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Have you ever needed a loan to buy a new house or for starting a business? Are you worried about being rejected a loan because you may not qualify? When it comes to loans and any other credit form, it is not just the application process that is important.

Many other important factors affect your ability to source a loan easily. One of them is your credit score. If you want to borrow a loan from a bank or a financial institution you must ensure to check your credit score and it should be in the acceptable range.

If you’re not sure how to go about checking your CIBIL™ credit score , we have all the answers here. Read on to find out.

Additional Reading: Get A Free Credit Health Check

What’s a credit score?

A credit score is a number used to reflect the creditworthiness of an individual. A good CIBIL™ score is between 700 and 900. Having a good credit score has many benefits such as faster loan approval, reasonable interest rates, higher credit amount, longer repayment tenure, and more. Additionally, multiple lenders would be willing to approve your loan so you will have a choice on the lender you want to borrow credit from.

Additional Reading: What is a Good Credit Score?

How to check CIBIL™ credit score?

CIBIL™ is a leading credit rating agency in India that helps borrowers know about their creditworthiness and lenders verify the same before granting a credit facility.  CIBIL™ has helped the financial markets to become more transparent, reliable and organised. It has also helped in spreading awareness among financial institutions and businesses as far as managing risks and controlling bad loans is concerned.

Banks and financial institutions check every applicant’s CIBIL™ score before granting any loan. A CIBIL™ check gives a credit score, which is a 3-digit number that ranges between 300 and 900. A credit score below 300 is considered poor whereas a score of 900 is the best score.

Since January 2017, the Reserve Bank of India has issued a mandate stating that all the four licensed credit information companies must allow borrowers to check credit score online. They also need to provide one free credit score and credit report annually to borrowers.

A CIBIL™ credit score check can be performed online.  Here is a step-by-step guide of how to check CIBIL™ credit score:

  • Go to the CIBIL™ official website
  • Fill in details in the form such as name, contact number, email address and go to the next step
  • The form will also require additional details such as your PAN number. Ensure to enter your Pan details correctly to successfully proceed to the next step
  • It is important to provide correct answers to all the questions about your loans and credit cards. Based on the information furnished by you, your CIBIL™ score will be calculated and a credit report will be generated.

As a continuation of the above steps, the below-mentioned steps have to be performed to further check your CIBIL™ score:

  • You will be prompted to opt for various paid subscriptions (if you require more than one credit report in a year). If you need to access your free credit report once annually, you can proceed by choosing the option ‘No Thanks’ available at the bottom of the page. At this stage, your account will be created and a confirmation message will be displayed on the following page.
  • With the help of your login and password created in Step 2, you can easily log in to your account. Next, you will have to authenticate yourself.  For this, you will receive an email at your registered email address. Click on the link and provide the OTP from your email. Once entered, you will be asked to change your password and login once again.
  • After you log in, all your details will get auto-populated (this is why it is important to provide accurate information). To proceed, enter your contact number and click on submit.
  • After submitting this form your dashboard will show your CIBIL™ score. Additionally, you can also check your credit report available on the dashboard.

It is not advisable to limit yourself to only checking your credit score once. It is important to regularly monitor your credit score movements as banks, financial institutions and other credit agencies may renew the report every month.

Conclusion

Banks and NBFCs submit their reports to credit rating agencies and check the CIBIL™ score of individuals and businesses. This helps them in granting credit to the appropriate customers and regularly monitor their repayment patterns after granting credit. Hence, applicants must monitor their credit scores to ensure that their credit applications are not rejected due to low scores.

Check My CIBIL™ Credit Score FAQs

1. How can I check my CIBIL™ score for free?

You can log in to the CIBIL™ website to check your score free annually. Additionally, you can also look up your basic credit health check on CreditMantri.com.

2. How can I check my CIBIL™ score using a PAN card?

For checking your CIBIL™ score on the official website, you will need to enter basic details including your PAN number.

3. Which is the best website to check CIBIL™ score?

You can check your credit score on CreditMantri.com. We also provide you with a free basic credit health check-up which will help you in being better prepared before applying for fresh credit.

4. Is it safe to check the CIBIL™ score online?

It is safe if you check your CIBIL™ score on the official CIBIL™ website. Alternatively, you can also check it through other safe options such as CreditMantri.com

5. What is the minimum CIBIL™ score required for a loan?

You must have a minimum CIBIL™ score of 700 to be easily granted a loan or other form of credit. This will allow you to get easy access to loans with better interest rates and flexible terms.

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