The CIBIL score and how to obtain it
A good CIBIL score, which can vary from 300 to 900, is calculated by adding together a customer’s credit history, credit rating, and report. A credit score of 750 or greater is considered healthy, while anything less is viewed as concerning. A good credit score makes the loan application procedure easier. Customers profit from it, particularly in terms of interest rates. Borrowers with good credit may be able to obtain loans at cheaper interest rates than others. While lenders take a number of criteria into account before disbursing funds, a credit score is a critical aspect in the approval process.
What is the significance of the CIBIL score?
Any financial organization’s principal objective is to make loans. To be eligible for a lender’s loan products, a person must meet specific criteria. A borrower’s CIBIL score is one of the most essential variables in determining whether they are eligible for any specific loan. It allows a lender to issue loans to qualified candidates while also protecting the lender’s interests against loss.
A good CIBIL score is essential when applying for a loan or a credit card. Borrowers must be aware of their creditworthiness because lenders consider the borrower’s CIBIL score when approving a loan application; thus, a high CIBIL score is required. However, many people are unaware of how frequently they should exercise.
How can I determine my CIBIL score?
Your credit score is one of the most crucial factors in your life. It can have an impact on whether you can acquire a loan, the interest rate on that loan, and even whether you can get a credit card. As a result, getting the greatest possible score is crucial.
Determining your CIBIL score
There are a few ways to find out. You might also use one of the many free online services to calculate your score. Whatever path you choose, it’s vital to monitor your progress and adjust as needed.
To check your CIBIL score online, follow these steps:
- Visit the CIBIL website and submit your personal information, such as your name, date of birth, gender, and so on.
- Fill up your contact information, such as email and phone number.
- Type in your PAN number here.
- Enter the captcha code.
- Press the “Submit” button.
- Your CIBIL score will be displayed on the screen.
- Save and print a copy of your report for future use.
You can work to increase your CIBIL score now that you have it. Furthermore, a good CIBIL score is necessary for low-interest bank loans and credit cards. As a result, keeping track of your credit score and taking the necessary steps to maintain it is essential.
Checking your CIBIL score using your PAN card, follow the steps below to verify your CIBIL score online using your PAN Card:
- Go to the official CIBIL website and click the ‘Get your CIBIL score’ link in the upper-right corner of your landing page.
- Select a subscription method and continue if desired. Keep in mind that if you only want to validate the same item once, you can simply skip this step and continue.
- You’ll be directed to a page where you’ll be required to provide your PAN number, date of birth, email address, gender, and a captcha code.
If you lose or steal your PAN card and seek a duplicate, the impact on your CIBIL score is negative because the PAN number remains the same. If you have two distinct Permanent Account Numbers (PANs), you should surrender one of them to avoid future complications.
Obtaining a new PAN card may affect your CIBIL score. Your credit score is calculated using information from your credit history, which is associated with your current PAN card. Your account may be detected in the credit bureau database if you apply for a new PAN card number.