Enter your personal details
Ensure it matches your ID proofs
Verify your identity
Confirm the OTP sent to your mobile number and email ID
View your CIBIL report
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Your CIBIL score is a three-digit number, ranging from 300 to 900, that acts as a measure of your credit worthiness. The score is derived after taking into consideration your credit history, details found in your CIBIL report, and is maintained as a record by credit information company Transunion CIBIL.
Your lender checks your CIBIL score to verify your ability to repay the loan before granting you approval. The closer you are to a credit score of 900, better the chances of getting easy approval on your loan. A score closer to 300 is considered poor.
You can check your CIBIL Score for free right here on the Bajaj Finserv website.
All you need to do is follow these three simple steps:
Step 1: Share some basic information about yourself
Step 2: Verify your identity by confirming the OTP sent to your mobile number and email ID
Step 3: Check your CIBIL score and report.
It’s free and it is really that easy. And the best part? Checking your CIBIL score on the Bajaj Finserv website has no impact on your credit score!
When you check your own CIBIL score, it is considered a “soft inquiry” and does not leave a negative impact on your credit score. However, if a lender or a credit card issuer requests CIBIL to check your credit report (usually when they are considering you for a loan or credit card), it is counted as a “hard inquiry”. Hard inquiries are recorded in the Enquiry Section of your credit report.
Multiple hard inquiries, if done over a relatively short period of time, demonstrate what is called “credit hungry behaviour” and may hurt your credit score. But a soft inquiry, around once a year, is considered an important financial habit.
As you may be aware, your CIBIL Score measures your creditworthiness. Your lender chooses to check your score for a variety of reasons, including to:
- Check your credit record and history
- To measure your capacity to repay the loan
- To review your credit balance and sense the risk level of your profile
- To identify if you meet the lender’s loan eligibility criteria
- To arrive at the loan amount and interest rate to offer to you.
Therefore, your CIBIL score is an important tool to help you manage your financial health.
For most lenders, the minimum CIBIL score required to lend a personal loan is 750 or higher. Having a higher CIBIL score boosts your prospects of getting a better deal on your personal loan. A score on the lower side, however, hurts your chances of availing finance.
Here are a few simple tips you can use to maintain a good CIBIL Score:
- Pay your monthly instalments on time to build a good track record
- Avoid having a credit card that you don’t use
- Manage your credit card carefully, set payment reminders and limit your usage
- Choose longer loan tenors carefully, try to make part-prepayments when you can
If you have a poor CIBIL Score, there is plenty you can do to improve it. Here are some handy tips:
- Avoid being a co-signer for a loan unless you are sure of not needing to borrow anytime soon
- Avoid acquiring too much debt
- Ensure you repay all your EMIs and credit card bills on time
- Use debt consolidation loans as and when necessary to manage your loans
- Be cautious when borrowing, always have a proper repayment plan in place.
Here are some other simple ways to improve your credit score.