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How To Check CIBIL Score for Personal Loan

How To Check CIBIL Score for Personal Loan

Are you considering applying for a personal loan? If so, you’re about to embark on a financial journey, and here’s a crucial aspect you should be well-prepared for – your CIBIL score. 

In this article, we’ll walk you through the process of checking your CIBIL score before you apply for a personal loan. Personal loans, being unsecured, often require lenders to assess your creditworthiness more closely. They want to ensure that lending you money is a reasonably safe bet. This is where your CIBIL score comes into play.

What is CIBIL Score?

CIBIL score is a three-digit number, and it can range from 300 to 900. Think of it as a numerical representation of your financial behaviour. This score is like your financial report card, and it’s used by lenders to gauge your creditworthiness. The higher your score, the better your financial reputation appears to potential lenders.

Also, read – Experian Score vs CIBIL Score

Authorised Credit Rating Agencies

In India, there are four authorised credit rating agencies or bureaus designated by the Reserve Bank of India (RBI) to issue credit ratings. These agencies are the following: Credit Information Bureau (India) Limited (CIBIL), which is the one you’ve probably heard of the most, and it’s often synonymous with “credit score” in India; CRIF Highmark; Equifax; and Experian.

All of these agencies provide credit scores, and they’re equally valid. However, for the sake of simplicity, we’ll mainly use the terms ‘CIBIL Score’ and ‘Credit Score’ interchangeably in this article, as the CIBIL score is the most widely recognised and utilised across the country.

Also, read – How to Build Credit Score from Zero & Improve CIBIL Score

Understanding the Range

Your CIBIL score neatly categorises your credit rating, allowing lenders to quickly assess your financial responsibility. 

Here’s a breakdown of what different CIBIL score range for personal loan means:

550 and Below (Bad): A score in this range indicates a low level of creditworthiness.

550–649 (Poor): Scores in this category suggest that your credit history might need some improvement.

650–699 (Average): An average score, which can be enhanced to secure better loan terms.

700–749 (Good): A good score that can open doors to favourable loan conditions.

750–900 (Excellent): The best range to be in; lenders view this score as a strong indicator of your financial responsibility.

Also, read – What Does a 777 Credit Score Mean?

Importance of CIBIL Score

The importance of your CIBIL score lies in its role as a measure of your creditworthiness. When you apply for a personal loan or any other form of credit, lenders examine this score closely. A higher CIBIL score signals responsible financial behaviour, making you a more trustworthy borrower.

The benefits of a good CIBIL score are substantial. It can lead to better loan terms, lower interest rates, and higher credit card limits. Essentially, it’s your financial reputation, and it can open doors to financial opportunities that might otherwise be challenging to access. 

Therefore, understanding your CIBIL score is not just advisable; it’s crucial for anyone seeking financial stability and success.

Also, read – Multi Purpose Loan

Factors Affecting CIBIL Score

First and foremost, your payment history carries considerable weight. Timely payments positively impact your score, while missed or late payments can harm it. Managing your credit utilisation is equally vital. Keeping it below 30% of your total credit limit can have a positive influence.

The length of your credit history is another factor. A longer credit history is generally viewed favourably by lenders. A diverse mix of credit types, like credit cards, instalment loans, and retail accounts, can show responsible financial behaviour. 

However, too many recent credit inquiries can raise red flags. Lastly, the total amount of outstanding debts and any public records like bankruptcies or tax liens also play a role.

Also, read – What is the Average Credit Score?

Documents Required to Check Your CIBIL Score

The documents needed for checking credit scores depend on where you check it. However, in most cases, the following documents for the CIBIL score are needed:

  • PAN Card: One of the most critical CIBIL check requirements is your PAN Card. It is a unique identifier that connects all your credit activity across different institutions. 
  • ID proofs: other CIBIL score documents include your ID (such as Aadhaar, passport, voter ID, or driving licence) to help verify your personal details. 
  • Address proof: Sometimes, proof of address may also be needed. These could include a utility bill or a rent agreement. 

Also, read – 800-Plus Credit Score

How To Check Your CIBIL Score Online (Step-by-Step Guide)

Here’s how to check your CIBIL score step-by-step:

1. Visit the CIBIL website

Visit the official CIBIL website to check your score. Other credit bureaus also offer a free CIBIL score online. 

2. Provide the relevant documents 

The next step of the online CIBIL check process is to enter your details. This usually includes your name, phone number, email address, PAN Card, and other ID proofs. 

3. Fill in the OTP

To check your CIBIL score online, enter the OTP you receive on your registered number. Your CIBIL score and report will then be visible. 

You can check your CIBIL score on Tata Capital’s website today!

How to Check CIBIL Score Offline? 

