Difference Between CIBIL Score and CIBIL Report

Difference Between CIBIL Score and CIBIL Report

Understanding CIBIL Score vs CIBIL report for better financial decisions.

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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.

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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.

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Difference between CIBIL Score and CIBIL report

FactorCIBIL ScoreCIBIL Report
MeaningA three-digit number that summarises your credit historyA detailed record of your credit history and credit accounts
PurposeGives a quick view of your credit profileProvides detailed information about your credit behaviour
RangeUsually ranges from 300 to 900Does not have a numerical range
Information includedSummarises information from your credit historyIncludes loan and credit card accounts, repayment history, outstanding balances and credit enquiries
Use by lendersHelps lenders assess your credit profileHelps lenders review your detailed credit history
Checking errorsA change in the underlying credit information may affect the scoreAllows you to review the underlying information and identify possible errors
Key differenceProvides a numerical summaryProvides detailed credit information
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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)

Will be deducted upfront from loan amount.

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:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

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.


Flexi Hybrid Term Loan:

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 feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp 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.

Frequently asked questions

Overview

Are credit report and CIBIL score the same?

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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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000