RBL Loan on basis of credit card - Review and how it is Killing the CIBIl / Experian / ETC

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Deal Newbie
gurleensngh1...

I recently look a loan of 2,34,000/- for personal use from RBL - DIAL TO CASH service (i got sms for the same from where i opted for it)(applied on 11th June). I chose 24 months as a returning period and they made the EMI OF 12 thousand something per month which i found decent. The money got credited on the second day in the bank.

Firstly to my surprise, i didn't got any intimation of loan being accepted / rejected. They just transferred the money and didn't sent a mail / message confirming the same. We expect some intimation. As i did the application so i was able to figure out that this is a loan, else if someone else might have got such a big amount without any intimation on sms / email, he would have been surprised to see.

Secondly i was worried about the repayment, for many days i didn't had any intimation of how to repay and i didn't bothered to call the bank because i was so stupid to think that might have transferred the money but maybe a 1% chance is there that they might not know about this😂. Therefore I bothered to wait for 20-25 days before contacting the bank on their customer care. Then on 25th June I got a credit card type statement where my emi amount + processing fees was shown just like credit card statements and the due date of payment is given before which i have to submit the amount. 

Thirdly, and most important point, my cibil was having a new credit card account (note: its not a loan account). this was with cibil and experian till now. whose credit limit is: 2,34,000/- and total outstanding was 2,44,998/-. My cibil was down from 764 to 759 (by mistake wrote 264 to 259 earlier) and experian was also down. I was surprised that they haven't put this account under loan. I was worried as using credit limit more than 30% destroys your cibil and this time it was over 100% utilised. I called the customer care which refused to correct it to loan as it was on basis of my credit card. My point of argument was: "if we take a loan keeping out house documents for loan, so our basis of loan is Home. But do it shows "HOME" in cibil ? or they put Loan in cibil? obviously even if a loan is taken basis on the documents of our house, we put loan in cibil and not home. " but they refused. I raised a dispute in cibil too which also got refused. 

I am stuck with this loan and i think only repayment will be the option as cibil / bank refused to change it to loan from credit card. (attaching screenshot of how it is looking in cibil / experian in the comments). Also attaching how they generate the statement of this loan every month. 

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Deal Newbie Deal Newbie
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cibil-rbl

experian-rbl

statement

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Talk-Of-The-Town Talk-Of-The-Town
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When i took the loan on CC many years back, i was not interested in looking into Cibil Score. So i don't know, whether it ruins the score or not. Because usually banks sometimes offer a Loan amount more than the credit limit. I got 3L while my card limit was 2.5L

Deal Newbie Deal Newbie
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True! I too got more than what my cc limit is. And i started noticing cibil now a days. So much concerned about these things. I thought of putting it here so it might help someone who might be interested in taking future loans using the same method. 

Finance Mentor Finance Mentor
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I always a pass off such loan on CC...

Deal Newbie Deal Newbie
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I thought i would have done the same then 🥹

Finance Ninja Finance Ninja
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if your cibil is 264 then your cibil doesn't even have anything left to "kill" 💀
Helpful Helpful
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Credit scores starts from 300 to 900..don't know where op checked his score..

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How do you manage to get 264 cibil score? Even regular loan defaulters goes only to 300

Deal Newbie Deal Newbie
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So sorry. I just saw my mistake there. Cibil is 759, earlier it was 764. Just corrected it

Deal Cadet Deal Cadet
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actually RBL and HDFC are far better comparing with other credit card on loan above credit limit , like sbi reporting loan amount on existing card account in cibil :

Example: if you book loan amount 200000

credit limit 100000

High credit 300000

utilized       300000

so utilization is 300% i took  sbi ENCASH and my score dip 12points 

Deal Newbie Deal Newbie
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I thought i am in this alone. or RBL is the only one doing it. It's the case with everyone and RBI should do something to ask the bank to clearly show it on the cibil  / other credit agencies. 
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