Also referred to as CIBIL score, a credit score is a three-digit number that denotes an individual’s creditworthiness. The calculation of a credit score is based on an individual’s track record of past repayments.
A good CIBIL score is an essential requirement when availing advances like a personal loan from financial institutions. A decent credit score also helps borrowers to get better interest rates against their advances. Individuals are advised to check their CIBIL scores at least once a year to ascertain their credit position.
Steps to check credit score
Individuals can check their credit scores online without paying any charges by following the steps below:
Step 1: Visit the official website of any credit rating agency that offers the facility of free credit score checks.
Step 2: Select the employment type.
Step 3: Enter your personal details such as name, date of birth, PIN code and more. All the details entered must be as per government-issued identity and proof of address documents.
Step 4: Enter PAN card number and contact details.
Step 5: Provide monthly salary and click on submit.
Post completion of the steps mentioned above, individuals will be able to view their credit score for free.
Individuals with a credit score above 750 are eligible to avail a personal loan from the leading financial institutions in the country. They can avail an amount of up to Rs.25 lakh, which can help to meet various requirements such as child’s education, medical emergencies and more. Moreover, these loans come with flexible tenures of up to 5 years which allow borrowers to repay the loan amount as per their convenience.
Hence, Individuals who require financial assistance but possess a good CIBIL score can meet their requirements easily without much hassle.
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