Last Date for IT Return Filing for FY 2023–24: A step-by-step guide

As a taxpayer, it is important to know the deadline for income tax filing to avoid penalties and interest that you need to pay on the fine. These dates can help you create and stick to a timeline and sort out your finances.  

Generally, the last date for filing your tax for the financial year is 31st July of the assessment year. However, if you miss the date, you can also file the late returns by the end of December of the same year. 

As such, knowing these dates is important to comply with tax laws and file returns on time. Read on to learn about the last date for income tax return filing for the financial year 2023-24, the date for filing advance tax, and other details. 

Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)

Here is a list of the income tax filing dates for different categories of taxpayers. 

Due DateTaxpayer Category
31st July 2024Individual, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)
31st October 2024Businesses (with tax audit report)
30th November 2024Businesses filing for ITR requiring transfer pricing reports (in case of international transactions)
31st December 2024Revised returns
31st December 2024Belated or late returns
31st March 2027Updated returns (up to 24 months after the Assessment Year or AY)

Note that for businesses, the income tax audit report due date is 30th September 2024. 

Also Read: Personal Loan Without ITR

Due Dates for Paying Advance Tax for FY 2023-24

Here is the last date for income tax return of advance tax payments. 

Due DateNature of CompliancePayable Tax Amount
15th June 2024First instalment15% of tax liability 
15th September 2024Second instalment45% of tax liability 
15th December 2024 Third instalment75% of tax liability 
15th March 2025Fourth instalment100% of tax liability 
15th March 2025Presumptive taxation scheme100% of tax liability 

What Happens if You Miss the Due Date?

Here are some consequences you will face when you miss the deadline for income tax filing. 

  • You can pay your return along with the late fee and interest charges before 31st December of the financial year
  • You will be liable for paying interest at 1% per month on the unpaid tax amount according to Section 234A 
  • You are liable to pay a fine of ₹1,000 for a net income of up to ₹5 lakhs and ₹5,000 for a net income exceeding ₹5 lakhs
  • You cannot carry forward your losses and offset them against your total income in the subsequent year
  • You can also file for ITR U or updated returns if you miss the 31st December deadline due to some unavoidable reasons

Also Read: Types of ITR Forms in India

Benefits of Filing Income Tax Returns (ITR) on Time

ITR filing on time has many benefits, which are as follows: 

  • It allows you to apply for loans quickly, as most lenders require tax returns as proof of income 
  • In case of TDS deductions, you can claim a refund for the amount that you paid over your tax liabilities
  • It acts as proof of address and income when applying for a visa
  • Filing taxes allows you to claim deductions on your investments, such as FDs, insurance premiums, etc.
  • It allows you to carry forward your losses from the previous year to claim deductions
  • You can avoid paying penalties and interest on your tax returns
  • Not filing your taxes is illegal and has many legal implications

To enjoy all these benefits, it’s imperative to file taxes in a timely manner. Doing so also saves you from any last-minute hassle and reduces the chances of making any errors in taxation. If you need a loan for a last-minute requirement, including paying taxes, then you can apply for a Fibe Instant Personal Loan. 

You can get up to ₹5 lakhs at pocket-friendly interest rates and a comfortable tenure of up to 36 months. There are also no foreclosure charges, allowing you to repay the loan comfortably. So, download our Personal Loan App or go to our website to apply with a completely digital application process and minimum documentation. 

FAQs on ITR Filing Last Date

Can we file a return after 31st December?

Yes, as per the Union Budget 2022 update, you can file for ITR-U if you miss the last date for income tax returns. This allows you to file a return up to 24 months after the deadline of the relevant assessment year.

What is the last date for filing the ITR for 2023-24?

The deadline for income tax filing for financial year 2023-24 or assessment year 2024-25 is July 31, 2024. If you miss the date, you have the option to file a belated return by December 31, 2024. 

Check TDS Status Online with PAN Card

Learning the steps to run a TDS check is crucial for all taxpayers. It allows you to manage your tax liabilities and file accurate returns. Know that TDS stands for Tax Deducted at Source. It’s a tax that employers, banks and other entities deduct before disbursing the funds to your account.

Tax deductors or collectors file a TDS return every quarter, and based on that, you get the details of deductions made under your name. With the online TDS check facility, you can verify such deductions. This helps you to accurately assess and manage your tax liability.

Read on to learn the steps to run a TDS check online using your PAN card and more.

Steps to Check TDS Status on the TRACES Portal

Follow these steps to do an online TDS check by PAN card on the official website:

  1. Visit the TRACES CPC portal at https://contents.tdscpc.gov.in/en/home.html
  2. Navigate to the ‘Tax Payer’ tab
  3. Select the ‘View TDS/TCS Credit’ option under ‘Quick Links’
  4. Enter the captcha code and click on the ‘Proceed’ button
  5. Enter your PAN, TAN of the deductor, select the financial year and quarter and type of return
  6. Click on the ‘Go’ button

These are the simple steps to initiate a TDS check online. In the case of multiple tax deductors, you will have to do this process multiple times to know all the deductions.

Also Read: How to calculate TDS on salary?

Checking TDS Status on Income Tax e-Filing Portal

Here are the steps you need to follow to check your TDS balance on the income tax website.

  1. Visit the official income tax website at www.incometaxindiaefiling.gov.in/home
  2. Log in on the website using the credentials (register if you haven’t)
  3. Go to the ‘e-File’ tab and then to ‘Income Tax Returns’
  4. Click on the ‘View Form 26AS’ option
  5. Click on ‘Confirm’ and you will be redirected to the TRACES portal
  6. Click on the ‘I agree’ box and then proceed
  7. Select the ‘View Tax Credit (Form 26AS)’ link
  8. Select the ‘Year’ and your preferred viewing format
  9. Download the file to get your TDS statement

Once you have downloaded the file, you need a password to view your TDS details. This password is your date of birth as per your PAN card in ‘DDMMYYYY’ format. You can also run a TDS check by PAN card via net banking provided that it’s an authorised bank and your card is linked to the account.

