What is a credit score and how does it work?
Steps to Check Your CIBIL Score for Free
Your CIBIL score is a 3-digit number that measures your credit health. Watch this video to understand its importance.
-
personalized offer
Get exclusive pre-approved deals on loans, credit cards and more based on your credit score.
-
Negotiate better with the creditor
If you have a high CIBIL score, you will be in a better position than other borrowers and therefore may be able to demand a better interest rate or lower processing fee.
-
lowest interest rate
If you have a high credit score, the lender will offer you a comparatively lower interest rate for the loan or credit card.
-
easy loan approval
A high credit score means that you, as a borrower, are safe to borrow. This increases the chances of faster approval of your loan by the lender.
-
higher loan amount
Larger loan amount means greater risk for the lender. Therefore, they prefer to lend to borrowers with high CIBIL scores.
-
long term loan
Borrowers with a good CIBIL score can avail loans with longer terms. This lowers your EMI and reduces your monthly expense burden.
*Conditions apply.
(Video) How to check your CIBIL Score | Bajaj FinservStill haven't found what you're looking for? Click on any of the links at the top of this page
Show more show less
credit bureau in india
Credit bureaus are data collection companies that track a customer's credit history on behalf of banks, non-bank finance companies, and other creditors. Credit bureaus publish a three-digit score that indicates an individual's creditworthiness. There are many credit bureaus licensed by the Reserve Bank of India to collect customer data. The various credit bureaus in India are as follows.
-
TransUnion CIBIL Limited
One of the oldest credit bureaus in India. They provide the CIBIL score as a measure of your credit health.
-
Experian Inc.
This is another office where you can get your Experian credit score and report.
-
equifax
Equifax Inc. is an American multinational consumer credit reporting agency with operations in 15 countries in North America, Europe, Asia and Latin America.
- (Video) CIBIL score 750 से कम है तो क्या credit card या Bajaj Finserv EMI card मिलेगा । with live proof
CRIF High Mark Credit Reporting Services
Founded in 2007, it is a leading provider of credit information services in India, covering segments such as consumer, microfinance and commercial.
General inquiries
What is a good CIBIL score?
In general, a CIBIL score in the range of 700-749 is considered a good CIBIL score according to TransUnion CIBIL. With this score, you can qualify for credit offers from different banks and NBFCs. You can check your CIBIL score whenever you want with Credit Pass. Checking your score regularly does not affect your score.
Apply for the credit pass
Are you a Credit Pass holder? Between here
What is the minimum CIBIL score required to get any loan?
No bank or NBFC specifies the minimum CIBIL score required to avail the loan. However, most lenders want you to have a CIBIL score of at least 700 or higher. A credit score is a measure of your credit health. A high score reflects good credit health and increases your chances of getting a loan approved faster.
How can I maintain a good CIBIL score?
Here are some easy tips to help you maintain a good CIBIL score:
- Pay your monthly installments on time to build a good track record
- Manage your credit card carefully, set payment reminders and use within limits
- Choose loan tenure carefully, try to make partial prepayments whenever possible
How can I improve my CIBIL score?
Your credit score is based on your credit history. You cannot improve your score overnight. However, you can improve your CIBIL score over a period of time by doing things like timely loan payments, proper use of credit, regularly reviewing your CIBIL health report to ensure there are no errors.
improve your credit scoreSome other ways of
How to check your CIBIL score for free?
You can check your CIBIL score for free on the Bajaj Finserv website (no login or consumer registration required).
All you have to do is follow these three easy steps:
- Share basic information about yourself
- Verify your identity by verifying the OTP sent to your mobile number and email ID
- Consult your score and inform CIBIL.
It's free and very easy. And the best part? That checking your CIBIL score on the Bajaj Finserv website does not affect your credit score!
How to check CIBIL score with CreditPass?
With Bajaj Finserv Credit Pass, you can check your CIBIL score simply by logging into your Credit Pass account. You can check your score in your personalized dashboard. In addition, you can view the factors that affect your score and download your Detailed Credit Status Report. You can sign up for Credit Pass for free. This pass is valid for 12 months.
Apply for the credit pass
Are you a Credit Pass holder? Between here
Why is it important to check your CIBIL score?
