Sibil a bankig term
preet
(Querist) 10 June 2011
This query is : Resolved
Can any one explain me the term Sibil? when a loan taker comes in the sibil? How his status is determined?
prabhakar singh
(Expert) 10 June 2011
IF YOU MEANT "CIBIL "- THEN IT IS India's first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports.
CIBIL is a composite Credit Bureau, which caters to both commercial and consumer segments. The Consumer Credit Bureau covers credit availed by individuals while the Commercial Credit Bureau covers credit availed by non-individuals such as partnership firms, proprietary concerns, private and public limited companies, etc.
For credit grantors to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.
CIBIL primarily gets information from its Members only and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive snapshot of an entity’s financial track record.
BUT if you are firm that your term is "SIBIL"then please expand it.
Dr. Imran Ahmad, MOZA
(Expert) 11 June 2011
Do not work on dictionary meaning for this work. There is no such term in business language. It seems it is Indian generated term. A bank manager or so may know its meaning. Talk to some other bank managers.
Regards.
M V Gupta
(Expert) 11 June 2011
I agree with Mr. Prabhakar Singh. The word is wrongly spelt by the querist as sibil instead of CIBIL. All lending banks in India now a days include a clause in the loan agreement that the borrower gives his cosent to convey the details of his loan transaction to the CIBIL and its purveying the data to the member banks.
malipeddi jaggarao
(Expert) 13 June 2011
It is Credit Information Bureau (India) Limited. Expert Mr.Prabhakar Singh has explained in brief its functions.