Also Read: How to Claim ITR Online for TDS

Details in TDS Statements

Now that you know how to check TDS online, here is all the information you can find on the statement.

  • Deductions made by the entities on your behalf
  • Amount of collections made by the entities on your behalf
  • Any deduction on the account of immovable property sale
  • Tax paid via self-assessment or tax paid before the due date using your PAN number
  • All the refunds received in the past quarters during the assessment year
  • TDS made on transfer of shares, bonds, or mutual funds
  • Details of TDS defaults and statement processing

Verifying these details when you do a TDS check helps you stay well-informed about your tax liabilities and finances. Similar to these digitised tax facilities, you can also get access to funds digitally. One option is the Fibe Instant Personal Loan through which you can access funds up to ₹5 lakhs instantly.

You can get a loan at an affordable interest rate and a comfortable tenure option of up to 36 months. With minimum documentation and swift approval, you enjoy a streamlined process that takes only a few minutes. So, download the Personal Loan App or apply on our website!

FAQs on TDS Status Check

How can I check my TDS status online?

Visit the TRACES or income tax portal to check your TDS statement status online with your PAN card.

How can I get my TDS return details?

Log in to the income tax website to check your return. If you are a deductee, you can visit the income tax portal or TDS portal to view your deduction details.

How can I download a TDS certificate?

If you are a deductee, you can get Form 16 from your employer or the deductor. If you are a deductor, you can download it by following these steps:

  • Step 1: Visit the official TRACES website and log in with your user ID and password
  • Step 2: Go to the ‘Downloads’ section and select the ‘Form 16A’ option
  • Step 3: Select your preferred financial year and quarter and click on ‘Go’
  • Step 4: Verify the details and click on ‘Submit’
  • Step 5: Select from the KYC option, with or without a Digital Signature Certificate
  • Step 6: Submit the form after verification

Step 7: Go to the TRACES website after 24-48 hours to download the certificate

What is a Moratorium Period in Loans and How It Works

You might wonder what is moratorium when looking at loan terms. It’s simply a pause on your EMI payments for a limited time. During this break, you don’t need to repay the loan, and there’s usually no penalty. It’s a helpful option built into many loans to give you some breathing space when needed.

Keep reading to learn more about what is moratorium period and how it works.

Moratorium Period Meaning

Lenders define moratorium period meaning as a legally allowed break from repayment. It can be offered at the start of your loan or later in case of genuine financial stress. It’s a facility lenders offer when you’re unable to pay EMIs due to reasons like job loss, health issues or cash flow crunch. 

It’s not automatic. You need to request it and your lender must approve it. But even though your EMIs are on pause, interest still adds up. Once the period ends, you must start regular EMIs again based on a revised schedule. Once the moratorium ends, your EMIs or tenure may increase to adjust for the missed payments.

How Does a Moratorium Period Work?

When the lender approves your request for a moratorium, they will halt your EMI payments. However, interest will still be levied and added to your total outstanding amount. Once the period ends, your lender will give you a new schedule as your outstanding amount will change. This leads to an increase in your EMI, your tenure or both, depending on the agreed plan.

You might also hear the term grace period, but it’s different from a moratorium. A grace period gives you a short window, usually up to 15 days after your EMI due date. Within this grace period, you can pay without a penalty. A moratorium, on the other hand, offers a longer break. 

What is an Example of a Moratorium Period?

Let’s say you have a personal loan of ₹2 lakhs at 12% interest for 2 years. You’ve already paid 6 EMIs. Due to job loss, you opt for a 3-month moratorium. Here’s what happens:

  • Interest keeps adding up for those 3 months
  • Your outstanding loan amount increases
  • Your lender either extends the tenure or revises your EMI

So, you skip EMIs for a short time, giving you breathing room. But your overall loan cost goes up.

How Do Lenders Calculate Interest During the Moratorium Period?

Continuing with the earlier example, let’s assume you have a personal loan of ₹2 lakhs at 12% annual interest for a tenure of 2 years. Now, due to a temporary income pause due to a job loss, you opt for a 3-month moratorium.

During this period, your EMIs are on hold. But interest keeps adding up on the pending principal.

Here’s what happens:

  • Monthly interest: ₹2,00,000 × 12% ÷ 12 = ₹2,000
  • Total interest for 3 months moratorium: ₹2,000 × 3 = ₹6,000

This ₹6,000 gets added to your outstanding loan amount. Once the moratorium ends, your lender may either increase your EMI, extend the tenure or adjust both. This ideally depends on the repayment plan you choose.

Advantages and Disadvantages of the Moratorium Period in a Loan

There are some benefits you can enjoy by opting for a moratorium period in a personal loan or any other loan. In addition to these advantages, there are also some drawbacks that you may have to face. 

AdvantagesDisadvantages
Helps you avoid default when facing a crisisTotal interest payout increases
Gives you time to stabilise your financesYou may need to pay higher EMIs after
No impact on your credit scoreYour loan tenure may get longer
No penalty charges during the breakNot available automatically, you must apply

Armed with this information about the provision and its pros and cons, decide if this option is worth it. One way to minimise the burden of repayment is to avail a loan on affordable terms. The Fibe Instant Cash Loan is one such option and you can get up to ₹5 lakhs at affordable rates.
Moreover, you enjoy flexible tenures and zero foreclosure charges, allowing you to have a comfortable experience. Download our Personal Loan App or apply on our website to get started!

