A Quick Introduction To Credit Score and Steps to Check It

Did you know that your CIBIL score is one of the major factors that determines the eligibility of your personal loan? Yes, if you want to apply for a personal loan and want to get quick approval at a lower rate, then you need to have a robust CIBIL score. 

If you have a CIBIL score of around 750 and more, then you will find it super easy to get the personal loan approval from a known lender. And not having strong CIBIL score means that your loan application stands a chance to get rejected. 

Thus, what is the solution? The solution is maintaining your CIBIL score at a higher level so that you can get your loan application sanctioned at an affordable rate of interest. 

What is Credit Score? 

Credit score is a three-digit number that is provided by TransUnion CIBIL. It is a tool that is used by creditors to determine if you are eligible for a loan or not. It has become a tool in the financial world and holds value when you take out financial products. 

When you want to avail unsecured loan services such as a personal loan, it has become even more essential. It is because personal loans carry no collateral and lenders want to ensure that the loan applicant has the capacity to repay the loan without defaults. 

Anyone with a higher CIBIL score is a guarantee that the applicant has been able to manage previous debts successfully and could be relied upon for future repayments. 

Must Read: 5 Ways to Increase Your CIBIL Score and Get a Quick Personal Loan

What Are The Steps To Check CIBIL Score? 

If you are looking to avail a personal loan and want to know the steps to check out your CIBIL score so that your loan application is smooth, then here are quick steps to follow: 

1). Visit the official website of CIBIL and click on the link ‘Free Credit Report’ 

2). Now it is the time to create your CIBIL account. To do that, you will need to fill a form with below details for proving your identity: 

      -  Your date of birth
      -  Gender
      -  Your complete postal address
      -  Identity proofs such as PAN and Aadhaar
      -  Accept the terms and conditions

3). After you accept the terms and conditions, CIBIL will then show your credit information report (CIR). 

You can access your full credit report for free only once in a year. Hence, if you want to get your CIBIL report again in the same year, you will need to pay a small fee. 

You are now aware of the importance of the CIBIL score and easier steps to check it out. Many borrowers don’t give much significance to the credit score and apply for a personal loan without worrying if it will be rejected and approved. They stay in disbelief that their loan applications are rejected and apply to another lender without analyzing the reasons behind it. 

Hence, whenever you have a personal loan to apply, ensure to check out your CIBIL score so that you don’t have to face rejection when you need money the most.  

Bajaj Finserv presents you with some pre-approved personal loans deals on financial services such as personal loans, EMI finance, home loans, business loans and more. It can ease off your procedures and make it less time-consuming. All that you have to do is share your basic details such as your name and contact number to check out your customized pre-approved loan offers now.

Must Read: Planning to Take a Personal Loan? Strike a Balance Between EMI and Tenor