Banks check your creditworthiness before offering loans. CIBIL score is the standardised marking of your creditworthiness. Credit Information Bureau (India) Limited is a credit rating agency approved by the Reserve Bank of India (RBI) to provide credit scores. Based on your repayments and financial management, you get a score between 350 to 900.
Banks provide CIBIL scores and reports if you acquire a loan; however, there are several ways to check your credit score online. Let’s review the ways to check your CIBIL score in the article below.
What is the CIBIL score?
Credit Information Bureau issues a three-digit number between 300 to 900 to individuals acquiring loans. The score is based on how effectively you manage your finances and whether you pay your loans timely or not. Several other factors affect your credit score, including your loan amount, expense habits, and financial condition.
The credit bureau tracks all the loans acquired by you. Based on it, you get a score between 300 to 900. The higher the number, the better your creditworthiness and the more the chances of getting your loans approved. CIBIL scores also help you acquire higher loans in the future if you maintain a decent credit record, as it signifies your financial management efficiency.
If you are planning to acquire a personal loan, IDFC FIRST Bank may be a destination. It offers convenient loan options with minimal documentation and lenient eligibility criteria. The bank offers loans of up to ₹ 1 crore at affordable rates starting at 10.49%.
Ways to check your CIBIL score online
CIBIL scores are readily available online for your convenience. You can check your credit report and score to stay updated with your credit performance and rectify any shortfall within time to keep your scores from degrading. Here are the ways to check your CIBIL score online:
- The bank’s mobile app
You can log into your bank’s mobile banking app from which you have acquired the loans. Your credit score and performance are summarised every month and displayed in three-digit numbers between 300 and 900.
- CIBIL official portal
Another way to track and check your CIBIL score is by visiting the official portal of the Credit Information Bureau and filling out an application form to check your credit score. You need to provide a few details such as your name, PAN details and contact details such as your mobile number or e-mail ID.
- 3rd party financial application
Several third-party loan providers and NBFCs provide the facility of checking your CIBIL score. You must register on the mobile application and choose the CIBIL score check option. Subsequently, you must provide your personal and contact details to retrieve your CIBIL score.
Keeping track of your CIBIL score helps you understand your credit performance and take necessary action to improve your score . A decent credit score lets you acquire higher loan amounts conveniently and enables you to get lower loan interest rates.