FAQs on the Moratorium Period 

How is interest calculated during the moratorium period?

Lenders compute interest during this period using the simple interest formula. This interest is levied on the outstanding amount for the period and not the entire principal amount. This amount is then added to the payable amount, increasing the number of EMIs or the EMI amount. 

What is the moratorium period for personal loans?

It is the period during which you don’t have to pay instalments and its length depends on the agreement between the lender and the borrower. 

How much will the EMI increase after the moratorium?

It depends on how long the moratorium period was and the interest applied during it. 

Can I pay EMI during the moratorium period?

No, you don’t have to pay any EMIs during a moratorium period on personal loan or any other loan.

Credit Control Meaning, Role, Types & Why It Matters

What is credit control and why does it matter when you apply for a loan? Simply put, credit control meaning refers to how lenders decide who gets credit, how much and on what terms. It helps banks and NBFCs avoid lending to risky applicants. 

If your credit score is low or you’ve missed EMIs, you might face rejection or higher interest rates. The good news? You can fix this. Pay your dues on time, keep credit use low and build a steady repayment record.

So, read on to explore how lenders use this system, what factors affect it and how it impacts your credit journey.

What is Credit Control?

In simple terms, it refers to the policies and practices that financial institutions have to manage and mitigate their risk of lending. Effective implementation of credit control allows lenders to lower the risk of non-payment or default, which will help them manage their cash flow. 

Key Features of Credit Control:

  • Helps lenders stay financially stable
  • Only creditworthy customers get loans
  • Reduces default risk and improves cash flow
  • Tracks repayment behaviour to avoid over-borrowing

How Credit Control Works?

Credit control means setting up systems to manage and limit risk while giving credit. Here’s how the process usually works:

  • Assess borrower’s ability: Lenders check income, credit score and past repayment behaviour
  • Set credit limits: Based on this, they decide how much credit to offer
  • Track credit use: They regularly monitor how the credit is being used and if payments are made on time
  • Report to credit bureaus: Borrower activity is shared with bureaus like CIBIL, which affects credit scores
  • Take action when needed: If a customer defaults, they may reduce the limit, add late charges or block further credit

It’s not just lenders, even businesses use credit control. They do this to ensure they get paid on time and protect their cash flow. 

Example of Credit Control

  • Business example: A manufacturer checks a distributor’s payment track record. If payments are delayed, they shorten the payment window or ask for partial upfront payment.
  • Consumer example: When you apply for a phone on EMI, the company or store checks your CIBIL score. If it’s low, they may ask for a down payment or decline the EMI offer.

Types of Credit Control

Now that you know the meaning of credit control, here are its types: 

Credit Assessment

This is the primary process of credit control, as it involves evaluating the borrower’s creditworthiness based on the past credit behaviour. This can include:

  • Reviewing credit score 
  • Evaluating financial capacity through income statements 
  • Checking credit history

Credit Terms and Conditions

Another type of control is defining the terms for lending, such as deciding on a comfortable, affordable interest rate, penalty amount and payment date. This step is important to maintain transparency and facilitate on-time payments from the borrower. 

Credit Monitoring and Reporting

With this type of control, lenders can report any delinquencies, delays and defaults by the borrower. This allows them to effectively manage the risk and take the appropriate steps to avoid financial loss. 

Debt Collection

This is an essential component involving strategies to recover the loan amount. For example, if the borrower is unable to pay the EMI due to unforeseeable circumstances, lenders can negotiate and adjust the repayment structure. They can also appoint collection agencies to recover the amount. Lenders may even pursue legal actions for this.

Credit Insurance

This type of control is ideal for protecting lenders against default arising due to bankruptcy, loss of job, health issues, insolvency or other reasons. With this, they can minimise their loss and maintain cash flow.

Importance of Credit Control 

In addition to mitigating the risk of lending, the objectives of credit control involve:

  • It helps set clear terms for repayment of the borrowed amount and interest
  • It allows lenders to decide which borrower can afford the loan
  • It allows them to reduce the chances of facing financial loss due to the poor financial management of the borrower
  • It helps regulate the cycle of credit, as reporting the credit behaviour helps other lenders assess the borrower’s financial capacity 
  • It helps protect the borrower from over-borrowing and falling into a debt trap
  • It helps maintain legal and ethical regulations set for lenders as well as borrows

Also Check: How To Get 1 Lakh Personal Loan 

Disadvantages of Credit Control

Although there are many benefits, there are some limitations of credit control. With its implementation, financial institutions may face: 

  • Increased administrative costs of credit management
  • Reduced sales due to strict policies and terms
  • Challenges in balancing sales growth and credit control 
  • Damaged consumer relationships due to stringent terms and policies

Armed with this information, you can better understand your borrowings. It also enables you to make an informed decision and choose the ideal financing option. If you are looking for affordable and instant funds, you can rely on the Fibe’s Personal Loan. 

You can get up to ₹5 lakhs for your umpteen financial requirements, be it planned or unplanned. It comes with an affordable interest rate starting at 2% per month, flexible tenure option and zero pre-closure charges. Download the Fibe Personal Loan App now or apply on our website to enjoy a comfortable borrowing experience. 

FAQs on Credit Control

What are the credit control types?

This strategy involves 5 types of control:

  • Credit assessment
  • Credit terms and conditions
  • Credit monitoring and reporting
  • Debt collection
  • Credit insurance

What is the credit control cycle?

This is a systematic process followed by the lender to manage their lending. It includes evaluating the borrower’s credit profile, setting credit limit, monitoring credit use, tracking repayment and reviewing the account.

How Does Repo Rate Affects Interest Rates of Personal Loans?

