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bank defaulters

Shipra Gupta ( Final n Article Assistant) (70 Points)

11 July 2011

Can anyone plz clarify how Bank, before disbursing loan to any co., will find out whether the company had defaulted in repayment of any previous loan take by it from any other bank? plz reply asap. urgent...

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Sharad Saini (Student) (286 Points)
Replied 11 July 2011

there is an agency called CIBIL which maintains the record of people who has defaulted in repayment of their loans. Whenever someone defaults in repayment, bank give all his details to CIBIL. Banks before granting loans to anyone checks whether name of that person is there in the records of CIBIL.

Apart from this before granting loans banks conducts enquiry of that which is sometimes done by FI agencies, they also maintains records of defaluters.

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Shipra Gupta ( Final n Article Assistant) (70 Points)
Replied 05 August 2011

Originally posted by : Sharad Saini
	hi there is an agency called CIBIL which maintains the record of people who has defaulted in repayment of their loans. Whenever someone defaults in repayment, bank give all his details to CIBIL. Banks before granting loans to anyone checks whether name of that person is there in the records of CIBIL. Apart from this before granting loans banks conducts enquiry of that which is sometimes done by FI agencies, they also maintains records of defaluters.

Thanks for your reply. But is there any way how other people associated to bank, like lawyer or CA of that bank, want to check out any applicant company's or party's previous default in any other bank. I mean- does CIBIL populates any list on internet or somewhere where company's detail can be seen by that lawyer or CA???

Sharad Saini (Student) (286 Points)
Replied 05 August 2011

Though CIBIL do not makes this data public. But status can b checked you will have to incur some exp for... last year the fee was Rs.42 .... i dont know how much is the fee now...

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