludhiana Stock Exchange (LSE) and the Jaipur Stock Exchange (JSE). Following the subsequent de-recognition of these exchanges by SEBI, Satin Creditcare listed its Equity Shares on the Calcutta Stock Exchange (CSE) on May 19, 2015, on the NSE on August 26 and the BSE on October 20 in the same year, adhering to the guidelines and policies issued by SEBI regarding the exit option to regional stock exchanges (issued December 29, 2008) and the exit policy for derecognized/non-operational stock exchanges (issued May 30, 2012).
Our business is primarily based on the Joint Liability Group model, which allows us to provide collateral-free, microcredit facilities to economically active women in both rural and semi-urban areas, who otherwise have limited access to mainstream financial service providers. We also offer loans to individual businesses and Micro, Small & Medium Enterprises (MSMEs); product financing for the purchase of solar lamps, as well as loans for the development of water connections and sanitation facilities.
With operations spanning 22 states and union territories across India, including Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, Rajasthan, Uttarakhand, Maharashtra, West Bengal, Gujarat, Jharkhand, Delhi & NCR, Chhattisgarh, Assam, Orissa, Himachal Pradesh, Tamil Nadu, Karnataka and Chandigarh, Satin Creditcare maintains a focus on rural and semi-urban areas, ensuring that our services reach deep within those numerous regions that usually face low or at best, moderate rates of penetration by other microfinance institutions.
Loan Dost is an instant personal loan business run by Satin Credit Care Network Ltd
As per RBI guidelines Loan Dost is forced to regularly submit data of existing customers to CIBIL and other credit bureaus in India. Loan Dost also verifies credit history of a customer before approving a loan.
Following is the step-by-step way to improve CIBIL Score with Loan Dost:
- Step-1: Provide correct information & correct documents to get a loan
- Step-2: Pay all EMIs on time
- Step-3: CIBIL Score improves*
- Step-4: Customer gets better deals for loans of more amount and low rate of interest in future
It works two ways, if a customer pays EMIs on time the CIBIL Score will improve but it will get lower if a customer does not pay Loan Dost EMIs on time, and such defaulters are not likely get good deals from Banks and Loan Dost in future. A customer who is a Loan Dost defaulter will not get good deals from banks in future.
If a customer wants to improve his/her CIBIL score in short interval of time then such a customer should avail a loan of short tenure from Loan Dost, and re-pay all EMIs on time. A loan of long tenure and regular timely EMI payment can improve the CIBIL score to a large extent.
* CIBIL Score also depends on repayment behavior of customers at other banks also, it can also vary depending on policies of respective credit bureaus
While applying for a loan in Loan Dost mobile application a customer has to answer a set of 3 or 4 questions. These questions are known as trust questions. It takes a few minutes to answer these questions. These 3 or 4 questions are asked multiple times in different ways to check accuracy of answers.
Trust questions are very easy, and the best tool to understand customer profile.
A customer is expected to answer the questions in an honest way. A loan application may be rejected if a customer does not attempt the questions sincerely.
Following are some important instructions regarding trust questions:
- There are no right or wrong answers. Please choose an answer which is the most suitable choice for you.
- Try to give the first response that comes to your mind. Please do not spend time analyzing or debating the situations. It is important that all the questions are answered.
- Some of the questions may be in the forced choice format, where the questions have two options and you have to choose any one of them. There may be situations where you may find both the options equally appealing, but you will have to choose only one of them. In other situations, you may find that neither of the given options is appealing to you in this case also, you are expected to choose the one which is relatively more appealing to you.
- You have to answer these questions assuming yourself in the situation stated and what you would naturally do.
Apply loan at Loan Dost and have fun with trust questions
As you progress in life, your needs increase, your consumption pattern changes. At different points, you look at buying a house or a car, which creates the requirement of loans. Even entrepreneurs require loans at some point to take their business up to the next level. While there are numerous lenders available to provide you with a loan, none would do so without a due diligence in terms of risk evaluation.
Credit score is one of the key metrics to understand how risky it is for lenders or a creditor to extend a loan or line of credit to a borrower. Since these entities don’t know a borrower personally, they review their past payment and credit repayment history and other related behaviours.
The credit score is typically between 850 and 300 based on past credit transactions. A score of anything above 750 is considered excellent credit, but a score of 600 or below makes you a poor credit risk.
Credit score is one of the key metrics to understand how risky it is for lenders or a creditor to extend a loan or line of credit to a borrower
A lower credit score makes it difficult for a borrower to get a loan or a good rate for loans
So, how is the credit score calculated?
A lower credit score makes it difficult for a borrower to get a loan or a good rate for loans and that is not where someone would want to be. There are some changes one can make to their financial planning and their spending pattern that can help repair a poor credit score. While the credit score can’t be changed overnight, the following strategies can surely help over a period:
Don’t wait till the due date to pay bills:
A history of late bill payments can really hurt your credit score. Ensure you pay your bills on time. Enable automated payment wherever possible, else, make a note in your calendar and keep a track of your account savings and spending so that there is no last-minute rush or fund crunch closer to the due dates of your bills. Continuing with this practice will eventually improve your credit score over a period of time.
Do not default on bills by more than 30 days:
Unforeseen circumstances happen and there are times when one is unable to pay off all the bills on time. If such an unavoidable late payment scenario happens, try not delaying your bills by more than 30-days. This is because most of the lenders and creditors do not report late payments up to 30-days to the credit reporting agency but don’t delay it further as they will report any further delay.
Pay special attention to credit card bills:
Credit cards usually attract the highest interest for credits and loans, so it makes sense to ensure not to default on these and get them out of the way first. Just like paying bills and credits on time is a good practice, paying off your high-interest credit cards first, avoiding unnecessary borrowings and taking credit only when necessary are some ways to boost credit score. Lowering credit card balance, making payment at a faster rate are some of the best ways to improve credit score.
Get rid of extra credit cards
If there is ever a moment when one feels they own more than the necessary number of credit cards, get rid of them. But decide wisely before getting rid of them. Don’t just get rid of the oldest one. The longer you’ve had a credit card opened, the more that helps your credit score (credit scoring firms deems you a reliable risk if you’ve stayed with a single creditor for a long period of time.) Rather, take an account of your card utilisation and junk the one that is least used.
Build a pool of emergency fund
Create a pool of emergency fund of at least half of annual income. This would help in safeguarding an individual against unforeseen circumstances when there is a dire shortage of funds and an individual is unable to pay the bills on time. Thereby ensuring, a robust credit and avoid any dents to the credit score.