Your CIBIL score is a measure of your credit health. Lenders like banks and NBFCs check your credit score before approving any credit. By checking your CIBIL score and reporting regularly, you can catch errors and take the necessary steps to improve your credit score, ensuring easy credit approval. With Bajaj Finserv Credit Pass, you can check your CIBIL score whenever you want. You can also check your detailed credit report.
Will frequent review of the CIBIL report affect the score?
When you check your CIBIL score, it is considered a "soft query" and has no negative impact on your credit score. However, if your creditor or credit card issuer asks CIBIL to review your credit report (typically when they are looking for loan or credit card information), this is considered a "difficult query". Difficult queries are recorded in the queries section of your credit report.
If more than one extensive inquiry is made in a short period of time, this is called "credit starvation behavior" and can affect your credit score. But a smooth query sometime in the year is considered a big financial transaction.
Why do lenders check your CIBIL score before approving your loan?
As you know, your CIBIL score measures your credibility. Your creditor chooses to verify your score for several reasons, including:
- To check your history and credit history
- To assess your loan repayment capacity
- To review your credit balance and determine your profile risk level
- To determine if you meet the lender's loan eligibility criteria
- To find out the loan amount and interest rate that's right for you
Therefore, your CIBIL score is an important tool to help you manage your financial health.
Why should you check your credit card score?
A low CIBIL score prevents borrowers from getting the desired loan amount at a lower interest rate. However, users can purchase their CIBIL reports. With your CIBIL report, you can check your CIBIL score whenever you want. For that, you must follow some steps.
A CIBIL report contains your credit history provided by financial institutions and banks. Additionally, you can gain access to your CIBIL score and other financial behaviors. To make use of your CIBIL report, the user must subscribe. Credit rating agencies provide different subscription packages to users. Make a subscription request to the respective agency and they will send you an email.
So, if you want to buy your CIBIL report, you will have to download the agency's email. After that, fill in the correct information in the form attached to the email. You will need to provide basic KYC documents and a demand draft for the requested amount along with your form.
Users can view their CIBIL report for any purpose including checking their CIBIL score, financial status, etc. But once the subscription period expires, the user will not have access to this report and will have to renew their subscription.
Explain the difference between credit score, credit rating and credit report.
Credit score, credit rating and credit report are often confused as the same thing. But, each of them has a different meaning.
A credit report describes a detailed list of all credit lines and payments made by the user. It will include the following information:
- User's personal data
- A detailed list of current and closed loan accounts, including the amount of credit card debt
- Credit inquiry per user
- A public record of foreclosures, bankruptcies, civil judgments, etc. Every credit report will have a credit score.
The credit score is a three-digit number that ranges from 300 to 900 and is described on your credit report. Credit score is important as it demonstrates the borrower's credibility against all types of lenders. This score increases or decreases depending on the user's financial activities.
A credit score is a numerical assessment of an applicant's creditworthiness. Any entity wishing to take out a loan may be required to pass a credit score inspection, be it an individual, a company or institution, the government or a state/province authority.
Show more show less
FAQs
How can I check my CIBIL score without affecting it? ›
You can request for your CIBIL report by visiting the www.cibil.com. You will need to enter personal details such name, PAN card number, date of birth, gender, etc., clear the personal verification process, and make a fee payment in order to access your credit report.
Does Bajaj Finserv affect credit score? ›No impact on credit score – Bajaj Finserv.
What CIBIL score is good for Bajaj Finserv? ›Credit score: 750+
More importantly, you get the most competitive interest rates from lenders. You will also receive pre-approved offers from credit card issuers and lenders, but to maintain CIBIL score, ensure you pick and choose every offer carefully. Continue to use the EMI calculator to plan your repayment.
- 5 steps to improve your credit score. Clear all your existing debt. ...
- Clear all your existing debt. ...
- Pay your EMIs on time. ...
- Limit your credit utilisation. ...
- Report discrepancies in your credit report, if any. ...
- Borrow a mix of credit.
It is not mandatory to have a CIBIL score at the time of application. You will have to furnish and provide your KYC details including PAN card and Aadhar card. Moreover, to show that you can repay the short-term loan without a CIBIL score, provide your income details as well as your bank statements.
How can I check my credit score without affecting it in India? ›You can check your CIBIL score and report on Wishfin without having to worry about any kind of point loss. This is because Wishfin is an official TransUnion CIBIL partner and so when you check your CIBIL report, you will not loose any points.