What is a CIBIL Score?
CIBIL score is a three-digit number; using this, you can learn about your credit health. A high CIBIL means you have good credit health and can easily avail of a loan or credit card. However, a low credit score indicates poor credit health.
To do a CIBIL score check, you need your PAN card and Aadhaar-linked mobile number. Transunion CIBIL (credit bureau) allows you to do one CIBIL score check online for free. This offer is for those who haven’t checked their CIBIL score yet.
Check CIBIL score now to know the status of your credit health.
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CIBIL Score Scale: What Does Each Range Mean for You?
Calculate your CIBIL Credit Score
Factors Affecting CIBIL Score
Loan History
Your previous loan repayment history plays a crucial role in your CIBIL score. A track record of timely repayment with no default builds a strong CIBIL.
Credit Duration
Using credit cards for a longer period improves your CIBIL by creating a long credit history. Timely repayment with a long credit history contributes to a good CIBIL score.
Loan Applications
How frequently you apply for a new loan or credit card is shown via a hard inquiry. Such inquires by lenders can negatively impact your CIBIL. So, be careful while applying for a new loan.
Type of credit
Borrowing different types of loans can create a good credit mix for your profile. This comes in your advantage and shows you’re not credit greedy and can manage both secured and unsecured loans.
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Benefits of High CIBIL Score
CIBIL score is not the only factor lenders consider when checking your credit application, though it is an important one. Take a look at the benefits you’ll have with a high CIBIL.
Easy Approval: Your chances of getting approval on a loan application are high with a good CIBIL. A CIBIL of 700 and more shows you as a trustworthy borrower.Lower Rates: Lenders tend to offer relaxed interest rates for applicants with high CIBIL scores. You can also negotiate for a lower interest rate with the lender based on your good CIBIL score.High Loan Limit: You can get higher loan limits with a high CIBIL score. But you are advised to borrow only that much which you need.Pre-approved Offers: With a high CIBIL score, you might get a pr-approved offer from your existing lender. Considering your good credit behaviour and existing relationship, a pre-approved offer might be generated.Why Monitor CIBIL Score?
Seamless CIBIL Check
CIBIL offers easy credit score check services. You don’t have to go through a lengthy process. Just fill in your basic details, and PAN and your CIBIL will be generated.
Get customised offers
A tailored list of loan offers will be provided to you upon a CIBIL check. So, what if you don’t have an excellent CIBIL score? You still qualify for some other loans. Check them and meet your requirements accordingly.
Improving Loan Approval
You can see how you’ve improved your CIBIL with regular EMI and credit card bill payments, avoiding multiple loan applications, etc. This increases your chances of approval for a new loan.
Build your credit score
If you have a credit status of NA/NH, start building your CIBIL today! Borrow credit according to your needs and follow a regular repayment plan to start building your CIBIL from 0.
