Glossary

Best Loan rates – Gullakh has been created to allow consumers access to the best interest rates possible. Lenders have been advertising their standard/rack rates that are available to all customers without taking in to account individual circumstances. The information you provide on the Gullakh platform allows lenders to reward you for having a good profile, a steady income and an excellent credit score by bidding with their best interest rates, not just their standard rates. However, the interest rates quoted are indicative in nature and subject to final approval by competent authority of the bank.

Balance Transfer – is described as replacing an existing loan with a new loan offering better terms which could potentially save on interest. Interest rates get a lot of attention and for good reason, they determine the cost of your loan and what you pay back each month. Even a small difference in interest rates can make a big difference to your overall repayments. Gullakh provides customers with the perfect opportunity to find the best rates available in the market place to maximise your savings.

Competing bids – Gullakh is the only completely transparent loan auction site in India. Best loan rates are openly provided by lenders sweating it out to win your business on a live and dynamic digital platform. Competitive bidding leads to lowest interest rate possible being offered by participating lenders without you having to do all the legwork.

Credit score (Equifax) – In India, customers have access to a free credit report from all the four credit bureaus CIBIL Transunion, Equifax, Experian and CRIF HighMark. It is important to understand what your credit information report is and what kind of information it contains. You will have a credit report if you have applied, within the last five years, for a credit card or a loan. It records your repayment history, credit limit and utilisation on credit cards, amount of loan sanctioned, current balance on loans and interest rate, EMI etc.

Creditworthy – This is a term used by lenders to describe your suitability to get credit approved, where they especially take in to account your historical repayment track record of loans and credit cards.

Digital Dashboard – Gullakh’s Reverse Auction digital dashboard shows the list of all lender bids from commencement through to completion of your Reverse Auction

Gullakh’s Reverse Auction – an exciting, easy, free, unbiased, live and revolutionary digital loan auction platform made in India for Indian consumers.

Instant alerts – This is a feature where Gullakh offers you the option to receive either an SMS or email notification immediately when a lender makes a bid that has taken top position on your digital dashboard.

Loan Comparison site – is a web service that compares the pricing of various loan products being offered by different lenders. These websites showcase the static information which is updated by lenders usually only when there are changes in standard interest rates. Gullakh is a unique loan matchmaker and helps you find the right match of lender…which a comparison site won’t necessarily do.

Loan Calculator – a loan calculator is used to assess the repayment of interest and principal on a loan to determine how long it will take to pay off. This is also very useful for potential borrowers to use to see if they will be able to afford the monthly payment on the loan.

Lenders make enquiries to one or all of the credit bureaus in India to pull a credit report. They will do this against their own set of lending criteria, and may use a score as part of the loan appraisal.

Reverse Auction – You’ve probably searched for loans on rate comparison sites to compare loan products. Gullakh goes a step further…as lenders compete directly against each other offering their lowest possible rates on an digital live auction platform.

Lending Partners – these are the lenders on our panel participating in bidding for your business with their best interest rates during the Reverse Auction process.

Smart device – any mobile device such as IOS and android mobile phones, tablets, laptops and desktops.

Static data – when you visit a loan comparison website you will find information such as interest rates which are usually the standard or rack rates so this is considered static data. Gullakh is a dynamic digital platform which contrasts against static comparison sites since our lending partners will provide live bids with their best interest rates and loan terms to win your business.

Top position – this is the winning bid at any time during the Reverse Auction process which will be displayed at the top of your digital dashboard.