What does CIBIL stand for?
The RBI has granted a license to Credit Information Bureau India Limited (CIBIL), a provider of credit information. Your credit history is evaluated by CIBIL using a numerical score that ranges from 300 to 900. Your credit score, also known as your CIBIL, is calculated by how consistently you repay your loan and credit card debt. Banks and lenders are informed about your score by CIBIL, which allows the lender to assess your creditworthiness.
The credit score, commonly known as the CIBIL score, is used to assess a person’s creditworthiness and repayment capacity. A higher credit score enhances the likelihood that their credit application will be approved. Before applying for a loan, one’s CIBIL score must be verified. It is normally between 300 and 900. A PAN card can be used to check one’s CIBIL score on the Bajaj Finserv website. This will help you get your cibil score check by pan card.
What role does the CIBIL score play?
The primary goal of any financial organization is to make loans. A person must meet certain requirements to qualify for a lender’s loan products. The CIBIL score of a borrower is one of the most important factors in assessing if they are eligible for any given loan. It enables a lender to make loans to qualified applicants while safeguarding the lender’s interests against loss.
When applying for a loan or a credit card, it is critical to have a decent CIBIL score. Borrowers must be aware of their creditworthiness because lenders consider the borrower’s CIBIL score when granting a loan application; therefore, a strong CIBIL score is essential.
A CIBIL check is performed over the internet. Banks and financial organizations look at the CIBIL score before making a loan decision. Regularly review your credit profile to ensure that it appropriately reflects your creditworthiness and is free of errors and abnormalities. This allows you to keep track of changes and identify suspicious activities. Here are some methods for checking their CIBIL score online.
How to check CIBIL score online:
To check your free CIBIL Score, simply follow these steps
- Click “Get Your Free CIBIL Score” on the CIBIL website at www.bajajfinserv.in.
- Your email address and mobile number must be entered in a pop-up web form.
- Type in a password and your email address.
- Choose “Income Tax ID Number (PAN)” under “ID Type.”
- In the “ID Number” field, enter your PAN number.
- Prior to moving on, read the Terms & Conditions.
- Complete the Bajaj Finserv authentication process by entering the One-Time Password that was sent to your email address.
- Choose “Member Login” and enter your login information, including your email address and password.
- You can view your CIBIL score for free on the Dashboard.
- By enrolling in paid monthly, half-yearly, or annual plans, you may also check your credit summary, score history, etc.
Check your CIBIL score with your Aadhaar card:
An Aadhaar card is required for address verification. The address provided must match the address on the Aadhaar Card for all methods of checking the CIBIL score online.
On the Bajaj Finserv website:
- On the Bajaj Finserv official website, click “Get Your CIBIL Score.”
- Fill out the form with the necessary information (Name, DOB, ID proof, loan history).
- After submitting the form, you will be routed to the payment page. CIBIL charges a fee for obtaining a credit report.
- Once you’ve completed your payment, you’ll be sent to the authentication page. At least three of the five questions about your credit history must be answered correctly to be authenticated. After being authenticated, the report will be delivered to your inbox within 24 hours.
CIBIL score influencing factors:
The following are the primary criteria that determine a user’s CIBIL score:
Payment history: Making numerous late payments or neglecting to pay users’ EMIs might have a negative impact on the CIBIL Score. Users’ history of regular EMI and credit card late payments is one of the most important factors impacting their CIBIL Score.
Appropriate credit mix: If customers have a balanced mix of secured and unsecured loans, their credit score is more likely to improve. It is advised that customers keep track of their unsecured debts. However, it has a modest impact on their credit score.
Credit use: Having a higher credit utilization ratio or consistently maxing out their card implies that people are overly reliant on credit and have a high payback burden. This may have an adverse effect on your credit score. It is advised that their credit consumption should not surpass 30% of their total credit capacity. It demonstrates that the user is not desperate for credit, and the likelihood of becoming a defaulter as a borrower is low.
Count of hard inquiries: If someone has lately applied for several credit cards and loans and those requests have been granted, lenders will carefully review the application. Because this practice suggests an increase in debt load, it will have a negative impact on the CIBIL Score. Read more about Finance