HEALTHY CIBIL SCORE FOR BANK JOB

[mohan p]

JUST FOR INFORMATION:

Candidates aspiring to get a bank job hereafter, need a 'Healthy' CIBIL score too.  Merit and hard work alone are not enough!

The first major clerical recruitment notification of this year issued by the Institute of Banking Personnel Selection (IBPS), the common recruitment agency for participating public sector banks (excluding State Bank of India), has a new credit history clause for applicants.

(Vacancies for 2024-25) 

Quote:

"VII. CREDIT HISTORY:

 (i) The candidate applying shall ensure that, they maintain a healthy Credit history and shall have a minimum CIBIL score of 650 or above at the time of joining of participating banks. The minimum credit score will be as per the policy of participating banks, amended from time to time.

 (ii) Those candidates whose CIBIL status has not been updated before the date of joining, have to either get the CIBIL status updated or produce the NOCs from lender to the effect that there is no outstanding with respect to the accounts adversely reflected in the CIBIL, failing which the letter of offer may be withdrawn / cancelled. The final discretion in this regard remains with the allotted Bank.  "

(Nowadays, students are availing Educational Loans for their studies.)

[Srinivasan Badri]

OK. Actually the repayment of Education loanCan be made regularly only ongetting job? How can thebank expect cibil score etc.many may not have PAn cards as they may not have any Income before getting  job in thebank ?

The best thing  banks can do is to obtain  declaration  of educational loan with full details and anundertaking of repayment through the employer bankthru deductions from salary.

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[JSOMA SHEKARA]

Banks are prompt in reporting default ro CIBIL. But once the loan is closed Banks do not care to report closure to CIBIL. Only after repeated requests and correspondence and after few months  it will be rectified. Till then CIBIL records show account is pending. Recently a PSU Bank had to pay Rs.1lakh penalty to a lawyer for not reporting closure of loan because of which his reputation suffered  Recently there were several complaints against SBI. SBI few months back freezed many SB accounts because KYC was not updated. Though Bank maintained that It was informed to customers via SMS and other modes many customers complained that they have not received any messages. As accounts were freezed Bank did not carry out SI and EMI amount was not debited and transferred to loan accounts though suffcient balance was available in SB accounts. But Bank promptly classified these accounts as default.  Though intention of CIBIL system is genuine borrowers are at disadvantage as Banks not reporting closure immediately.

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[Murali]

Thanks for this letter on CIBIL. A welcome break from the usual wage negotiation issue where we face a point of no return.

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