CIBIL score is a 3-digit number, which is designed to predict risk on your credit obligations. CIBIL score represents the credit worthiness of individuals that a person will pay back a loan or credit card dues or not. The range of CIBIL score is from 300 to 900. The higher score is good for your loan applications. CIBIL score plays a crucial role in loan approvals. A score closer to 900 is considered good for your loan approvals.
How to get Free CIBIL Score report by Cibil Login Registration using Pan numberTo check your CIBIL score first, you have to open or MyCibil Free Login Registration in the official website https://www.cibil.com/ in your browser. The page will be like the below image. After that, you have to click on the ‘GET YOURS NOW’ button which I have highlighted in a blue circle for your convenience.
Now you have to select a plan which is available on the top of the CIBIL Online Credit Score Request Form. Like if you want your CIBIL score and report once then you can choose first plan which will cost you INR 550/-, if you want to check your score two times in a year you can select the second plan which will cost you INR 800/- and if you want to receive your credit score every quarter of the year you can select the third plan which will cost you INR 1200/-.
Once you have selected the plan now, you have to fill your details such as PAN Number, email id, Date of birth and gender in the CIBIL Online Credit Score Request Form. After filling the form select the, ‘I acknowledge and accept terms and condition.' Then proceed for the payment. Once you have proceeded to the payment, you will be redirected to another web page where you have to fill some more details. The page will be like this –
In this form, you have to fill your name, address, and contact number. On this page again you have to select the plan which you want to subscribe. Now select I acknowledge and accept terms and conditions and click on the ‘Proceed to Payment.' After that, you will be redirected to the payment page. On this page, you have to make the payment for the plan you have chosen. You can make the payment with your credit card, debit card or net banking.
Once you have done the payment, you will be asked 3-5 questions about your loans and credit cards for authentication purpose.
It is done, now sit relax and you will get your CIBIL report on your email id.
How Much Cibil Score will be accepted for giving Bank LoanA credit score above 750 is considered as a good score and chances are more that your loan application will be approved. If your credit score is NA or NH, it means that
- You do not have any credit history, or you are new to the credit system and enough data is not available to score the credit history.
- You have not done any credit activity in the past few years.
- You do not have any credit score.
1. Payment History: Your payment history is heavily weighted that is 35%, so any delay or default in payment can affect your credit score badly. If you have missed any payment or delayed any payment, it means you are not able to serve your existing loan. It can negatively affect your CIBIL score.
2. More Spending on Credit Card: If you are utilizing more limit of your credit card, it might not negatively affect your credit score if you make the timely payment of your credit card dues. If you have increased the credit card balance, it shows a higher burden of repayment which can negatively affect your credit score.
3. More Unsecured Loans: more unsecured loans such as credit card loan or any other kind of unsecured loan can affect your credit score negatively. Secured loans such as home loan, auto loan, gold loan, etc. do not have more impact on your credit score. More you have utilized your unsecured loan; more are the chances that you will get a loan at a higher interest rate.
4. New Credit: If you have got some new loans or inquired about loan products then it can marginally affect your credit score. If you have inquired about many loan products, it means your debt burden is likely to increase in near future that is why credit institutions will view your application with caution.
Financial institutions such as credit card companies, Banks and Non-Banking Financial Companies (NBFCs) use CIBIL scores to evaluate the potential risk of bad debt. Your credit score determines that you will qualify for the loan or not and at what will be the interest rate and what will be your credit limit.
In this article, I am going to tell you the complete procedure by which you can get your CIBIL score instantly and check your credit health.
This kind of score is not viewed negatively by the credit institutions. But some credit institutions have the policy to not providing loans to the person who does not have any credit history. So you have to check with some more institutions who do not consider NA or NH as exclusion.
CIBIL score plays a significant role in loan approvals. It is very important to maintain the good credit score if you want to take a loan in the near future. To maintain a good CIBIL score, you should avoid late payments and defaults on the priority because it affects your score badly.