Budget Homes

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CIBIL defaulter list should not include secured loan defaulters.

Secured loan is get by pledging some property or bonds as assurance to repayment. Here the repayment is guaranteed in anyway. If the debtor does not make the repayment, the bank/creditor can realise the loan amount from the collateral agent submitted.

So,in secured loan the repayment is assured irrespective of the debtor repays or defaults. Here defaulting may not be applied because by defaulting debtor can not escape from paying the amount or bank will not face lose. The debtor's liability to bank is met out any way whether debtor pays or not pays the repayment.

So no need for listing secured loan debtor in CIBIL defaulter list if he/she missed a repayment or EMI. The loan is secured.