To avail of a loan from a formal financial institution you need to have a credit score. Banks and non-banking finance companies (NBFCs) get your credit history and score from credit information bureaus. However, if you have never taken a loan or if you do not have regular income, you are unlikely to have a credit score. To address the issue of lack of credit history, non-traditional data sources are now being used to build a credit report for someone without a credit history.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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