The full form of ONICRA is Onida Individual Credit Rating Agency of India.

Individual credit rating is an objective assessment of the risk attached to a financial transaction with respect to an individual. ONICRA credit rating agency of India Ltd has pioneered individual credit rating services in India. ONICRA has been promoted by well known ‘ONIDA’ group, a 900 crore market leader in consumer durables in India.

A survey conducted by Onida shows that only 0.7 million households own the three popular items, color TV, refrigerators and washing machines and the potential buyers for a host of other goods like music system, air conditioners, microwaves, etc. is very large.

With India moving rapidly towards a cashless society based on credit and consumerism, individual credit rating will be an index that the lending institutions will have to bank on. Developed economies like the US, Australia, UK, etc. are credit-driven and no loan is sanctioned without a certification from a rating agency.

Established in 1991 and headquartered in Mumbai, Investment Information and Credit Rating Agency of India uses a transparent rating system to assign comprehensive credit ratings to corporates. ICRA is known for assigning corporate governance rating, mutual funds rating, structured finance rating, performance rating, etc.