Consumer Loan CapFloat Financial Services Pvt Ltd & Karur Vysya Bank Ltd

[vaibhav111]

I just took a fresh Cibil report through cred and found these two Consumer Loans! I feel it is due to EMI i have took on SBI & HDFC but SBI is Responsible For CapFloar Financial while Karur Vysya Bank is from which bank I have no clue, haven't took any loan/EMI From Them, whereas i have EMI from HDFC but it not mentioned in the Experian Report, so i have took three emi on 3 card where hdfc & SBI will end in March ,ICICI emi will end in September 2022 , now issue in in my jan Experian i can See CapFloat but not Karur Vysya bank, didn't take any emi or loan and plus it says opened date 26-02-2022 so can it be lazyapp i did login in to ask lazy app to remove my data? but they didn't replied to my query till now through mail and dm through twitter . any help regarding with Karur Vysya bank will help me why do i have loan from them

 

[007]

Yep

Thanks!
But I am staying away from Paisa Bazaar. 😂

 

[prc1990]

Thanks!
But I am staying away from Paisa Bazaar. 😂

PB is not that harmful as compared to BB 😂.

 

[vaibhav111]

checked my cibil and experian a/c capital float is closed , waiting for KVB though

 

[AllSeeker]

KVB has been kind of retarded with its responses.

They keep saying that email used for communication is not in our system. But the funny thing is CAPFLOAT still did everything asked of them but these guys are complaining, I even sent another email using same email ID as amazon account, still not positive feedback.

My best bet is that it will be closed automatically as capfloat have done all the work and their update is showing already as closed a/c

 

[Akash Topder]

I just took a fresh Cibil report through cred and found these two Consumer Loans! I feel it is due to EMI i have took on SBI & HDFC but SBI is Responsible For CapFloar Financial while Karur Vysya Bank is from which bank I have no clue, haven't took any loan/EMI From Them, whereas i have EMI from HDFC but it not mentioned in the Experian Report, so i have took three emi on 3 card where hdfc & SBI will end in March ,ICICI emi will end in September 2022 , now issue in in my jan Experian i can See CapFloat but not Karur Vysya bank, didn't take any emi or loan and plus it says opened date 26-02-2022 so can it be lazyapp i did login in to ask lazy app to remove my data? but they didn't replied to my query till now through mail and dm through twitter . any help regarding with Karur Vysya bank will help me why do i have loan from them

You must have Amazon Pay Later

 

[dav33]

What is the benefit in closing these loan accounts with apay later assuming i dont use apay later at all

 

[vaibhav111]

What is the benefit in closing these loan accounts with apay later assuming i dont use apay later at all

Why to keep it active if you want use them, it a pay later loan better to opt out

 

[Credit Karma]

I noticed that everyone is either eager to close Amazon Pay Later or have closed it already.

May I know why? Because for some time I wanted to open account with APL. Are there some serious repercussions activating APL?

 

[prc1990]

I noticed that everyone is either eager to close Amazon Pay Later or have closed it already.

May I know why? Because for some time I wanted to open account with APL. Are there some serious repercussions activating APL?

To be honest, most of us opened this account when we didn't have any credit card in our wallet or out of curiosity or to build credit score. Now that most of us already own multiple credit cards, it makes sense to shut it down and make your credit profile clean as much as possible.

 

[dav33]

But a good mix of credit card and loan accounts helps the cibil score.

 

[souvikdey2002]

But a good mix of credit card and loan accounts helps the cibil score.

Loan account does but these are BNPL(Buy now, pay later) which is basically good for nothing & also not a proper loan account as well.

 

[Credit Karma]

Proper loan account? Please elaborate.

Loan account does but these are BNPL(Buy now, pay later) which is basically good for nothing & also not a proper loan account as well.

 

[Credit Karma]

I just took a fresh Cibil report through cred and found these two Consumer Loans! I feel it is due to EMI i have took on SBI & HDFC but SBI is Responsible For CapFloar Financial while Karur Vysya Bank is from which bank I have no clue, haven't took any loan/EMI From Them, whereas i have EMI from HDFC but it not mentioned in the Experian Report, so i have took three emi on 3 card where hdfc & SBI will end in March ,ICICI emi will end in September 2022 , now issue in in my jan Experian i can See CapFloat but not Karur Vysya bank, didn't take any emi or loan and plus it says opened date 26-02-2022 so can it be lazyapp i did login in to ask lazy app to remove my data? but they didn't replied to my query till now through mail and dm through twitter . any help regarding with Karur Vysya bank will help me why do i have loan from them

Just have a few questions regarding the way Amazon Pay Later works, out of pure curiosity -

Since I know that APL has 2 lending partners and they share risk among themselves as 80:20

So,

1. Say I have an APL and I spend ₹100, after repaying this will it be reported as a single payment in any one account of APL lending partner OR will it be reported as two payments, one for each lending partner of APL?

