CIBIL score which is also known as a credit score determines a person’s creditworthiness. It also determines the interest on a loan and how big of an amount the lender will sanction.
This is why it is important to know about it beforehand in case a person is thinking about applying for a housing loan or property loan. Prospective borrowers can get a free CIBIL score check online to know their credit reports. This will reduce the chances of rejection of a loan application. Read the article to know how to check cibil score.
Online CIBIL check for loan
Applicants can follow these simple steps to know their current CIBIL score online without having to pay anything:
Step 1: Select your preferred loan provider and visit their official websites.
Step 2: Navigate to the section of ‘Check your CIBIL score’ on their page.
Step 3: Input details like name, contact number, date of birth, PAN card number, monthly income, loan type, etc.
Step 4: Check the ‘agree terms’ box and click the ‘submit’ button.
After the completion of these steps, the online CIBIL score calculator tool will display the result on the screen for borrowers.
Alternative way of checking credit score
People can also conduct CIBIL score check directly from the official website of CIBIL by following the below-mentioned steps:
Step 1: Visit the online portal of CIBIL and click on ‘Get your credit score’.
Step 2: Fill in details like name, email, date of birth, voter, PAN, etc. details, contact number and other things mentioned.
Step 3: Click on ‘Accept and Continue’ to get an OTP on your registered number.
Step 4: Input the OTP for verification and click on ‘continue’.
Step 5: Click on ‘Go to dashboard’ to check your credit score.
Since the credit score of an individual can affect a lot of factors relating to a home loan or a property loan approval, borrowers must aim to maintain a healthy credit score at all times. A CIBIL score of 750 or above is considered a high score which can help borrowers with their loan amount and interest.
Tips to improve CIBIL score
Prospective borrowers may follow these methods to enhance their CIBIL scores and maintain a strong credit history.
Make timely payments
Paying off bills and credit card dues on or before time is an excellent way to establish one’s creditworthiness. This also proves that an individual is capable of managing their debt responsibly and thus increases their credit score.
Check and monitor your credit score
Keeping track of one’s credit score and monitoring it regularly will give people an idea of their credit status. This will also help borrowers keep track of any erroneous behaviour or false records in their credit accounts and rectify them.
Limit credit usage
People shouldn’t exhaust their entire credit limit unless they reach a score of 750 or higher. This is because it may reflect negatively on their credit history.
Besides, many lenders extend pre-approved offers on home and property loans to customers, which make the process of getting a loan smooth and easy. Individuals with a high credit score can check out these pre-approved offers from their lender’s website by providing their name and other details.
Apart from getting a loan, a free CIBIL score check can be beneficial for people who want to keep track of their credit history. They must make sure to follow the above-mentioned tips for achieving a high score.