Do you know how the repo rate increase affects your personal finances? When you apply for a loan, lenders levy an interest rate. However, this isn’t a random number but a carefully calculated rate based on the prevailing repo rate and the institution’s policy.

Here are some essential points that you need to know:

  • The repo rate is the rate of interest at which financial institutions borrow funds from the RBI. 
  • The Reserve Bank of India (RBI) decides this rate based on many economic factors. 
  • Since it impacts the lender’s borrowing cost, it indirectly affects your personal finances, too. 
  • Currently, the repo rate fixed by the RBI is 6.50%. 

What is a Repo Rate?

The repo rate or ‘Repurchase Rate’ means the interest rate at which the Reserve Bank of India gives money to NBFCs and Banks in India. So, the cardinal rule is that the higher the repo rate, the higher the interest rate. Knowing this beforehand helps you better understand the repo rate effect on a personal loan and other forms of credit. 

How are Personal Loan EMIs Affected by the Repo Rate?

Thinking how does repo rate affects the interest rates of your personal loans? Generally, the RBI increases the repo rate to combat high inflation. If the RBI wants to increase the circulation of money in the economy, it lowers the repo rate. On the contrary, if the RBI wants to reduce borrowing by banks, it increases the rate to minimise the liquidity in the market.

So, an increase in the repo rate affects a personal loan, as well as business, home and other loan interest rates. Since interest rates have a direct effect on your EMI amount, an increase in the repo rate will also increase your EMI. 

On the other hand, lenders borrow funds at a lower interest when the RBI reduces the repo rate. In such cases, the interest rate also lowers as they offer loans at a lower rate. 

Simply put, a cut in the repo rate decreases your loan EMIs while an appreciation in the repo rate will increase your loan EMIs.

What are the Factors Affecting Your Personal Loan EMI?

In addition to the repo rate effect on a personal loan, here are some other factors that affect your interest rates and EMIs.  

Credit Score

Lenders charge a higher interest rate if you have a low credit score to mitigate the risk of providing the loan. If you apply with a good credit score, you can get credit on favourable terms, thereby minimising your borrowing costs. 

Loan Amount 

A higher loan amount also increases the risk for lenders. To enjoy lower EMIs and affordable interest rates, borrow only the amount you need. 

Repayment Tenure 

Interest rates and tenure have a reciprocal relationship; as one increases, the other decreases. Opting for a longer tenure will decrease your EMI, but remember that your interest payment will increase over the tenure.

Debt-to-Income Ratio 

Lenders may hesitate to provide your loan at a lower interest rate if you already have an ongoing loan. However, if you have a good score, lenders can rest assured of your repayment capability and may consider your loan application on favourable terms.

Your Net Income 

Showing a higher income is one way to opt for a lower interest rate on your personal loan. Generally, lenders prefer employed individuals with steady work experience. 

Lender-borrower Relationship

When you apply for a loan with an existing or past borrower, they have your record of repayment history. Based on that, you can get a personal loan at a lower interest rate, decreasing your loan EMIs.

In conclusion, the repo rate changes based on the economic situation and RBI monetary policies. Hence, apply for a loan when the repo rate is lower as interest rates will be more affordable. 

One such budget-friendly credit option you can consider is the Fibe Instant Cash Loan. With this type of credit, you can meet all your urgent financial requirements at affordable interest rates starting from 2% per month. 

It also has a speedy approval process and flexible tenure option with minimum documentation requirements, helping you tackle your financial needs hassle free. Download the Personal Loan App or go to our website to get up to ₹5 lakhs in a few clicks.

FAQs on How Repo Rates Affect Personal Loans

Does the repo rate affect personal loans?

Yes! This rate set by the RBI affects the interest rate offered by the lender. This way, it has a direct effect on your personal loan as well as other types of credit. 

How does a hike in repo rate affect your personal finances?

When the RBI repo rate for personal loans increases, the cost of borrowing subsequently increases. Thus, if you have a floating interest rate loan, your EMI will increase with the hike in the repo rate. 

Is the increase in the repo rate good or bad?

An increased repo rate has many pros and cons. For example, the interest rate on loans may increase, but individuals with FDs and savings can get better returns.

Online Loan Payment: Know Its Methods, Benefits, Tips and More

With many convenient options available, you can effortlessly make an online loan payment. This is because modern financial service providers allow you to manage your loan EMI online. As such, you can pay easily through multiple online options at your convenience.

You can use a lender’s portal or third-party payment apps to conveniently:

  • Pay your current and/or previous EMIs 
  • Make pre-payments 
  • Foreclose your loan

Knowing about the options that facilitate these payments will allow you to effortlessly manage your loan in just a few clicks. Read to know how to pay EMIs online, its key benefits and some security measures to keep in mind.

How to Pay Your Loan EMIs Online?

Follow these steps to make secure and rapid online EMI payments:

Through Net Banking 

  • Step 1: Visit your lender’s net banking or digital loan portal 
  • Step 2: Log in with your customer ID and password 
  • Step 3: Go to the loan section 
  • Step 4: Select the loan account
  • Step 5: Enter the amount you want to pay
  • Step 6: Select your preferred payment method
  • Step 7: Complete the payment and wait for confirmation 

Through Mobile App

  • Step 1: Download the lender’s mobile app on your device 
  • Step 2: Register on the app and log in with your credentials 
  • Step 3: Navigate to the loans section
  • Step 4: Select the account 
  • Step 5: Enter your EMI amount and preferred payment method 
  • Step 6: Complete the payment and save the confirmation

On the Third-Party App 

  • Step 1: Launch the payment app and log in
  • Step 2: Go to the ‘Bills and Payment’ section and select the ‘EMI Payment’ option 
  • Step 3: Enter the required loan details and EMI amount
  • Step 4: Choose your preferred payment option 
  • Step 5: Authenticate the payment 
  • Step 6: Confirm all your details and proceed with the payment 

Note that the mobile app interface for all lenders may differ slightly. However, following the instructions on your app will help you complete the transaction promptly. Once done, you will receive a confirmation from your lender. 

