A CIBIL score is essential when applying for credit cards or loans. The better your score, the higher the chances of getting approved for personal loans, home loans, and credit cards.
Step by Step Guide to Check CIBIL Score for Free:
- First visit the official website.
- Now select, ‘Get your CIBIL Score’ option.
- On the next page, type your details such as name, email ID, and password. Attach the required essential documents.
- Now, enter your PIN Code, phone number, and date of birth.
- Next, click on ‘Accept and Continue’.
- After this you will receive an OTP on your registered mobile number.
- Enter the OTP code and submit.
- With this you will be logged in and can check your credit score by selecting “Go to dashboard’ option, then ‘Memeber Login’.
What is the Difference Between CIBIL Score and Credit Score?
Credit score is a rating that ranges between 300-900 value and it keeps changing. The more it will be close to 900 the higher will be your creditworthiness. In India, there are four dominant credit bureaus keeping track of your credit activities through PAN Card. They help lenders and creditors to determine whether to approve a credit service to a person or not through their information.
Out of these four one such major credit bureau is CIBIL or Credit Information Bureau (India) Limited. When CIBIL assigns the credit score to any person it is called a CIBIL Score, generally denoting a credit rating.
Importance of Having a High CIBIL Score
- Benefits of a high CIBIL or Credit score can be well described during a loan approval process. Here are the points to understand it well:
- Loan application process becomes faster and lenient.
- Documentation process of your loan will be smooth and quick.
- You will be offered lucrative loan offers with low interest rates.
- Most flexible repayment tenures will become applicable for you.