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CIBIL score is one of the crucial parameters that determine an individual’s Home Loan eligibility. Financial literacy is extremely important for smart debt management; thus, improving your knowledge about credit score and its importance are a necessity in today’s digital world. Knowing how to check your credit score can be helpful in this regard.

How to Check CIBIL Score Online?

Create your account on the CIBIL website and become a member. Here, you can check your CIBIL score online. We suggest you check your CIBIL score with your PAN number once every year by following the below steps.

  1. Log in to the CIBIL portal

  2. Click on ‘Get your CIBIL score’

  3. Select a subscription plan

  4. Create a login password

  5. Enter PAN and ID type and verify your identity

  6. Pay the subscription fee and then authenticate yourself via OTP/email

  7. Enter personal details to check credit score

Also Read: How to Check your CIBIL Score by PAN Card Number

How to Check CIBIL Score Offline?

Before applying for a housing loan, Individuals can also opt for the offline process to access credit details.

Read on to know how to check credit score offline.

  1. Visit the CIBIL website and download the consumer request form

  2. Fill up the form with essential details

  3. A demand draft made out in favour of TransUnion CIBIL has to be attached

  4. Mail the form and demand draft to TransUnion CIBIL's office in Mumbai

On receiving the mail, the concerned body will carry out the required formalities. Subsequently, the CIBIL report will be mailed to the individual’s address.

A credit report is a statement that comprises credit details such as an individual's credit activity, number of active credit accounts, loan repayment, and inquiries. Collectively, these details help determine a borrower’s financial stability and creditworthiness.

The details are compiled by credit bureaus from creditors such as financial institutions and credit card companies. This credit report enables the lender to decide whether a loan applicant matches the housing loan eligibility criteria or not.

The report also helps lenders decide the eligible loan amount and interest rate for the individual. Since a lot depends on the credit report, individuals need to make an effort to review it frequently. By doing so, they will be able to identify inaccuracies and get them rectified at the earliest to avoid erosion of credit score.

Individuals also have the option to access credit details via PAN card or via mail. Reviewing credit score and report timely can help eliminate errors and improve credit score.

Also Read: Why Is Credit Report Important?

*Terms and conditions apply

Although lenders take various factors into consideration when evaluating loan or credit card applications, having a high credit score can offer several advantages, such as:

Improved Chances of Approval: A high credit score indicates responsible credit behaviour, including a clean repayment record, which decreases the risk of default for the lender and increases the chances of approval for a loan or credit card.

Lower Interest Rates: Lenders typically grant borrowers with a high credit score, lower interest rates for various credit products, including personal loans, home loans, and credit cards.

Access to Pre-Approved Loans: A high credit score may increase the likelihood of accessing pre-approved loan and credit card offers.

Qualification for Premium Credit Cards: Credit card companies may provide access to premium credit cards that offer better rewards, such as cashback, reward points, and exclusive services, to applicants with a high credit score.

Approval for Higher Loan Amounts and Credit Limits: A high credit score can also increase the chances of being approved for higher loan amounts and credit limits, as it typically indicates responsible credit behaviour and a lower risk of default.

Possibility of Longer Repayment Tenors: Although longer repayment tenors usually carry a higher degree of risk for the lender, a high credit score may still help borrowers qualify for longer repayment tenors than those with lower scores. This can result in smaller EMIs, lower monthly credit burdens, and better management of monthly expenses.

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Frequently Asked Questions

Definitely. Checking your CIBIL score is always better than not checking one, especially with the fact that an online check does not hurt your credit score. In fact, by knowing your score, you can take steps to improve or maintain it.

The safest way to check CIBIL score is from the official website of CIBIL. Note that you will be asked to enter personal details such as name, PAN card number, date of birth, gender, etc., clear the personal verification process, and make a fee payment to access your credit report.

Generally, a credit score of 750 and above is considered to be good or above average. A credit score of 600 falls in the range of less than average to poor and needs improvement.

On the scale of 300 to 900, a score between 300 and 600 is deemed to be poor, anything above that is deemed to be fair.

No. On the contrary, a loan can greatly improve your credit score and build a strong credit history provided you are paying the EMIs on time and in full.

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