My loan application was rejected due to an incorrect CIBIL report from the bank. What can I do?
In order to clear any discrepancies in the CIBIL report, you must first check you’re the same by applying online to get the credit report with score by e-mail for a fee of Rs470 (Rs154 for an offline report without the credit score). The link is http://www.cibil.com/credit-score. Identify the errors in the same, if any, and then send an e-mail to email@example.com or firstname.lastname@example.org with your queries. Also, inform the bank / lender concerned regarding the error, along with the relevant documentary proofs. The lender will rectify and shall send an updated report to CIBIL.
If they do not do so within 30 days of your request, you should file a complaint with the banking ombudsman at www.bankingombudsman.rbi.org.in. Also, if CIBIL does not respond within 30 days of your filing a complaint, you can take it up with the RBI. A review of your CIBIL report will thus help you spot the real problem.
I am Upendra Yadav, 34, and live in Mumbai with an income of Rs25K. I have a one-month old child for whom I want a good child plan. Which is better, HDFC SL Young Star Super Premium or ICICI Pru Smartkid Premier (Ulip)? I can pay up to Rs24-25K per year as premium. Please suggest.
HDFC SL YoungStar Super Premium and ICICI Pru SmartKid Premier both are Ulips plans where the risk is borne by the policyholder. It is not advisable to go for Ulips because of higher charges and lock-in. As your child is one-month old, you have almost more than 10 years to create a corpus for her/his education or marriage goal. You can invest in mutual funds to achieve your desired corpus.
Some of the mutual funds recommended are as under:
Franklin India Bluechip – Growth
UTI Opportunities Fund – Growth
First, make sure you have adequate life insurance cover in place and it is always advisable to have 10 times your annual income as your insurance cover. As for your current income, the sum assured of Rs30 lakh is recommended for you. Online term policies are recommended as these cost less.