In India, credit score is an important measure of your creditworthiness, and having a good score is crucial for availing credit facilities. CIBIL is one of the leading credit bureaus that calculates your credit score based on your credit history and repayment behaviour in India. A CIBIL score ranges from 300 to 900, with a score of 750 or above considered good.
Checking your CIBIL score regularly is essential to ensure that your credit report is accurate and up-to-date. Whether you are a first-time borrower or an experienced credit user, understanding the basics of how to calculate CIBIL score and regularly check CIBIL score online will help you to gain healthy financial well-being.
What is a good CIBIL Score?
A good CIBIL score lies between 750 to 900. This indicates the individual has a good credit history and is likely to pay back loans and credit card bills on time. Understanding how to calculate CIBIL score and maintaining a good CIBIL score is crucial since it can directly impact an individual’s approval for loans, credit cards or other financial products. Lenders usually check CIBIL score online and use it as one of the primary factors in determining an individual’s creditworthiness. A good CIBIL score can lead to better interest rates on loans and credit cards. It shows that the individual is a low-risk borrower and is likely to make timely payments, making it more attractive for lenders to offer lower interest rates. Conversely, a low CIBIL score may result in higher rates or even rejection of your loan or credit card application. Maintaining a good CIBIL score is, therefore, essential for those seeking credit and financial products on favourable terms.
Important steps to check CIBIL score online
- Visit the Bajaj Finserv website bajajfinserv.in/check-free-cibil-score to check CIBIL score online.
- Look for the section “Check Your CIBIL Score” on the website.
- Click on the “Check Score” link to start the check CIBIL online process.
- Enter your mobile number and you will receive a One Time Password (OTP) on your mobile number.
- On the next screen, enter the OTP you received and click on the “Submit” button.
- Fill in the online form by providing details such as your name, date of birth, PAN card number, and other required information to check CIBIL score online.
- Read and accept the terms and conditions.
- Click on the “Submit” button to check CIBIL score online.
- Your CIBIL score and report will be shown on the screen.
Advantages of checking CIBIL score online
Convenience
Checking your CIBIL score online is a quick and hassle-free process. By simply visiting the Bajaj Finserv website or using Bajaj Finserv Credit Pass service and following the instructions on how to calculate CIBIL score, you can access your CIBIL score report from anywhere at any time.
Quick access to CIBIL score report
With online checking of CIBIL score, you can instantly check CIBIL score report or credit health report without waiting for a physical copy. This can be particularly useful if you urgently need to apply for a loan or credit card.
Regular monitoring of CIBIL score
By regularly checking CIBIL score online, you can monitor your creditworthiness and take steps to improve it if necessary. This can help you maintain a good credit score and increase your chances of being approved for loans and credit cards.
Understanding of creditworthiness
The credit health report obtained from CIBIL score online checking provides a detailed insight into your creditworthiness. By understanding the various factors that influence your CIBIL score, you can take steps to improve it over time.
Identification of errors in CIBIL score report
Mistakes in CIBIL score reports can negatively affect your creditworthiness and financial opportunities. By regularly checking CIBIL score online, you can identify any errors and take steps to rectify them.
Chance to improve CIBIL score
If your CIBIL score is low, checking your CIBIL score online can allow you to take steps to improve it. By understanding the various factors that influence your CIBIL score, you can take corrective measures and improve your creditworthiness over time.
Availability of additional credit information
CIBIL score online checking not only provides your CIBIL score report, but also offers additional information on credit products, loans, and credit cards. Using this information, you can make informed decisions about credit and finance.
Summary
Checking your CIBIL score is essential to maintaining a healthy financial profile. It helps you stay informed about your creditworthiness, enables you to detect and correct any errors, and provides insights into areas that need improvement. By following the simple steps of how to calculate CIBIL score and check CIBIL score online on Bajaj Finserv Credit Pass, you can easily access your credit report and check CIBIL score anytime. With a good CIBIL score, you can avail better credit offers, negotiate favourable interest rates, and increase your chances of getting loan approvals.
