Introduction of CIBIL Score
CIBIL score is a three-digit number, ranging from 300 to 900, which acts as a measure of your credit worthiness. Banks and other lenders frequently use it to assess your creditworthiness. This post will teach you how to access your CIBIL score online whether you’re trying to raise your credit score or are simply interested in seeing how it compares. A credit score is a three-digit figure that represents your level of creditworthiness. When a borrower applies for a loan or credit card, lenders first consider it. It provides them with information about your ability to repay the loan on schedule. Therefore, maintaining a high credit score is crucial. Making all of your payments on time, monitoring your credit reports on a regular basis, paying off any outstanding credit card debt, and keeping your credit utilisation rate under 30% are all ways to keep your credit score high.
What does CIBIL stand for?
Credit Information Bureau of India Ltd. is known by the abbreviation CIBIL. A non-profit credit reporting agency called CIBIL offers credit profiles and score services to Indian consumers, companies, and financial institutions. Your credit history and current debt levels are only two of the many variables that go into determining your CIBIL score, which is a numerical measure of your creditworthiness. The stronger your credit rating, the higher your CIBIL score.
To access your online CIBIL score:
- Visit www.bajajfinserv.in to log into your account; or Go to Bajaj Finserv to access the website.
- In the menu on the left, select “Credit Score.”
- Select the “Check My Score” option on the “Credit Score” page.
- Type your full name, address, and date of birth (MM/DD/YYYY) on the “Check My Score” page.
- To submit your request, click the “Submit” button.
- The “Check My Score” link will show your CIBIL score.
Benefits of good CIBIL score
In terms of advantages, persons with high CIBIL scores are given preference over those with low or no scores. The benefits listed below are available to you if your CIBIL Score is high:
- Simple Lending Terms: If you have a strong credit score, lenders will be more confident that you will be able to pay your payments on time, making it easier for you to obtain loans and other forms of credit.
- Quick loan approval: If your CIBIL Score is high, you have a good chance of getting a loan. Therefore, banks work to disburse your loan as soon as they can.
- Low-Interest Rate Credits: Because borrowers with weaker credit ratings need to compile more paperwork and find guarantors, the loan disbursement process takes longer for them. Borrowers who have high CIBIL scores typically qualify for loans with lower APRs. Loans and credit are provided at higher interest rates to those with poorer credit ratings.
- Greater negotiation power: Having a very high CIBIL Score offers you the leverage to get a lower interest rate.
- Greater approval standards You can be qualified for loans with bigger borrowing limits and loans with lower interest rates if your CIBIL Score is high.
How to check CIBIL score?
A prominent credit rating agency that evaluates your creditworthiness in India is called CIBIL. Due to CIBIL, India can easily be called a financially literate nation. To increase understanding among financial institutions and enterprises about how to manage risks and limit bad loans, it has strengthened the financial markets’ openness, dependability, and organisational structure.
An online CIBIL check is conducted. Banks and other financial organisations evaluate the CIBIL score before approving any loan. Regularly check your credit profile to make sure it appropriately reflects your creditworthiness and is free of mistakes and irregularities. This enables you to monitor changes and identify suspicious activities. Hope you have understood how to check CIBIL Score, if not here are several ways to check someone’s CIBIL score online.
- Through the Bajaj Finserv website
- Use your PAN card to check your CIBIL score.
- Use your Aadhaar card to check your CIBIL score.
- Obtain a CIBIL Score by Entering Your Phone Number
Know more about CIBIL score
Your credit history and prior payments are the foundation of your CIBIL score, which ultimately affects your ability to obtain credit in the future. You may create a more robust and healthy credit footprint by what you do today. The information in the “Accounts” and “Enquiries” sections of your CIBIL report, including but not limited to your loan or credit card accounts, their payment status, and the number of days past due on outstanding balances, is used to calculate your CIBIL score, a three-digit numerical summary of your credit history. Based on information provided by lenders about your borrowing and repayment history, the score represents your credit worthiness. The higher your CIBIL score, which runs from 300 to 900, the greater your chances are of having your loan application accepted. In fact, clients with a CIBIL score higher than 750 get approved for 79 percent of loans.
Additional Read: Do I Need To Pay Off My Credit Card Bill After Every Purchase