2. Is there any threshold amount limit which needs to be spend for the two payments to be reported?

3. Does APL create many personal loan accounts in credit reports every time you use APL?

4. Does APL report to all credit bureaus?

5. Is APL consistent in reporting it to every bureaus?

6. Is it advisable for someone new to credit to have APL as I heard a lot of praises for APL alone and not for any other BNPL out there in the market?

7. Is APL really that good for someone starting their credit journey?

Your replies are highly appreciated ☺️

@souvikdey2002 @AllSeeker @vaibhav111 @hriday.haria

 

[souvikdey2002]

Just have a few questions regarding the way Amazon Pay Later works, out of pure curiosity -

Since I know that APL has 2 lending partners and they share risk among themselves as 80:20

So,

1. Say I have an APL and I spend ₹100, after repaying this will it be reported as a single payment in any one account of APL lending partner OR will it be reported as two payments, one for each lending partner of APL?

2. Is there any threshold amount limit which needs to be spend for the two payments to be reported?

3. Does APL create many personal loan accounts in credit reports every time you use APL?

4. Does APL report to all credit bureaus?

5. Is APL consistent in reporting it to every bureaus?

6. Is it advisable for someone new to credit to have APL as I heard a lot of praises for APL alone and not for any other BNPL out there in the market?

7. Is APL really that good for someone starting their credit journey?

Your replies are highly appreciated ☺️

@souvikdey2002 @AllSeeker @vaibhav111 @hriday.haria

1. 2 separate payment
2. Nothing from your end, it will be automatically splitted to 80-20.
3. No, only once at the time of opening.
4. Yes.
5. So far in my case, yes. Future can't be predicted.
6. If you have a credit card then it is not advisable to get any BNPL regardless of it's goodwill.
7. According to me, no BNPL's are good to start your credit journey.

 

[Credit Karma]

1. 2 separate payment
2. Nothing from your end, it will be automatically splitted to 80-20.
3. No, only once at the time of opening.
4. Yes.
5. So far in my case, yes. Future can't be predicted.
6. If you have a credit card then it is not advisable to get any BNPL regardless of it's goodwill.
7. According to me, no BNPL's are good to start your credit journey.

Thanks a lot! 👍

 

[PRADYJAIN]

Did you do the same for Karur Vyasa Bank (KVB).
My Amazon Pay Later is closed 2 years ago. My Capfloat consumer Loan is closed but KVB is still showing as open.

Any similar email id for KVB ?

kvb is not updating the same

 

[krishc]

Taking up amazon pay later back in 2020 was the single biggest mistake I regret in my financial journey so far. CapFloat & KVB are both absolute nuts.
Although I closed it in Nov 2020, they're still a pain in all the wrong places.
After spending the first part of the year to remove the KVB entry from my CIBIL, this August I find that CapFloat has decided to modify my cKYC with old details from 2020 without seeking any consent from me and not having any kind of active accounts with them. The real pain is that those kyc details are no longer valid for me as my address and email id both have changed permanently and I just spent the earlier part of the year to make it reflect correctly on ckyc.
I'm also appalled to see that CERSAI, the ckyc authority allowed such idiotic stuff to happen without due diligence.

 

[Credit Karma]

Taking up amazon pay later back in 2020 was the single biggest mistake I regret in my financial journey so far. CapFloat & KVB are both absolute nuts.
Although I closed it in Nov 2020, they're still a pain in all the wrong places.
After spending the first part of the year to remove the KVB entry from my CIBIL, this August I find that CapFloat has decided to modify my cKYC with old details from 2020 without seeking any consent from me and not having any kind of active accounts with them. The real pain is that those kyc details are no longer valid for me as my address and email id both have changed permanently and I just spent the earlier part of the year to make it reflect correctly on ckyc.
I'm also appalled to see that CERSAI, the ckyc authority allowed such idiotic stuff to happen without due diligence.

Just raise a complaint to their respective grievance team and ask them do they have your consent for any of such update.

Also ask them an detailed procedure they followed to obtain your current document proofs which they might have used to make such an update.

And do update here what comes out of this 👍

 

[krishc]

Just raise a complaint to their respective grievance team and ask them do they have your consent for any of such update.

Also ask them an detailed procedure they followed to obtain your current document proofs which they might have used to make such an update.

And do update here what comes out of this 👍

I complained to them but they refuse to entertain the idea is that they're in the wrong.
Now I'm planning to go to RBI ombudsman once 30 days are up.

 

[Credit Karma]

I complained to them but they refuse to entertain the idea is that they're in the wrong.
Now I'm planning to go to RBI ombudsman once 30 days are up.

Keep following up before raising this issue with Ombudsman. That's the only solution.