India Mortgage chalks out new credit score
The Hindu
India Mortgage Guarantee Corporation (IMGC) has created a credit score similar to CIBIL score for non-credit tested customers, a top official said.
India Mortgage Guarantee Corporation (IMGC) has created a credit score similar to CIBIL score for non-credit tested customers, a top official said.
“We have created a credit score, which will act as a substitute for bureau score and help those with a rating of 600 to 700 points,” IMGC chief executive officer Mahesh Misra said during an interaction.
“The new credit rating system is for about 30-35% of borrowers who are non-credit tested (salaried and non-salaried). The application is being piloted and will be rolled out in 12 months. We have started testing it with existing lending institutions,” he said.
Mr. Misra also announced a strategic development plan that included entering new markets and increasing its home-loan guarantee portfolio to ₹30,000 crore by FY24 against ₹20,000 crore done till date since its inception in 2012.
During FY23, IMGC processed more than 1,100 claims, provided guarantee to home loans worth ₹4,800 crore with plans to achieve ₹9,000 crore by March 2024.
Mr. Misra said that the company had a healthy capital adequacy ratio of 38% which was sufficient for the next three years.
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