Credit Information Bureau (India) Limited (CIBIL) has been keeping a tab on credit card defaulters to ensure no borrower defaults on a personal loan.

If you have ever defaulted on your personal loan, beware! CIBIL, which has been scoring general loan borrowers on their credit rating, has now decided to start rating personal loans customers exclusively as well.

So far, CIBIL has been keeping a tab on credit card defaulters. It's now widening its horizons. CIBIL has developed a personal score, which will measure the likelihood of a borrower defaulting on a personal loan.

The rating would help banks and financial institutions reduce their non-performing assets (NPAs).

Arun Thukral, MD, CIBIL said today risk managers are finding it a daunting task to try and contain the NPAs so this will help them to make better decisions because we have worked out our PL score on personal loans, consumer loans.

He further said the score ranges from 300 to 900, with 900 being assigned to the least risky borrower.

CIBIL already has details of over 135 million accounts and caters to 165 member institutions.

If you have a good credit score and a good credit history you can go and initiate your terms and conditions. If this lender doesn't agree to give what you are asking for you could go to the next one.

An exclusive personal loan rating is just the beginning. CIBIL plans to develop specific products to help telecom and insurance industries too identify chronic defaulters.