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What is a CIBIL Score?
A CIBIL Score is a three-digit number that summarises an individual's credit history. It is based on information in the person's credit records, including repayment behaviour, credit utilisation, credit exposure, credit history and recent credit enquiries.
The CIBIL Score ranges from 300 to 900. A higher score generally indicates a stronger credit profile, while a lower score may indicate greater credit risk. A score of 750 or above is generally considered favourable, although lenders use their own eligibility criteria when assessing loan applications.
A CIBIL Score is different from a CIBIL Report. The score is a numerical summary of credit history, while the CIBIL Report provides detailed information about credit accounts, repayment history, credit enquiries and other credit-related information.
What is a CIBIL Report?
A CIBIL Report, also known as a Credit Information Report (CIR), is a detailed record of an individual's credit history. It may include personal and employment information, along with details of loans, credit cards and other credit accounts.
The report is prepared using credit information submitted by banks and financial institutions. It may include details such as loan and credit card accounts, repayment history, outstanding balances, defaults, settlements and the status of credit accounts. It also records credit enquiries made by lenders.
Your CIBIL Score may also be provided with your CIBIL Report. It gives a numerical summary of your credit history, while the report provides more detailed information about your credit accounts and repayment behaviour.
Checking your CIBIL Report periodically can help you identify inaccurate or unfamiliar information. If you find an error, you can raise a dispute with the relevant credit institution or CIBIL.
In summary, a CIBIL Score provides a quick numerical summary of your credit history, while a CIBIL Report provides detailed information about your credit behaviour and accounts over time.
Difference between CIBIL Score and CIBIL report
| Factor | CIBIL Score | CIBIL Report |
|---|---|---|
| Meaning | A three-digit number that summarises your credit history | A detailed record of your credit history and credit accounts |
| Purpose | Gives a quick view of your credit profile | Provides detailed information about your credit behaviour |
| Range | Usually ranges from 300 to 900 | Does not have a numerical range |
| Information included | Summarises information from your credit history | Includes loan and credit card accounts, repayment history, outstanding balances and credit enquiries |
| Use by lenders | Helps lenders assess your credit profile | Helps lenders review your detailed credit history |
| Checking errors | A change in the underlying credit information may affect the score | Allows you to review the underlying information and identify possible errors |
| Key difference | Provides a numerical summary | Provides detailed credit information |
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30.5% p.a. |
Processing fees | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Frequently asked questions
Overview
No, they are not the same. A CIBIL report is a detailed document that includes information about your credit accounts, loans, and payment history, while your CIBIL score is a three-digit number derived from this data to reflect your creditworthiness.
There aren’t two types of CIBIL scores. However, different credit bureaus like CIBIL, Equifax, and Experian use their own scoring models to calculate your credit score, which can lead to variations in the score you receive from each bureau.
While your credit score is crucial, your credit report offers a deeper look at your financial history. It allows you to identify and correct errors, spot areas for improvement, and understand the factors impacting your score, making it essential for boosting your credit health.
A CIBIL Report provides a comprehensive overview of an individual's credit history, including loan and credit card repayment history, outstanding debts, credit inquiries, and overall creditworthiness.
The CIBIL Report directly from the CIBIL website (cibil.com) or obtained through authorized channels is the most accurate. Reports from third-party websites or apps may have limitations or inaccuracies.
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