Formerly known as the Credit Information Bureau (India) Limited, TransUnion CIBIL is one of India’s leading credit information companies. CIBIL has over 2,400 financial members that include banks, NBFCs, housing finance companies and other institutions, and holds credit records for more than 550 million Indians. This means that if you have a credit history and have been servicing loans and credit cards, then CIBIL is likely to have your data.
Based on your repayment history and borrowing behaviour, CIBIL creates a credit score and report for you. A good credit score imparts credibility to your application as a borrower, allowing you to access ample funding at a nominal rate of interest. Therefore, knowing your score before applying for a personal loan or a credit card is very important.
Take a look at how CIBIL services can be beneficial for you and the charges they entail.
How does CIBIL help lenders and borrowers?
The credit score and report generated by CIBIL gives lenders an insight into your credit behaviour, helping them assess the risk of default associated with your profile. With this information, financial institutions filter loan and credit card applications, weed out high-risk applicants, and make smart lending decisions.
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.
CIBIL report charges
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
Subscription features on offer
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 sanction of up to Rs. 40 lakh 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
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