While an offline CIBIL score check is less common, it can be done. Here’s how to check CIBIL score for personal loan offline:

1. Download the form: Visit the official CIBIL website and download the request form required to check your credit score offline. 

2. Fill in the form: Attach your personal details. 

3. Attach your Demand Draft: For the CIBIL score offline method, a demand draft in favour of TransUnion CIBIL is also required. The prices are Rs. 550 for the score and report together, or Rs. 164 for only the report. Send the request to CIBIL’s address listed on the CIBIL website to access your CIBIL score by mail. 

Also, read – What is Credit Appraisal

How To Check Your CIBIL Score?

Checking your CIBIL score is a straightforward process that provides a wealth of financial insight. To start, visit the official website or mobile app of a credit bureau, such as CIBIL. If you’re new to the service, you’ll need to sign up, providing your personal details.

Once you’re in, navigate to the section that allows you to check your CIBIL score. This is typically labelled as “Check Score” or something similar. You’ll need to enter specific information like your name, date of birth, PAN (Permanent Account Number), and contact details. This data helps the system locate your credit file and generate your CIBIL score.

Upon completion, your CIBIL score should appear on the screen. Take a moment to review the score and understand where you stand on the creditworthiness scale. You may also have the option to review your detailed credit report, which is advisable to ensure accuracy.

Also, read – Token Money

Common Errors to Avoid When Checking Your CIBIL Score

While checking your credit report, there are some tips to avoid CIBIL score errors. Below are some vital credit score checking tips to keep in mind:

  • Always enter any personal information carefully to avoid errors in your CIBIL check. 
  • Once you have your credit history and report, check for any discrepancies. For example, ensure all your credit accounts are correctly listed, that there are no duplicate entries, and that there are no late or incorrect payments. 

Lastly, if you find any discrepancies, contact TransUnion CIBIL immediately to dispute them. This will help you resolve CIBIL score mistakes as soon as possible. 

Conclusion

If you’re considering a personal loan or want to explore your financial options, now is the perfect time to check your CIBIL score. Armed with this information, you can confidently take the next steps in your financial journey.

Remember that your CIBIL score is not static; it can change over time. By maintaining positive financial habits, you can continuously work towards improving your score, ensuring access to better financial opportunities in the future.

If you’re ready to explore personal loans with favourable terms, we invite you to consider TATA Capital. Tata Capital’s team will assist you in making informed financial decisions and guiding you towards a brighter financial future.

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FAQs

What is the ideal CIBIL score for a personal loan?

The ideal CIBIL score range for personal loans typically falls between 300 and 900, with higher scores being more favourable for securing loans on better terms.

How often should I check my CIBIL score?

It’s a good practice to check your CIBIL score at least once a year. Additionally, it’s wise to check your score before applying for a significant credit product, such as a personal loan or a mortgage.

Can I get a personal loan with a low CIBIL score?

While it’s still possible to secure a personal loan with a lower CIBIL score, it may be more challenging, and the terms offered might not be as favourable. Lenders may charge higher interest rates or offer lower loan amounts to mitigate the perceived risk.

Does checking my CIBIL score frequently harm my score?

No, checking your own CIBIL score, also known as a soft inquiry, does not impact your score. It’s considered a responsible financial practice to monitor your score regularly.

How can I correct errors in my CIBIL report?

If you find discrepancies in your report, log in to the CIBIL website and dispute it online. This can be done by submitting the incorrect details and attaching any relevant proof. CIBIL will then take the steps to verify the problem with the lender.

What other factors do lenders consider apart from CIBIL score?

Apart from your CIBIL score, lenders also often consider other factors. These iclude your monthly income, your form of employment, your banking history, any existing debts, and repayment capacity. Along with your credit score, these factors allow lenders to evaluate whether you will be able to repay the loan amount.

How can I check my CIBIL score if I don’t have a loan or credit card?

Even if you don’t have a credit card or a loan, here’s how to check your CIBIL score for a personal loan. Make an account on CIBIL's website and provide the relevant information and documents. However, the score may be marked as -1 or NH, indicating no credit history.

How to check CIBIL score free?

To check your CIBIL score for a personal loan for free, visit the official CIBIL website and choose the option for a free CIBIL score and report. Other credit bureaus and lenders also allow you to check your CIBIL score for free. Borrowers can visit any website or mobile app to check.

How can I check my CIBIL score online without a PAN card?

When checking CIBIL score without a PAN card, you will need to provide other documents and ID proofs. These could include your Aadhaar card, passport, driver’s license, or even your voter ID. However, your PAN card is vital in most cases.

How to check my CIBIL score if I suspect errors in my report?

When checking your CIBIL score for personal loans, if you notice errors in your CIBIL credit score or report, you can report them immediately. This can be done through CIBIL’s online portal or website. CIBIL will then register this as a dispute and help you in solving the issue.

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