Iska kya mtlb hai. What's this "CC CIBIL SURROGATE QUALIFIER RULE" ???
2 saal se indus waale C bnaa rhe hai ye bol k
cibil surrogate - this is a new one
@Bhagat Singh ,
Iska matlab hai, like below:
Surrogate:
Generally, a CC application will be approved based on " serviceability, cibil score, income criteria ..etc. etc.. and also based on other bank's sepecific internal cirteria..
As you know, in these, I
ncome criteria is very important and they get the income confirmation from the income doc asked by them and given by you .. based on this income confirmation, they run some algo in their unique evaluation formula by their under writing team.. It is relatively complex and time consuming process.. All the above was a normal traditional process...
Instead of running this complex process for every application, some small banks incorporate " CIBIL as Surrogate" means
they dont ask for your income docs for income confirmation..
They depend on
your CIBIL profile ( note , not just CIBIL score here, the entire CIBIL profile)..
So they substitue your income doc with your CIBIL profile , that is why it is called " Surrogate" . here CIBIL acts as a surrogate to your income doc..
When you input your stated income along with your PAN and all other personal details, they run this automated evaluation program where they derive almost every data element that they are interested in evaluating your application from your CIBIL profile on the fly..
So as a result, whether rejection or approval is done immediately and if approved, then it will go to the next stage of identification process i.e. VKYC..
so, banks like IndusInd, YES bank purely depend on this CIBIL surrogate and the decision will be instant..
(The reason being, they dont want to spend money , time and energy in evaluating thier CC applications).
Sometimes they run exception report and find out if the rejection was based on address mismatch ( or some other non- crucial factor) then those rejected applications will go to their special team for reconsideration after 90 days.. This was what happened in my case for my Legend application of IndusInd.. Intially was rejected because of address mismatch by algo and later exaclty after 90 days, their special team from Banglaore called me and asked me if I was still interested in their Legend, when I said yes, they processed with a simple ekyc and got my Legend in the next 3 days..
So what might impact in your CIBIL profile:
1) your score
2) your open accounts
3) your recorded income in CIBIL
4) Debt to Income ratio
5)personal and office address
6) other significant unsecured loans ( like big personal loans)
etc.
etc..
Again each bank takes and considers only those data items that they were interested in ..
Say, for example IndusInd might only look at 4 our of 6 the above stated items.
I dont know what exactly each of these banks look at..
I am just giving you an idea of how things work , as a process..
Another example is ( opposite to CIBIL as surrogate): BOB
these guys never use CIBIL surrogate: Their underwriter team always want to evaluate every single application manually and hence they ask for every single document under the SUN and take their own sweet time and comes to a decsion after 1 month or 3 months later.. that is how they operate..
All the above opinions are personal in nature and according to my experinece and analysis.. I have no insider information and neither did I ever work for any Bank or Credit card department..
Ask me any further doubts you may have..
Enjoy..
Have fun !!