Also Read: Want a lower EMI For a Personal Loan?

Advantages of Paying Personal Loan EMI Online

Here are some benefits you enjoy with online loan EMI payment. 

  • Once you have made your EMI payment, set up reminders to ensure not to miss due dates
  • Most of the online services are secure and reliable
  • You get an instant receipt to keep a record of your payments
  • You can use different modes to pay such as net banking, UPI, mobile wallets, etc. 
  • With the internet around, you can make payments smoothly anytime and anywhere.
  • The complete process takes just a few minutes
  • You do not need to verify or get permission from your lender 
  • You get instant confirmation 
  • You can even pay EMIs online on bank holidays 
  • You can also make advance payments or pay overdue EMIs 

Security Tips for Making Online Payments 

Here are some security measures you must follow for online loan payments. 

  • Choose a trusted platform when making the payment, especially when using third-party applications
  • Choose a user-friendly interface to avoid errors
  • Make sure the web portal or mobile app has the recommended security protocols
  • Verify if there are any transaction fees 
  • Always recheck your account details and payment amount before submitting

With these tips, you can automate your loan EMI payment to avoid penalties and late payment charges. If you want to apply for a 100% digital loan with flexible tenure options, choose Fibe. 

With our Instant Personal Loan, you can enjoy up to ₹5 lakhs with affordable interest rates and a completely hassle-free digital application process. With minimum documentation and quick approval, you can avail of this option for any urgent financial requirements. Download our Personal Loan App or visit our website to apply now! 

FAQs on Online EMI Payment 

How do I make a loan payment online?

To make an online EMI payment, you can log into the lender’s mobile or web portal or use third-party apps. On the portal, select your loan account, enter loan details and provide other information. Once done, you can choose a card, net banking, UPI or any other option to make transactions. 

How is an EMI payment done?

To make an online payment, you can choose from many online and offline options, depending on your convenience. After providing your loan details, you will receive your payable amount, which you can pay using your preferred option. Upon completing the payment, the amount will be deducted from your account. Your outstanding balance will then be reduced based on your payment. 

How can I pay EMI after the due date?

If you have any overdue EMIs, you can pay them online. On the net baking portal, enter your loan details to get the details of your past dues. Here, you must select the option to check your overdue or total payable amount and make payment. 

How can I check my EMI online?

To check your EMI online, you can go to your lender’s net banking portal or on the mobile app. Some UPI-based payment apps also allow you to check your EMI and make payments directly.

4 Credit Bureaus in India – Meaning, Role & Functions

India has 4 RBI-approved credit bureaus in India that track how you use and repay credit. These bureaus are TransUnion CIBIL, Experian, Equifax and CRIF High Mark. Among them, CIBIL is the most commonly used, especially when lenders assess individual borrowers.

These credit information companies collect repayment details from banks, NBFCs and other lenders. Lenders then use this data to check your credit risk before approving a loan or credit card. Understanding the credit bureaus’ meaning and how they work helps you stay in control of your credit profile. This can also help you make better financial decisions.

Four Major Credit Bureaus in India

There are 4 main credit score companies in India, all licensed by the RBI:

  • TransUnion CIBIL: The most widely used credit bureau in India. Lenders usually refer to this score while evaluating individual loan and credit card applications.
  • Experian: A global credit bureau that provides credit reports for individuals and businesses, along with data insights and analytics.
  • Equifax: A trusted bureau that focuses on analysing credit behaviour and risk for both individuals and businesses.
  • CRIF High Mark: An Indian credit bureau known for its strong presence in retail and microfinance credit reporting.

Each bureau follows its own scoring model and data sources. This is why your credit score may differ slightly across different reports.

How Do the Credit Bureaus in India Work?

Credit bureaus collect information about your loans and credit cards from the lenders you borrow from. This includes how much you have borrowed, how you repay and any outstanding balances. Using this data, they create your credit report and credit score. Lenders then use this information to decide whether to approve your application and what terms to offer you.

Credit Bureaus in India

Here’s a closer look at the credit bureaus in India and how each one works.

  1. CRIF High Mark

CRIF High Mark was founded in 2007 and became the first Indian credit bureau to offer full-service credit information. It received its RBI licence in 2010 and operates from Mumbai.

It provides services such as:

  • Credit risk management
  • Portfolio monitoring
  • Fraud prevention

For individuals, CRIF High Mark credit scores usually range from 300 to 900, with higher scores signalling better credit health. For businesses, it follows a 1-5 scoring scale, where 1 is the best.

  1. Experian

Experian began operations in India in 2010, although its global credit information history dates back to 1826. For individuals, Experian credit scores range as follows:

  • 800 and above: Excellent
  • 750 to 799: Very good
  • 650 to 749: Good
  • 550 to 649: Fair
  • Below 549: Poor

It works with both individuals and businesses and also offers analytics and market insights.

  1. Equifax

Equifax was established in 1899 and entered the Indian market in 2010. It evaluates your credit profile based on factors like repayment history, credit utilisation, defaults and credit length. 

For individuals, the Equifax credit score ranges from 300 to 900. It also provides business-focused metrics such as Payment Index and Commercial Delinquency Score to help manage commercial credit risk.

  1. TransUnion CIBIL

CIBIL was incorporated in 2000 and is the oldest and most widely acknowledged credit information companies in India. It became TransUnion CIBIL after being acquired in 2016. 

