Last Updated on April 7, 2023 by asifa
As a borrower, one of the most convenient ways to avail a loan on affordable terms is to ensure that you possess a high CIBIL score. Almost every financial institution in India refers to your CIBIL report to determine your creditworthiness.
The primary function of CIBIL is to provide reliable and accurate information to all lenders so they can measure the creditworthiness of their applicants.
Hence, it is essential to know how to check free credit score before availing any means of credit from your desired lender.
Read More: 8 Ways to Manage Your Debt Without Stress
How to Check CIBIL Score Online?
Before applying for a personal loan or any other type of secured or unsecured credit, it is advised to check your credit score. In case you need to provide additional information, other than your credit score to ease your loan application process, you can ask your lender to refer to your credit report.
You can check your CIBIL score and report both online and offline. Consult the following steps to do so –
- Visit the official website of TransUnion CIBIL.
- Navigate to the top-right section of the page where it says ‘Get your CIBIL report and score’.
- Next, you are required to fill in necessary information regarding your personal details such as name, PAN, email address, contact number, etc. to complete the registration process of a new account in the CIBIL web portal.
- In this step, you need to open the mail sent to your registered email address for verification purposes where you may be required to provide your passport number, driver license ID, etc.
- On successful verification, your CIBIL report and score will be on display.
Hence, following the above steps, you get to check the free CIBIL score and your credit report. This whole process hardly takes more than 2 mins which adds to customer convenience.
What is a CIBIL report?
TransUnion CIBIL is one of India’s leading credit information companies that maintain a database comprising credit reports. A credit report is a financial document that showcases your credit history.
This report is generated by the company, and it is also referred to as the Credit Information Report (CIR). Such a CIR provides details of repayment of your personal loans, secured loans, credit card dues, etc. The CIBIL report does not take into account other financial instruments such as account balance, business turnover, annual income, etc.
Your CIBIL report also contains your credit score, which is a 3-digit number ranging from 300 to 900. Such a score denotes your creditworthiness as it reflects how you have dealt with your loan EMIs and credit card bill payments in the past. Higher the score, better the chances of loan approval for any individual. The ideal CIBIL score for personal loan is 750.
Reputed NBFCs such as Bajaj Finserv offer an attractive rate of interest and favorable terms to those holding a high credit score.
This company also brings forth pre-approved offers which make availing such credits quick by making the process less cumbersome. Such offers are also available on an array of financial products like personal loans, credit cards, business loans, etc. Check your pre-approved offer by providing only your name and phone number.
Availing a personal loan is considered as one of the simple ways to manage your debt. However, before applying for this type of credit, you need to check free CIBIL score.
As a borrower, you should also be aware that you can check your credit report and score for free only once per fiscal, following which a nominal fee is charged by CIBIL. Several financial institutions also enable customers to check their CIBIL score against a charge via their net banking account or official app.