CIBIL score is a three-digit numeric summary of a person’s credit history, ranging from 300 to 900. Banks and other lending institutions check CIBIL score by PAN card to assess the creditworthiness of an individual when they apply for a loan or a credit card. The score is calculated based on the individual’s credit report, which includes information about their past loans, credit cards, repayment history, defaults, and other credit-related activities.
It is important to check credit score regularly, and it has become a critical factor in the loan application process, reflecting an individual’s creditworthiness and repayment history. A high CIBIL score indicates a good credit history and increases the chances of getting a loan or credit card application approved. Maintaining a good credit score is essential, as it can impact an individual’s financial well-being in the long run. A good score increases the chances of loan approval and helps negotiate better interest rates and credit terms.
Check Credit Score
Most banks have an internet banking system allowing customers to check credit score easily. This feature can be accessed by clicking a button on the bank’s website or mobile app. In addition to banks, some finance companies and loan websites also provide a facility to check credit scores. Checking your CIBIL score is considered a ‘soft’ enquiry and does not negatively impact your score. On the other hand, if a lender checks the credit score, it’s called a ‘hard’ enquiry. Too many of these enquiries can lower your score because it indicates you are trying to borrow too much money. Hard enquiries are typically made when someone applies for a loan or a credit card. Each hard enquiry is recorded in the credit report, and too many of them can make lenders wary of lending money to you.
Steps to check CIBIL score by PAN card
- Visit the website of Bajaj Finserv to check your credit score.
- Look for the section that offers an option to check CIBIL score by PAN card.
- Click on the option or link to check CIBIL score by PAN card.
- Enter your name, date of birth, PAN card number, and contact information.
- Double-check the information you have provided and submit the form.
- Wait for your CIBIL score to be generated.
- After your CIBIL score is generated, you can check your credit score online.
You can also use the Bajaj Finserv Credit Pass service to check CIBIL score by PAN card, a highly convenient and reliable tool to check credit score online. This premium service provides unlimited access to your CIBIL score and credit report, making it easy to monitor or check credit score and identify areas for improvement. In addition to providing unlimited CIBIL score checks, the Bajaj Finserv Credit Pass service also offers personalized loan offers based on your credit profile.
Importance of CIBIL Score
Creditworthiness
Your CIBIL score is mostly determined by your trustworthiness when borrowing money. This shows how well you can manage your finances. If you have a good credit history, getting approved for a loan to buy a car or other things you want to buy is easier. To have good credit, you must make sure you pay all your bills on time and keep them up to date.
Interest Rate
If you have a good CIBIL score, banks may offer you a lower interest rate on your loan. They see you as a reliable borrower and want to keep you as their customer. Lower interest rates can also help you manage your finances better and may encourage you to take out more loans in the future.
Loan Amount
Your CIBIL score is crucial because it decides how much money you can borrow from the bank. You can borrow more money if your score exceeds the bank’s needs. If you want to purchase a home or a vehicle, having a good CIBIL score will increase your chances of getting the required loan.
Conclusion
CIBIL score is an important aspect of personal finance and credit worthiness. It measures an individual’s credit history and reflects their creditworthiness, financial stability, and repayment capability. A good CIBIL score is essential for accessing credit facilities, such as loans, credit cards, and mortgages, at lower interest rates and better terms. It is essential to check credit score regularly on Bajaj Finserv Credit Pass. Maintaining a good CIBIL score requires a responsible approach to credit management, including timely payment of dues, reducing outstanding balances, and avoiding defaulting on loans or credit cards. It is also essential to keep track of one’s credit report or check credit score regularly and rectify errors or discrepancies promptly. A higher score increases the chances of loan approval and better credit terms, while a lower score may result in rejection or higher interest rates.
