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What is the minimum credit score required for a personal loan application?

Money ControlMoney Control · 1y ago
What is the minimum credit score required for a personal loan application?
Medial

In India, the borrower's credit score is crucial in securing a personal loan. Lenders assess creditworthiness through the credit score, which is a three-digit number reflecting the borrower's financial responsibility based on credit history. A higher credit score increases the chances of loan approval and provides better interest rates. The minimum credit score required varies, but many lenders prefer a score of 750 or above. Factors affecting the credit score include payment history, credit utilization ratio, credit history length, credit mix, and number of credit inquiries. To improve credit scores, borrowers should pay bills on time, reduce outstanding debt, regularly check credit reports for errors, and limit new credit applications. Monitoring credit scores is essential for informed financial decisions.

No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Money ControlMoney Control · 1y ago
No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla
Medial

Raj Khosla, Managing Director of MyMoneyMantra, suggests creating a budget and sticking to it to effectively manage credit cards during the festive season. He advises tracking expenses regularly through mobile apps, utilizing credit cards with benefits like no-cost EMI and cashback rewards, and using credit responsibly to build a good credit score. The choice between credit cards, no-cost EMIs, and Buy Now, Pay Later (BNPL) schemes depends on individual preferences. To maintain a good credit score, Khosla recommends paying bills and EMIs on time, keeping credit utilization below 30%, and avoiding debt traps. Future credit card rewards programs may focus on personalized experiences, cashback incentives, and partnerships with lifestyle brands. Financial independence requires saving 25-30 times one's current annual expenses, and a diversified investment strategy across equities, real estate, and gold can lead to long-term wealth creation.

Exclusive: OneCard to raise debt from Alteria

EntrackrEntrackr · 10d ago
Exclusive: OneCard to raise debt from Alteria
Medial

Mobile-first credit card startup OneCard is raising Rs 40 crore (approximately $4.5 million) in debt funding from existing investor Alteria Capital. This debt funding follows the company’s $28.5 million round raised last December from QED Investors, Better Tomorrow Ventures, Peak XV, and Z47, which valued the company at $1.4 billion post-money, as exclusively reported by Entrackr. The board at OneCard has passed a special resolution to approve the issue of 4,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). The said debentures carry an interest rate of 13.85% per annum with a tenure of three years. Founded in 2019, OneCard (FPL Technologies) provides co-branded credit cards, largely aimed at first-time users, through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. It also runs OneScore, an app for credit score tracking and credit management. According to startup data intelligence platform TheKredible, OneCard has raised over $270 million to date, including the $100 million round in July 2022 when it became a unicorn. On the financial front, the fintech unicorn recorded more than 2.6X year-on-year revenue growth in FY24, reaching Rs 1,426 crore, while losses stood at Rs 401 crore during the period. It is yet to disclose its FY25 numbers. Recently, OneCard came under the Reserve Bank of India’s (RBI) scrutiny, with the regulator reportedly asking its partner banks to halt the issuance of co-branded credit cards. The RBI is said to be seeking greater clarity on how data is shared between OneCard and its banking partners.

TrusTerra bags $1 Mn in pre-seed round co-led by Finvolve & India Accelerator

EntrackrEntrackr · 2m ago
TrusTerra bags $1 Mn in pre-seed round co-led by Finvolve & India Accelerator
Medial

TrusTerra, an AI-backed marketplace for used electric vehicles (EVs), has raised Rs 9 crore in a pre-seed funding round co-led by Finvolve and India Accelerator, with co-investment from GrowthCap Ventures and participation from strategic angels including Shishir Maheswari, Samrath Jit Singh, Ayush Lohia, Kapil Nirmal and other investors. The proceeds will be deployed to scale TruEV Score, expand its web and mobile marketplace across India’s top EV adoption cities and into Tier-2 markets, strengthen partnerships with OEMs, NBFCs, banks, and dealers, and invest in senior technology, operations, and business development hires. Launched this year by Tanvir Singh, Saurabh Arora, Madhu Reddy, and Chanakya Agarwal, TrusTerra is an AI-driven marketplace for pre-owned electric vehicles, offering solutions such as TruEV Score™, TerraCash™, and TerraBid™ to bring transparency, trust, and liquidity to India’s fast-growing EV market. The platform aims to build the resale backbone of India’s EV revolution. “With our TruEV Score™ and instant-sell marketplace, TrusTerra is unlocking trust and liquidity in India’s pre-owned EV market,” said Tanvir Singh, co-founder & CEO, TrusTerra. Since inception, TrusTerra claims to have onboarded over 150 dealers, evaluated more than 2,000 used EVs for resale, and facilitated transactions worth over Rs 3 crore. Its TruEV Score™ is already being piloted with OEMs, NBFCs, and fleet operators, generating strong interest from lenders and manufacturers. The Delhi-based startup aims to certify 20,000 used EVs across over 20 cities, expanding its presence through its web and mobile marketplace that enables customers, dealers, and financiers to trade used EVs with verified battery scores and instant financing.

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