Check CIBIL Score by PAN Card

In the modern era, CIBIL scores help individuals to analyze their creditworthiness by learning about their credit score, record, and history, among other things. The Reserve Bank of India has approved TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited), Equifax, Highmark, and Experian as Indian credit bureaus. One of the biggest consumer data databases that provide credit information is TransUnion CIBIL, which was established in the year 2000. Simply expressed, the CIBIL score is calculated, tracked, and maintained by TransUnion CIBIL Limited. The three-digit CIBIL scores, which range from 300 to 900, serve as a representation of a consumer’s creditworthiness.

Here, the importance of having a high CIBIL score and how to Check CIBIL Score by Pan card has been explained.

Various ranges of CIBIL scores and their significance

Essentially, CIBIL scores are a tool to assess a person’s ability to make timely payments. Between 300 and 900 are the three-digit CIBIL scores range. The NA/NH CIBIL score denotes no history or is not applicable. A CIBIL score of 350 to 549 puts a potential borrower in a tight situation regarding loan eligibility. Fair CIBIL scores could be thought of as falling between 540 and 649. However, greater interest rates are to be anticipated. Although candidates with CIBIL scores between 650 and 749 have good credit, they rarely negotiate the lowest borrowing rates. A lower interest rate is also agreed upon by lenders, and this range of 750 to 900 is excellent. The majority of lenders favor candidates with credit scores of 750 or higher.

As the credit score drops, the likelihood of getting approval quickly decreases. The number of queries made and the number of credit applications denied can both have a negative effect on a consumer’s credit score. An indication of a consumer’s history of responsible credit-related conduct is a high CIBIL score, which may persuade a lender to authorize a loan. On the other hand, having a bad credit history may result in higher interest rates or possibly being denied a loan.

What makes a PAN Card important for CIBIL score checking?

PAN is a special alphanumeric code that can serve as identification documentation for an Indian citizen. Below is a list of reasons why PAN is crucial when determining the CIBIL score:

• Because PAN is connected to your financial accounts and tax payments, it makes it easier for CIBIL to aggregate your score, which increases overall security when checking your CIBIL credit score.
• Having several PAN cards is illegal in India since each PAN is unique.
• The PAN card and Aadhaar card must be linked by law. To identify people who have loans from various institutions, checking the CIBIL score with a PAN card is helpful.

Checking CIBIL scores with PAN Card

When it comes to quick CIBIL score checking and monitoring, CIBIL Score apps are beneficial. However, one can examine their CIBIL score by logging into the CIBIL website. This is a paid service that can cost between Rs. 550 and Rs. 1,200 depending on the membership plan. To obtain your CIBIL report, you must have a PAN card. You can check your CIBIL score by PAN Card without charge. The processes for checking the CIBIL score  by PAN card online are as follows:

• The first step is to go to the CIBIL portal and select “Get Your CIBIL Score.”
• Choose a subscription to “Log in” and fill up all the necessary information.
• To check the CIBIL score using a PAN card, select “Income Tax ID” as the ID type and enter your Permanent Account Number. After that, confirm your identification and carefully respond to all the questions.
• Complete your payment to create an account and omit the subscription if you only intend to utilize the service once. However, go ahead and subscribe if you want to check your credit score frequently.
• To authenticate, an OTP will be generated and sent to your email. After successful authentication, complete the form that displays on your screen.
• Fill out the form to view your CIBIL rating.

Notably, you will need a membership to use your PAN card several times a year to check your CIBIL score. If you lose your PAN card and request a duplicate, it won’t have any negative effects on your CIBIL score.

Conclusion

The CIBIL score provides a snapshot of a person’s credit history and so establishes that person’s loan eligibility. One must have an in-depth understanding of their CIBIL scores because lenders check borrowers’ credit reports before providing loans. It is now required to use a PAN card to check your CIBIL score. Therefore, use your PAN to rapidly obtain your CIBIL score by following the aforementioned steps. Once a year, you can check your CIBIL credit score for free with CIBIL Score App. However, choosing a subscription to the CIBIL website enables you to visit it frequently all year round.