The Credit Information Bureau of India Limited (CIBIL) on Friday announced a significant increase in disbursal of home loans and issue of credit cards in the first quarter of the fiscal 2015-16 as compared to the corresponding quarter of the last financial year.
At an informative, interactive session, the first such meeting after a similar one held three years ago, CIBIL Senior Vice-President-Customer Relations, Harshala Chandorkar said over 3.9 lakh home loans were disbursed between April and June, 2015.
The delinquency of repayments (90 days and more) had come down from 1.06 per cent by end of 2010, to 0.57 per cent by this year’s first quarter, she said, adding that home loan growth was driven by higher demand in Mumbai, Pune, Bengaluru and New Delhi.
As for credit cards, 10.8 lakh new credit card accounts were opened this quarter, against 8 lakh accounts in the first quarter of the last financial year. Delinquency on credit card payments too had come down from 3.27 per cent at the end of 2010, to 1.06 per cent this quarter.
The maximum number of credit card applications came from Mumbai, New Delhi and Bengaluru, she pointed out. The growth, she said was driven by the increased growth by increased availability of credit information.
Quoting from CIBIL’s latest data trends report, Ms. Harshala said that 79 per cent of retail loans were approved for individuals whose CIBIL TransUnion rating were beyond 750. In response to questions, she said the number of disputes every month, arising out of incorrect information furnished to the CIBIL by banks were in hundreds, while the CIBIL Reports and TransUnion Scores were being given in crores.
She declined to accept that the CIBIL, the agency responsible for issue of such reports and scores had a role to play, but insisted that the responsibility of furnishing accurate information lay with member banks. She said that credit information support from the CIBIL had made lending objective, information-oriented, more reliable and less risk-prone.
