How To Check CIBIL Score Online in Just 4 Simple Steps? - Loan Trivia

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Friday, 28 February 2020

How To Check CIBIL Score Online in Just 4 Simple Steps?

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CIBIL score represents a three-digit number that indicates credit history. Based on the credit report, the CIBIL score is calculated, which ranges from 300 to 900. 

It is one of the essential factors that are considered by lenders or credit institutions to assess your creditworthiness. Hence, it is even more important for you to check CIBIL score before you apply for a loan.

How is Your CIBIL Score Calculated?

Your credit history is the basis of the CIBIL score calculation. The CIBIL report is prepared taking into consideration the following factors – 

A) Maximum weightage is accorded to your credit history and how well you have serviced your debt obligations. It has approximately 30% weightage in score calculation. 

B) 25% weightage is contributed by your credit portfolio comprising of both unsecured and secured loan as well as the duration of such credits. 

C) Credit exposure accounts for another 25% of the score, which includes the total amount of credit that you have outstanding. 

D) Remaining 20% of the score focuses on the latest credit behaviour and the extent of credit utilisation, among others. 

To maintain creditworthiness, you should focus on the factors that affect your credit score, as it is important for personal lending as well. While seeking to improve CIBIL score, you should be alert to not default or delay payment, especially in recent past. 

High utilisation percentage of credit card limit increases the burden of repayment, thus adversely impacting the score. A larger proportion of unsecured loans and higher credit applications will also negatively impact your credit score. A bad CIBIL score can get you down when applying for credits.

Checking CIBIL score online

To check CIBIL score online, only 4 simple steps need to be followed – 

Step I – Go to the CIBIL website and access the CIBIL score page. 
Step II – Fill up the registration form which would require necessary personal details like your name, contact number, and email address, among others. Fill these details carefully, and then click on the “Continue to Step 2” button. 
Step III – In the new page, fill in your additional details such as date of birth, gender, address and identity proof. Then proceed to “I Accept & Continue to Step 3” 
Step IV – Complete a series of identity verification tasks. Once all the details are submitted, an OTP will be sent to your registered email and mobile number. Enter the OTP and hit “Continue”. 

After completing the last step, you will be redirected to your dashboard, which would display your CIBIL score. 

It is becoming increasingly important to maintain a good CIBIL score as it is required whenever you want to avail a loan. It is necessary to maintain a minimum CIBIL score for a personal loan, which is 750 or more. 

Financial service providers offer instant personal loans up to Rs.25 lakh with minimal documentation when you have a good credit score. No collateral has to be pledged for the approval of the personal loan and the flexible repayment tenor ranges up to 60 months. 

NBFCs like Bajaj Finserv offer Flexi Personal Loans that can reduce the monthly instalments by up to 45%. The loan application gets approved instantaneously and the amount disbursed within 24 hours in the borrower’s account. 

Moreover, it brings pre-approved offers that ensure quick advances by simplifying the application process. Such offers are available on various financial products like business loans, home loans, personal loans, among others. You can check your pre-approved offer by sharing a few essential details like your name and phone number. 

Must Read5 Ways to Increase Your CIBIL Score and Get a Quick Personal Loan

It is advisable to check CIBIL score at regular intervals to monitor the fluctuations in your credit report. It is because financial institutions and credit agencies undertake the renewal of the report every month.

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