CIBIL Score: CIBIL score (Credit Information Bureau India Limited) is an important parameter of financial creditworthiness in India. This score ranges from 300 to 900 and is considered a parameter of your creditworthiness.
Whenever you apply for a loan or credit card from a bank or financial institution, your CIBIL score is checked first. A good CIBIL score means that your loan approval chances are high and you can get a loan at a lower interest rate. Usually, a PAN card is required to check the CIBIL score, but now you can check your CIBIL score even without a PAN card. Let us know its easy method and important information related to it.
What is CIBIL Score?
CIBIL Score is an important indicator of your credit history and financial discipline. It is a three-digit score that reflects your creditworthiness.
- Good score: 750 and above.
- Average score: Between 650 and 750.
- Low score: Less than 650.
Having a good credit score increases the chances of loan approval, and banks also provide loans at lower interest rates. However, getting a loan can be difficult in case of a poor credit score.
Importance of Credit Score
CIBIL score not only reflects your financial credibility, but it also helps you improve your financial plans. It is important due to the following reasons:
Better loan deals: A higher credit score gets you loans at lower interest rates, thereby increasing your savings.
Financial planning: A good score makes financial planning easier.
Credibility: A high score makes you credible to financial institutions.
Score improvement: If your score is low, it can be improved by paying bills and loans on time.
How to check CIBIL score without PAN card?
Now CIBIL has made its services more simple. You can easily check your CIBIL score even without a PAN card.
For this you have to follow the following steps
- Visit the website: Visit the official website of CIBIL and click on the ‘Personal CIBIL Score’ option. Then select Get Your Free CIBIL Score.
- Create an account: Create an account by entering your email ID and password.
- Select alternative documents: Select other documents like passport, voter ID or driving license instead of PAN card.
- Fill in personal details: Enter your name, date of birth, PIN code, and state details. Then enter the mobile number.
OTP verification: An OTP will be sent to your mobile number. Enter it to verify your identity.
Device setup: If you are logging in from your personal device, select ‘Yes’. Click No for public devices.
Access dashboard: After successful login, click on Go to Dashboard and view your CIBIL score.
Why is it important to monitor CIBIL score?
CIBIL score is a measure of your financial health. It is important to monitor it regularly because:
- Financial stability: It helps maintain your financial health.
- Better loan deals: Regular monitoring can help you improve your score, which can help you get better loan offers.
- Fraud prevention: Periodic score checks can help detect any unauthorized activity.
If your CIBIL score is low, take the following steps to improve it:
- Pay off loans and credit cards on time.
- Utilize less than 30% of your credit limit.
- Avoid applying for new loans frequently.
- Check your credit report regularly and get any errors rectified immediately.
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