Finway launches loan guaranteed by inclusion of credit to improve CIBIL scores of defaulters

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Finway launched the “Credit Inclusion Secured Loan” to offer defaulters a second chance to improve their CIBIL scores.

Finway launched the “Credit Inclusion Secured Loan” to offer defaulters a second chance to improve their CIBIL scores. Under the “Secured Loan with Credit Inclusion”, Finway will provide a credit inclusion opportunity and lend secured loans to borrowers on the basis of clearly negotiable property, the company said in a statement.

“The new loan will help them improve their bad credit scores by paying off EMIs on time and thus have the opportunity to change and improve their credit history. It will also help them to apply and get additional funds from other financial institutions in the future, ”he said.

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Currently, no financial institution lends money to defaulting borrowers if they had not paid off their IMEs in the past, even if it was 10 years ago, he said. Once he fails to repay the loan amount, the defaulter is kicked out of the credit system and there is no way for him to improve his CIBIL score for life, he said.

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