CIBIL collects data related to your loans, credit cards, repayment behaviour and credit mix. For individuals, the score ranges from 300 to 900, with higher scores reflecting better creditworthiness.

Who Can Be a Credit Information Company (CIC)?

As per RBI guidelines, credit inform,ation companies are: 

  • Registered under Indian laws
  • Have RBI approval under the CIC Act, 2005
  • Collect and maintain borrower credit data
  • Follow strict data security and privacy norms

These credit information companies in India are regulated to protect borrower information.

Functions of Credit Bureaus

Credit bureaus perform several important functions:

  • Collect credit data from banks and lenders
  • Generate credit reports and credit scores
  • Help lenders assess borrower risk
  • Support faster and safer loan approvals
  • Enable borrowers to track and improve their credit health

Credit Report Cost and Fees in India

Checking your credit report is usually free. All RBI-approved credit score companies in India allow you to access one free credit report every year.

If you want to check your report more often, some credit information companies in India may charge a small fee. The cost depends on the bureau and the type of report you choose. For most people, the free annual report is enough to track credit health and spot errors early.

Credit Report Dispute Process in India

If you notice any mistakes in your credit report, you can raise a dispute with the credit bureau that issued the report. The process is mostly online and easy to follow.

Here is how the dispute process usually works:

  • Log in to the credit bureau’s website
  • Select the option to raise a dispute
  • Choose the type of error you want to report
  • Share the correct details and supporting documents

Once you submit the dispute, the credit bureau contacts the lender who shared the data. This lender is also called the data furnisher. The credit report is updated only after the lender verifies the correction. Most disputes are resolved within 30 days, depending on how quickly the lender responds.

Credit Rating Agencies vs Credit Bureaus

Credit bureaus focus on individual and business borrowing behaviour. Credit rating agencies assess the creditworthiness of companies and governments. Simply put, credit bureaus help lenders evaluate borrowers. And credit rating agencies evaluate institutions and large entities.

By being informed about facts like what is the credit bureau and how it impacts your borrowing, you can improve your score and access credit easily. Having said that, if you are looking for instant credit with easy-to-meet eligibility criteria, apply for a Fibe Instant Personal Loan. 

You can avail of a loan of up to ₹10 lakhs with a flexible tenure and at attractive rates. We also don’t rely on credit scores and employ an alternate credit scoring mechanism. This allows us to offer credit even if you don’t have the ideal score. So, download the Personal Loan App or go to our website to apply now! 

FAQs on Credit Bureaus in India 

Which credit bureau provides the most accurate credit report?

All RBI-approved credit bureaus provide accurate data based on information shared by lenders. However, TransUnion CIBIL is the most commonly used by lenders in India for individual credit assessment.

How are credit reports used by lenders?

Lenders use credit reports to check your repayment history, existing loans and overall credit behaviour. This helps them decide whether to approve your application and what interest rate to offer.

Which is the oldest credit bureau in India?

The TransUnion CIBIL is the oldest and one of the most popular bureaus in India.

Know How to Read CIBIL Report in Simple Steps

If you know how to find a CIBIL report and read it, you can easily assess your financial standing. When you download and read a credit report, it helps you understand your credit health and take the right steps to boost your creditworthiness.

A CIBIL report is a detailed file of the account holders’ financial history and repayment transactions. This includes records of loans taken, information on current and past credit card accounts, repayment defaults, etc. 

Know how to read a CIBIL report, key terms you must understand in a credit report and more. 

Also Read: Check Cibil Score With a Pan Card

How to Read a CIBIL Report? 

Here are the details included in your CIBIL report and their meaning.   

CIBIL Score

The first section of the report is your credit/CIBIL score, which is a three-digit numerical representation of your creditworthiness, ranging between 300 and 900. To calculate this number, credit bureaus assess the following factors: 

  • Repayment history 
  • Credit mix
  • Credit utilisation ratio
  • Outstanding credit
  • Length of your credit history
  • Recent credit enquiries

Personal Information

The second section of the report includes your personal details, such as: 

  • Name 
  • Date of birth
  • Gender
  • PAN card number 
  • Permanent and residential address 

You must verify all this information to ensure there is no discrepancy when financial institutions send your report. 

Contact Information

This section contains all your present and past records of contact details, such as: 

  • Phone number
  • Landline number
  • Email address

Employment Information

This section contains information about your employment type, income and gross income. 

Account Information

This is the most crucial section of your report, containing all your open and closed account details. This section includes:

  • Issuer/ lender’s name
  • Account type
  • Account number 
  • Ownership information 
  • Credit limit
  • Pending dues
  • Interest rates
  • Outstanding balance
  • EMI amount 
  • Tenure, etc. 

Financial institutions provide this information to credit bureaus periodically. In case you find any discrepancy in this section, you can raise a dispute for rectification. 

Yellow Box

This box in the ‘Account Information’ section gives you an update on the raised dispute. Once your dispute gets resolved, the box will disappear from the updated report. 

Enquiry Information

When you apply for a new credit, financial institutions make an enquiry to check your credit score. This section shows a record of such enquiries. 

Also Read: Importance of Credit Rating and How to Check

Some Common Terms to Know 

To read a credit report and understand it, here are some essential terminologies that you must know. 

Term Meaning 
Amount OverdueUnpaid amount to the financial institution  
Credit UtilisationPercentage of credit limit used 
Credit Limit The maximum withdrawal limit for a credit card 
Collateral Asset pledged as security 
CN (Control Number) A 9-digit number for your dispute raised
Sanctioned Amount Total loan amount  
Written Off AmountOutstanding amount after loan settlement

How to Download a CIBIL Report

You can download one free report annually on the CIBIL website by clicking on the ‘Get Your Free CIBIL Score & Report’ tab. Enter your details and select ‘Accept and Continue’ to download your free report. If you want to get your report periodically, you can opt for a subscription.

