Curious to Know Your Cibil Score? Read This

Finance

When it comes to a cibil score, it would not be wrong to say that this three-digit numeric summary ranges between 300 to 900 that actually gives potential lenders a quick access to your loan eligibility.

However, if we go deep down into the subject, there are three reputed credit rating agencies or bureaus such as CIBIL, Equifax and Experian that issue cibil score or report in India. And, amongst all these agencies, CIBIL is perhaps the most well-known source that let you know your cibil score in a hassle-free manner.

Now you must be wondering, how is your three-digit numeric summary calculated? Every month many renowned lenders report all their credit-related activities to the bureaus. And, this includes data related to every loan or credit card payment such as late/skipped payments, new loan/credit card applications, interest rates, credit limit, status, etc. Soon after collecting this data, the bureaus do the complex and statistical analysis and then calculate the score.

Moreover, if you have a good history of making all your payments on time, you can expect to have a good score. And, the higher score you have, the better chances you have for loan or credit card approval. Talking about a good three-digit numeric summary, it usually starts from 700/750 and the closer it reaches to 900, the better as it shows that a borrower is responsible towards his repayment commitments.

Why Should I Know My Score?

Soon after receiving your loan/credit card application, the first and foremost thing that most of the lenders do is to check your numeric summary. After knowing the same, it becomes easier for lenders to have a quick access to an applicant credit history and repayment record. And, if those three-digits are not good enough, be prepared for the loan/credit card rejection. Hence, it would not be wrong to say that this three-digit numeric summary is one such important factor that creates an impression of your eligibility in front of lenders.

What are the Benefits to Enjoy with a Good Score?

Well, having a good score is no doubt a gateway of many lucrative offers and deals. This is the reason that why experts always give preference to a good numeric summary. Now let’s take a look at the benefits that come with a good score:

  • Attractive Interest Rate
  • Higher Loan Amount
  • Longer Tenure
  • Fastest Approval Process
  • Higher Credit Limit

How to Check Cibil Score Online?

When it comes to checking your credit score, it would not be wrong to say that with the help of your PAN Card, you can easily do the same in simple and easy steps. In just 2 minutes, you would be able to know your exact numeric summary. Take a look at the steps mentioned below…

Step 1: Go to CIBIL score page

Step 2: Enter your Name as per PAN Card

Step 3: Mention correct Date of Birth, Select Gender

Step 4: Provide PAN Card number

Step 5: Enter contact details such as email address, residence address and mobile number

Step 6: Agree to the terms and condition

Step 7: Click on submit button

 

Juhi Walia is an expert financial writer having years of experience in writing for various financial products such as personal loan, home loan, credit cards debt and others.

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