CIBIL scores are credit scores assigned by the Credit Information Bureau of India to individuals. This score shows the credit journey of an individual till the present date. It is like your financial report card which gives banks an idea about your credit behaviour. A good credit track record translates into easy loan or credit card approvals. Whereas, a bad credit track record can get you drenched in sweat while applying for loans or credit cards. CIBIL score ranges from 300-900, with 300 being the worst and 900 being the best. Banks generally prefer a score of 750 and above in case of loan disbursement to individuals.
What’s all the Hype about Checking CIBIL Score? You must be wondering what’s all the fuss about checking your CIBIL score. Well, it’s a valid concern if you’re looking to avail credit facilities from banks and NBFCs. CIBIL scores are extremely important when it comes to procuring unsecured loans (like personal loans) and credit cards. The reason being that these credit facilities are provided without submitting any collateral. So, the only point of reference of your credibility for the bank is your CIBIL score. Whereas in the case of loans with collateral (secured loans like home loans), CIBIL score can be discounted. The reason being on the event of defaulting in loan payment the bank seizes the collateral. However, the credit score in not totally discounted. Some banks adhere to strict checking of CIBIL score. Now you know why everyone is stressing on ‘check CIBIL score’. How to Get Free CIBIL Score? There are numerous ways to check CIBIL score. You can do it on CIBIL’s website or there are various other portals online that gives you free CIBIL score report or you can request for your credit score via Whatsapp or offline mode. All of these processes are very convenient and easy to use. Let’s go through a step by step navigation of these process to understand how to check CIBIL score. Check CIBIL score Offline: In case you’re not comfortable checking your CIBIL score online, you can opt for the offline mode. All you have to do is:
Through Whatsapp: Some financial technology companies gives you the luxury of viewing the credit score on Whatsapp. All you have to do is drop a message with your PAN card details on their Whatsapp number. Instantly, you’ll receive your credit score and information. This is how to check CIBIL score. What are you waiting for? Go, check your CIBIL score and get your loan & credit card demands get approved.
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Anika Sharma
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