Checking your report not only helps you keep a tab on your financial health but also allows you to spot errors and raise disputes if necessary. Since most lenders and credit card issuers require a CIBIL score of 750 or above, doing this will help you easily achieve that. 

However, if your score isn’t high enough and you need instant funds, you can apply for a Fibe Instant Personal Loan and get up to ₹5 Lakhs instead. At Fibe, we employ an alternative scoring mechanism that allows us to provide financial assistance even to those new to credit.

What’s more, you can choose from a flexible tenure of up to 36 months and enjoy 100% digital application for a comfortable experience. So download our Personal Loan App or register on our website to apply now. 

FAQs on Reading CIBIL Report

How do you analyse a credit report?

Here are the steps to follow to analyse your credit report.

  • Step 1: Understand the common terms 
  • Step 2: Verify your personal and contact information 
  • Step 3: Check the number of accounts and their details 
  • Step 4: Review your credit history and take note of any missing or incorrect information
  • Step 5: Raise a dispute if there are any errors 

What is shown in the CIBIL report?

A CIBIL report contains all your financial and personal information, such as: 

  • Total CIBIL score
  • Personal details like date of birth, address and identification details 
  • Contact information like phone number and email ID 
  • Employment information
  • Account information
  • Enquiry information

How can I check my detailed CIBIL report?

You can download your free CIBIL report on their official website and check the required information. 

Which credit report is accurate?

The report generated by TransUnion CIBIL is the most popular one used by most lenders.

Top APR Vs APY Differences: A Comprehensive Guide

The APR vs APY comparison is quite interesting as it focuses on interest calculations for two varied instruments. While the APY focuses on the gains you earn as an investor, the APR relates to the cost of borrowing. However, this isn’t the only difference between APR and APY. 

Read on for insights to compare the annual percentage yield vs the annual percentage rate and to make informed decisions. 

What is the APR?

APR commonly known as Annual Percentage Rate, dictates the cost of borrowing. It mainly applies when you avail of credit and provides a more holistic overview of the amount you owe. 

This is because the APR includes all associated charges applicable to the instrument. As such, you get a clearer picture of the total cost, which isn’t possible if you only assess the interest rate. Typically, the APR will include: 

  • Administrative fees
  • Documentation charges
  • Processing fees
  • Verification charges

This list isn’t exhaustive but highlights a few charges you incur when you opt for a loan. It is also important to note that there are two types of APRs based on the interest rate. 

  • Variable APR: Here, the interest rate fluctuates based on macroeconomic factors, so the APR may be set within a range.
  • Fixed APR: Here, the interest rate is set right from the start and represents the actual cost of the credit you avail. 

Also Read: A Guide to Annual Percentage Rate (APR)

What is the APY?

APY is the abbreviation for ‘Annual Percentage Yield’ and it dictates the actual rate at which your money grows in the given timeframe. This is where the difference between APR and APY is most apparent, but like the APR, the APY offers a clearer representation. 

This is because the APY accounts for interest compounding, which affects the total earnings. For instance, suppose the interest rate you get is set at 8% for an investment of two years and the compounding frequency is quarterly. Then, the APY works out to 8.24%. 

Do note that this is only applicable to investment instruments that have a compounding frequency. For simple interest instruments, the APY and the interest rate are identical. 

Like the APR, the APY also has two types. 

  • Variable APY: Here, the interest rates may change due to external factors and so the APY will fluctuate.
  • Fixed APY: Here, the interest rate and the compounding frequency do not change and will remain the same until maturity. 

Annual Percentage Yield vs Annual Percentage Rate: Key Differences

The following table highlights the main differences between APR and APY. 

ParameterAPRAPY
ApplicabilityLoans and revolving credit instrumentsInvestments 
Interest calculationDoes not account for interest compounding Accounts for interest compounding 
Formula((Interest + Fees / Loan amount) / Number of days in loan term)) x 365 x 100 (1 + r/n) n – 1
Here, r= interest rate, n= compounding frequency
LimitationsDoesn’t accurately represent the true cost of availing credit but it is a viable estimate to considerDoesn’t account for the risks and any other external factors that can affect interest earnings

Also Read: How to Manage Your Credit Card APR

What is a Good APY Rate?

APY rates move up and down often based on various factors. However, since it determines the rate of financial growth, a higher APY is always better. APY rates applicable to savings accounts are generally higher when the monetary policy is tight. In addition to that, there are saving accounts that are low-cost and high-yield in nature that consistently provide competitive APYs.

What is a Good APR Rate?

APR is the total cost associated with borrowing money. Therefore, a lower APR is better for you than a higher one. The rate will also vary based on the following:

  • Purpose of the loan
  • Duration of the loan
  • Macroeconomic conditions affecting the lending policies

In general, the best APR would be 0%. This means no interest on the borrowing, even if it’s for a short-term introductory period.

How To Calculate APR and APY

You can calculate APY easily using the following formula:

APY is (1+r/n) n – 1

In this formula, 

  • r = The period rate
  • n = The number of compounding periods

Use the following formula to calculate APR:

APR= [{(Fees + Interest)/ Principal}/ n] *365*100

In this formula,

  • Interest = The total interest expected for the credit
  • Principal = The loan amount
  • n = The number of days left in the loan term

APR vs APY: When Do the Differences Matter?

On comparing the annual percentage yield vs annual percentage rate differences, it is clear that these serve two very different purposes. The differences only matter when assessing the viability of loans and investment instruments. 

