CIBIL charges and services you need to be aware of in India

Formerly known as the Credit Information Bureau (India) Limited, TransUnion CIBIL is one of India’s top credit information companies. With over 2,400 financial members, including banks, NBFCs, and housing finance companies, CIBIL maintains credit records for more than 550 million Indians. This means if you have a history of loans or credit card usage, CIBIL likely holds your data.

Based on your borrowing patterns and repayment behaviour, CIBIL generates a credit score and report for you. Maintaining a good credit score enhances your credibility as a borrower, making it easier to secure loans or credit cards at favourable terms. To access these insights, you may incur CIBIL score charges or CIBIL membership charges, which are nominal but provide valuable information to manage your finances effectively.

The credit score and report provided by CIBIL give lenders a clear view of your credit behaviour, helping them evaluate the risk of default on your profile. With this information, financial institutions can efficiently filter loan and credit card applications and make informed lending decisions. Accessing this valuable data may involve nominal CIBIL score fees or CIBIL membership fees, which help borrowers monitor their credit health and manage finances responsibly.

Additional read: Importance of CIBIL score

Since lenders value your credit score and history when approving a loan, maintaining a good score will increase your approval chances. A credit score ranges from 300 to 900, and the higher your score, the greater are your chances of getting swift approval. A score of 750 and above is ideal in this regard. It suggests that you are creditworthy and are unlikely to default on repayments.

You can build your CIBIL score by repaying debt on time, maintaining a sound debt-to-income ratio and avoiding applying for too many loans or credit cards at once. The latter deems you to be credit hungry and is marked as a hard inquiry on your report, which in turn lowers your score.

Additionally, when you seek information from CIBIL you have to pay a fee. Here are the charges that are involved.

To check your CIBIL score, register on the CIBIL website and subscribe to one of the 3 plans. Here are the CIBIL score charges and subscription durations for each of the 3 plans.

• Basic: Rs. 550 a month for a one-time report
• Standard: Rs. 800 for 6 months, where you will receive 2 reports during the subscription period

• Premium: Rs. 1,200 for a year where you will receive 4 detailed reports

  
  

Additional read: How to improve your CIBIL score

Apart from a credit score and report, take a look at the other perks and insights that you get access to.

• Find out how your current credit score can change based on your future credit behaviour or activity using the score simulator
• Receive customised loan offers based on your credit score and profile
• Receive a personalised credit score analysis and summary

• Monitor your credit health by tracking credit score changes

  
   

Now that you know the importance of monitoring your credit health, always work towards building a good credit score. This will improve your chances of availing of a high-value loan in the future.

One way in which you can build your credit score is to borrow a personal loan and repay it responsibly. Opt for an instant personal loan as it has simple eligibility terms and minimal documentation, and get a high loan amount in just 24 hours*. You can use our personal loan EMI calculator to know your monthly EMI well in advance and manage accordingly. But before you apply, check your pre-approved personal loan offer. It’s the quickest and simplest way to get the financing you seek.

Read More: Differences between flat and reducing interest rate