What is a CIBIL Score? How to Check it
We understand that you may need extra money from time to time, and we’re here to help. Whether you want money for a car, your education, or you need cash for a down payment on your home, we offer various types of loans with varying interest rates and lengths to fit your needs. From short-term cash advances or longer-term loans, there’s sure to be one that allows you to reach your financial goals. Just check the web for the right loan product based on what you need and how much you need it for.
When you apply for a loan, the lender will examine your CIBIL score to make sure you are creditworthy. The CIBIL score is what determines whether or not an individual is eligible for loans, and their CIBIL score is determined by looking at their credit card usage, as well as any other borrowings they have. As it relates to India, there are many alternative crediting scores like CRIF Highmark. However, the most widely accepted is the CIBIL credit score. In this article, we’ll talk about the CIBIL score and how to see your own check CIBIL score online.
Financial institutions use the CIBIL score to decide whether a person should get approved for a loan. It’s also used to determine the loan’s interest rate and other factors. With a CIBIL score, you can establish credit and get a loan easily!
What is CIBIL Score?
Previously, we discussed how CIBIL (Credit Information Bureau of India) is responsible for maintaining a person’s credit history. The CIBIL score is a three-digit number based on the person’s credit history, rating, and reports. The CIBIL obtains data from every financial institution that offers loans to their customers, analyzes this data, and produces reports.
How do you check your CIBIL score online? Simply visit the CIBIL website and take a few steps to get started.
- Visit the CIBIL website
- When you click on “Get CIBIL Score”
- Make sure to enter the details asked on the site–things like your email address, password, PAN Number and Aadhaar Number.
- By clicking “Continue”, you’re agreeing to the terms and conditions.
- You will be sent a password via text. Enter the OTP and proceed.
- All you need to do on the home page is click on the “Go To Dashboard” button.
Use these instructions to check your CIBIL score online.
Once you become a CIBIL member, you can log in to your account and see your score in the ‘Member Login’ section. You can also enter the information required on sites such as CIBIL Score for alerts about your credit score. Remember that there is no charge to get your CIBIL report!
What is a good credit score considered?
This answer depends on what kind of score lenders consider to be a good one. For example, some lenders require 700+, while others only require 700. To find out the score lenders are looking for, use your FICO as an informal guide. Ideally, 800+ is an excellent score, and it can range up to 749-699.
Why is CIBIL Score Important?
If you have a good CIBIL score, it means you won’t have any trouble getting a loan. Factors such as your income and CIBIL score will be analyzed to determine how much money and for what purposes the lender gives you. The better your score, the higher the loan you will get. If you maintain a robust CIBIL score, you can get a cheaper mortgage or car loan interest rate from your financial institution.
Conclusion
One of the most important things to do is establish a good CIBIL score and make sure that it never drops below a certain number. If you want your scores to be high, make sure you pay your credit card bills on time, stay in-credit with your balance and always keep up on your EMI payments. Check your CIBIL score once a year through the CIBIL website or an alternative source. You can also use a CIBIL Score app or third-party apps to check your prior scores if you don’t want to deal with the hassle of checking from CIBIL yourself.