Hello friends, I have a question. I begin my financial journey in January last year and I’m still learning it all.
In April 2023, I purchased health insurance from Care, and to manage the budget I told them that I’d pay the premium on monthly basis.
At that time, I’ve had Axis IOCL credit card with a limit of 24k and the premium was around 46k so they suggested me a ‘personal’ loan from Axio which was in collaboration with them.
Therefore I accepted that and paid all the EMIs on time and the payment was cleared in June this year. So I thought the loan would now be closed in my CIBIL report but it wasn’t the case! Even in November it was showing as “active unsecured loan,” so I sent an email to close it.
A few days ago, I received their reply saying, “We would like to inform you that deactivating/ suspending your axio paylater account would be permanent and will be marked as “customer requested“ suspension. Once the facility is suspended under this category we would not be able to reactivate the same. Post which the same will be closed in CIBIL reports. Please share your consent to proceed further.”
Now my question is, should I proceed to close it? I really don’t need this 40k amount loan as I can now use any one of my CCs for it, plus I’m not liking this loan showing up in my report. Please help me with the cons if any.
P.S.- I closed my AU Bank, StanChart, and IndusInd credit cards a few weeks ago as my OneCard limit got increased by 2.5L so thought to get rid of unnecessary CCs with lower limits.
In April 2023, I purchased health insurance from Care, and to manage the budget I told them that I’d pay the premium on monthly basis.
At that time, I’ve had Axis IOCL credit card with a limit of 24k and the premium was around 46k so they suggested me a ‘personal’ loan from Axio which was in collaboration with them.
Therefore I accepted that and paid all the EMIs on time and the payment was cleared in June this year. So I thought the loan would now be closed in my CIBIL report but it wasn’t the case! Even in November it was showing as “active unsecured loan,” so I sent an email to close it.
A few days ago, I received their reply saying, “We would like to inform you that deactivating/ suspending your axio paylater account would be permanent and will be marked as “customer requested“ suspension. Once the facility is suspended under this category we would not be able to reactivate the same. Post which the same will be closed in CIBIL reports. Please share your consent to proceed further.”
Now my question is, should I proceed to close it? I really don’t need this 40k amount loan as I can now use any one of my CCs for it, plus I’m not liking this loan showing up in my report. Please help me with the cons if any.
P.S.- I closed my AU Bank, StanChart, and IndusInd credit cards a few weeks ago as my OneCard limit got increased by 2.5L so thought to get rid of unnecessary CCs with lower limits.
