Questions on Updating Address in Bank Accounts and Its Impact on Loans/CIBIL Score

[Sravan]

Hi everyone,

I need to update my address in my bank accounts due to a recent move. I have a few questions about the potential implications and processes involved. I'd appreciate any insights or experiences from those who have gone through this.

Impact on CIBIL Score: Will updating my address in my bank accounts cause my CIBIL score to decrease?

Cooling Period for New Loans: Is there any cooling-off period after updating the address before I can apply for and get new loans sanctioned? (This is because it's a newly moved address.)

Updating Address for Existing Loans: I have a few existing loans where I'm paying EMIs on time without any issues. How do I update my new address for those loan accounts?

Eligibility for Top-Up Loans: After updating the address, can I immediately apply for a top-up on my existing loans, or is there any waiting period?

Thanks in advance for your help!

 

[hender]

Hi everyone,

I need to update my address in my bank accounts due to a recent move. I have a few questions about the potential implications and processes involved. I'd appreciate any insights or experiences from those who have gone through this.

Impact on CIBIL Score: Will updating my address in my bank accounts cause my CIBIL score to decrease?

Cooling Period for New Loans: Is there any cooling-off period after updating the address before I can apply for and get new loans sanctioned? (This is because it's a newly moved address.)

Updating Address for Existing Loans: I have a few existing loans where I'm paying EMIs on time without any issues. How do I update my new address for those loan accounts?

Eligibility for Top-Up Loans: After updating the address, can I immediately apply for a top-up on my existing loans, or is there any waiting period?

Thanks in advance for your help!

You are taking too much botheration about address change...
Address change and informing the banks/ financial institution, is a good practice.
It will just add a new entry in CIBIL for your new current address.
Wonderful thread by @SSV Sir,

CIBIL Score - A Practical Guide

CIBIL Score - A Practical Guide Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing.. Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day...

www.technofino.in

 

[sovon]

You are taking too much botheration about address change...
Address change and informing the banks/ financial institution, is a good practice.
It will just add a new entry in CIBIL for your new current address.
Wonderful thread by @SSV Sir,

CIBIL Score - A Practical Guide

CIBIL Score - A Practical Guide Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing.. Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day...

www.technofino.in

True, There is no issue for address updation.

Banks are often encourage people to update their latest address via time to time re-kyc.

 

[panu24]

Hi everyone,

I need to update my address in my bank accounts due to a recent move. I have a few questions about the potential implications and processes involved. I'd appreciate any insights or experiences from those who have gone through this.

Impact on CIBIL Score: Will updating my address in my bank accounts cause my CIBIL score to decrease?

Cibil will not be impacted if you update address in bank account. What gets updated is CKYC.

Cooling Period for New Loans: Is there any cooling-off period after updating the address before I can apply for and get new loans sanctioned? (This is because it's a newly moved address.)

I don't think there will be any cooling period required here. But make sure if you update Adhaar address as well.

Updating Address for Existing Loans: I have a few existing loans where I'm paying EMIs on time without any issues. How do I update my new address for those loan accounts?

Approach the financial institute of your loan, provide them updated address, they may update same in cibil and ckyc.

Eligibility for Top-Up Loans: After updating the address, can I immediately apply for a top-up on my existing loans, or is there any waiting period?

Thanks in advance for your help!

I think so you can apply immediately.

 

[Sravan]

You are taking too much botheration about address change...
Address change and informing the banks/ financial institution, is a good practice.
It will just add a new entry in CIBIL for your new current address.
Wonderful thread by @SSV Sir,

CIBIL Score - A Practical Guide

CIBIL Score - A Practical Guide Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing.. Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day...

www.technofino.in

inconsistent address leads to decrease cibil i thought

 

[SSV]

inconsistent address leads to decrease cibil i thought

Don’t worry too much… it won’t have any impact on CIBIL score..
However if your new address is in unserviceable area it may have impact on new credit card acquisition etc.. but not on the CIBIL score itself

 

[hender]

inconsistent address leads to decrease cibil i thought

If you changing it every month, then it may be suspicious, for some lenders, but a routine change into 3-5 years, is not at all.