All you need to know about CIBIL score

Your CIBIL Score is one of the most important factors that lenders check when you apply for credit.
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4 min read
28 Sep 2022

Your CIBIL Score gives a clear picture of your overall credit history. It is a way to check your loan eligibility when you apply for a loan with us. You need at least 6 months to 1 year of credit history to get your CIBIL Score.

What is CIBIL Score?

CIBIL Score, also known as credit score, is a value between 300-900. It often comes with a detailed report of your previous and current loans and credit cards, helping us understand your financial health.

What is the ideal CIBIL Score to get a personal loan?

You should have a CIBIL Score of 750 or higher when applying for a loan with Bajaj Finserv. In some cases, we may lower the minimum required score to 650-700. However, it’s best to maintain a score of around 750 for faster processing of your loan application.

What are the benefits of a high CIBIL Score?

  1. Your personal loan application will be processed faster.
  2. You may get a higher loan amount.
  3. You may get a lower interest rate on your loan.

Why do I have a low CIBIL Score?

  • You may have skipped or delayed your EMI payments.
  • You may have not been paying your credit card bills on time.
  • You may have applied for too many loans in one go.
  • You may have applied for loans that you are not eligible for and have hence been rejected.

How do I improve my CIBIL Score?

  1. Pay your credit card bills and loan EMIs on time.
  2. If you have never borrowed money before, apply for a new credit card so that you can build a good credit history. When you make payments on time, your ability to manage credit is recorded in your CIBIL profile.
  3. If you cannot get a credit card, take a loan against your FD or some other asset. Then, pay your EMIs on time to generate a high CIBIL Score.
  4. Avoid taking too many loans within a short period from banks and other financial institutions. Details of all these loans will show on your CIBIL report. Multiple loans or rejections from lenders show that you may be a high-risk borrower.

How do I keep track of my CIBIL Score?

  1. Check your CIBIL Score every 3-6 months, especially if you have ongoing loans or credit card debt. Bajaj Finserv offers this facility for free.
  2. Go an extra step by downloading your detailed Credit Health Report after checking your score. This report contains a record of your past and current loans with their repayment status. It also includes records of delayed and missed EMIs, and gives you tips on how to keep your CIBIL Score high.

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