Low CIBIL Case Study

Table of Contents

Rahul, a 26-year-old working in a MNC Bank in Bangalore, had a CIBIL score of 637 and was facing difficulty in getting a loan due to a past write-off due to a lost credit card in 2017. However, Omozing was able to provide him with a personal loan of Rs. 1.26 Lakhs at a reasonable interest rate.

Here are the alternative factors Omozing used other than CIBIL score and made the decision to do this loan:

  1. Income and Employment Status: Omozing evaluated Rahul’s income and employment status to determine his ability to repay the loan. They took into account his salary, job stability, and tenure in the current job.
  2. Payment history: Omozing evaluated Rahul’s payment history, including his past payment behaviour on other loans, credit cards, and bill payments, to understand his creditworthiness.
  3. Credit mix: Omozing evaluated Rahul’s credit mix, including the types of credit he had and how responsibly he had used them, to understand his creditworthiness.
  4. Current Financial Obligations: Omozing evaluated Rahul’s current financial obligations, including his outstanding debt, expenses and savings, to understand his ability to repay the loan.
  5. Reason for the write-off: Omozing evaluated the reason for the write-off, in this case the lost credit card, and found that it was an isolated incident and not a pattern of irresponsible behaviour.