This is because: 

  • APY highlights the interest you earn from an investment
  • APR highlights the cost of borrowing with the interest rate as one of the contributing factors 

Remember, the APR and APY do not apply to the same instruments. You never have to choose between the two. As such, comparing the APR vs APY only helps when looking to understand more about the terms. 

With answers to popular questions such as, ‘What is APR?’, ‘What is APY?’ and others, you can make better decisions when investing or borrowing. When it comes to the latter, always choose lenders that focus on transparency and affordability. 

At Fibe, you can get an Instant Cash Loan of up to ₹5 lakhs and without worrying about any hidden charges. What’s more, you enjoy a completely digital journey alongside a flexible repayment experience. The funds you get have no end-use restrictions and you can foreclose the loan at no extra charges too. 

Download our Personal Loan App or visit the website and get started today!  

FAQs About the Difference Between APR and APY

Are APY and APR the same?

No. A key difference between APR and APY is that they are used for two different purposes. APR represents the true cost of borrowing and APY represents the interest you can earn from investments. 

How do you calculate APR and APY?

You can calculate both the APR and APY using digital calculators or by using their respective formulae, which are: 

APR= ((Interest + Fees / Loan amount) / Number of days in loan term)) x 365 x 100 

APY= (1 + r/n) n – 1, where ‘r’ is the interest rate and ‘n’ is the compounding frequency

Is APR better than APY?

When it comes to APR and APY, one cannot be better than the other because they are used for different instruments. The APR is for assessing loans and credit instruments. On the other hand, the APY is for investments because it accounts for interest compounding.

How to Check Your Loan Status on PAN Card?

Knowing how to check active loans on a PAN card for free is crucial to safeguarding your finances. This simple act helps track your active loans and monitor your profile for any suspicious activity. Today, you can access credit with just your PAN and this has some implications.

For one, getting a loan is quicker. However, it has also given rise to instances where fraudsters avail a loan under your name using your PAN details. Therefore, you must generate a credit report periodically to know how many loans are active in your name. This way, you can take the right steps to report such PAN card frauds and save from misuse of your private information.

So, if you’re wondering ’How to check all my loan details by PAN number?’, read on. 

What is PAN Card Fraud or Misuse?

Any instance where your PAN information is used to forge your identity or get access to your accounts is PAN card fraud. These criminal activities have become more common since government regulation of linking Aadhaar numbers with PAN cards and bank accounts.

Some ways fraudsters may misuse your PAN card for fraud are:

  • They may apply for loans in your name
  • They may rent hotels or vehicles with your identity
  • They may use your PAN card for verification when opening a bank account
  • They may apply for VISA verification with your PAN card as identity proof
  • They may withdraw or transfer funds from your bank account using the PAN details

How to Check Active Loans on a PAN Card

Here are some ways to track all your active loans to ensure there are no fraudulent loans in your name.

On the Credit Bureau Website

By registering on one of the four Indian credit bureau websites, you can check your number of active loans with a PAN card. Here are the steps you can follow to do so:

  • Step 1: Visit the credit bureau’s official website
  • Step 2: Register with your name, PAN card, address proof, mobile number, etc
  • Step 3: Enter the OTP received on your registered mobile number
  • Step 4: Check the active loans on your profile

If you have already registered, you can log in directly to check the number of active loans.

By Visiting the Lender

You can directly contact the lender to check your loan’s status. For this, you may visit the nearest branch physically, email them or call the customer service executive. The executive will ask for your identity proof and loan details to confirm your loan account.

Thus, keep the following details with you:

  • Your bank account number
  • Your full name
  • PAN card number
  • Loan account number
  • Other ID proof
  • OTP for verification

On Fintech Mobile Apps

Many fintech platforms let you check your credit score and generate a report effortlessly with your PAN card and other basic details. 

How to Get a Credit Report

Another way to verify any active loans using a PAN Card is by generating an online credit report. One option is the CIBIL report, and here are the steps to follow:

  • Step 1: Visit the official CIBIL website
  • Step 2: Click on the ‘GET FREE CIBIL SCORE & REPORT’ tab
  • Step 3: Enter personal details, such as PAN card, email address, first name, date of birth, ID, mobile number, etc
  • Step 4: Click on ‘Accept and Continue’, choose the free plan and access your report from the dashboard

Also Read: How to read a CIBIL Report?

If you detect any suspicious activity with your PAN information or notice a drop in your credit score due to an unauthorised transaction, report the incident to the concerned authorities immediately.

Having a good credit score is important for many reasons, one being that it grants easy access to credit. Staying updated is key and one option you can rely on is the Fibe Credit Score Analyser tool. It allows you to check the areas of improvement and assess the factors influencing your score. 

If you have a low credit score or no score but need funds for urgent financial requirements, apply for the Fibe Instant Cash Loan. Based on your profile, you can avail of up to ₹5 lakhs at affordable interest rates. With flexible tenure and no pre-closure charges, this can also help boost your credit score. Download the Personal Loan App or visit our website to get started!

FAQs on Checking Loan Status Using a PAN Card

How do you check if someone has availed of a loan in your name?

The easiest way to check for such activity is to review your credit report. Doing so every few months will keep you informed of such occurrences as they happen.

Alternatively, pay attention to emails or other notices from lenders that provide information about active loans. You can always reach out to the lender and inquire about the same.

How do I check a fake loan on my PAN card?

To check active loans on a PAN card, generate a credit report. Read it to see if there are any unauthorised loans in your name linked to your PAN card. 

How to remove a loan from a PAN card?

In case of a PAN card fraud, bring this to the attention of the lender offering the loan. You should also report this to the cybercrime branch.