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Understanding CIBIL Score
CIBIL score is a numerical representation of your creditworthiness. It is a three-digit numerical value ranging between 300 and 900.
The four major factors that influence CIBIL score are - credit mix, repayment history, new debt, and credit utilisation ratio. When applying for a loan from Poonawalla Fincorp, your CIBIL score is one of the major factors that influence the lending decision.
Maintain a healthy credit score of 750 and above to experience seamless loan application.
Benefits of a Good Credit Score
Quick Loan Approval
Attractive Interest Rates
Higher Credit Limit
Better Negotiation Power
Improved Financial Health
CIBIL Score Indicates
Creditworthiness
A borrower with a high CIBIL score is likely to get quick loan approval compared to one with a low CIBIL score. A high CIBIL score will help build trust when it comes to loan repayment. This ensures that you receive attractive interest rates and other benefits.
- Creditworthiness
- Loan or Credit Approval
- Attractive Interest Rate
Your CIBIL score is calculated based on the following factors:
- Payment History: Your payment history plays an important role in generating your CIBIL score. Hence, paying your EMIs and bills on time can help you maintain a good balance.
- Credit Utilisation: A high utilisation of your credit denotes that you are highly dependent on credit. Having a credit utilisation ratio under 30% can help you secure a loan hassle-free.
- Credit Mix and Repayment Duration: A mix of secured and unsecured credit products, including credit cards, will help you maintain a healthy credit score. A longer tenure of servicing a credit product positively impacts your credit score.
- Credit Inquiries: Credit inquiries are conducted to check your creditworthiness. If you have applied for multiple credits within a shorter duration, it will affect your credit score negatively. This will reflect credit-hungry behaviour, which is looked at negatively by lenders.
Having a good credit score can help you get quick loan approval. It also helps build trust when it comes to loan repayment, ensuring you receive a loan at attractive interest rates.
Factors highlighting the importance of a good CIBIL score:
- Creditworthiness: A good credit score denotes that you are a creditworthy borrower who makes timely payments and shows disciplined credit behaviour.
- Attractive Interest Rate: A CIBIL score can influence your loan interest rate directly. Having a good credit score makes you eligible for the best interest rate available.
- Loan or Credit Approval: A good CIBIL score increases your chances of loan or credit approval. Ensuring the desired loan amount and a favourable interest rate.
- Make Timely Payments
Pay all your EMIs, credit card bills, and loan instalments on or before the due date to build a strong repayment history.
- Reduce Outstanding Debt
Keep your credit card balances low and aim to pay off any existing dues in full to lower your credit utilisation ratio.
- Monitor Your Credit Report Regularly
Check your credit report for errors or discrepancies and raise disputes if you find any inaccuracies.
- Avoid Frequent Loan or Credit Card Applications
Multiple credit inquiries in a short period can negatively impact your score. Apply only when necessary.
- Maintain A Balanced Credit Mix
A healthy combination of secured (like a Loan Against Property) and unsecured (like a Personal Loan) credit can positively influence your score.
- Keep Old Credit Accounts Active
Longer credit history can boost your score, so avoid closing old accounts unless necessary.
- Maintain A Healthy Debt-to-Income Ratio
Ensure your monthly debt obligations are manageable compared to your income to reflect financial stability.
You can get your CIBIL reports online by filling out an online form and providing verification documents. Here is the step-by-step guide for a free CIBIL credit score check:
Step 1: Click on ‘Resources’ in the top right corner of the screen.
Step 2: Select “Check CIBIL Score”.
Step 3: Enter your details, such as first name, last name, PAN number, and mobile number.
Step 4: Verify your OTP and enter your date of birth, PIN code, and gender. Hit the ‘Submit’ button.
Once you have successfully submitted all the details, your CIBIL score will appear on your screen and will also be sent to your email ID provided.
CIBIL score
How Does CIBIL Score Work?
A credit score of 550 and below is considered a bad score. In most cases, your loan or credit card application will be rejected if your credit score is below 550.
If you come in this category, then it is going to be very difficult to avail of a loan. To get a loan, you have to maintain the right credit mix and pay your EMIs and other bills on time to improve your credit score.
This means you are in the middle and require improvement, as your credit score may not be sufficient to qualify for a loan. You must work on improving your credit score continuously, as it’s not considered a very bad score but is still seen as a risk factor by lenders.
Having a score between 700 and 749 is considered a good score. These scores are good but are still not adequate to get approvals on decent interest rates.
A credit score between 750 and 900 is considered excellent, indicating that you have made all your repayments on time. An excellent credit score shows that you are a low-risk borrower, which allows you to benefit from the best interest rates on the desired loan amount.
Frequently Asked Questions
A good CIBIL score will always help you in numerous ways:
- Higher chances of loan approval
- Comparatively low interest rates
- Attractive pre-approved loans
- Premium credit cards
- Higher loan amount/Credit card limit
- Long-tenure loans
A credit score is a three-digit number that represents your creditworthiness. It is calculated based on your credit history, including active accounts, total debt levels, and repayment behaviour. The score ranges from 300 to 900, with higher scores indicating better creditworthiness.
The CIBIL score is a specific type of credit score provided by TransUnion CIBIL, one of India's four credit bureaus. A credit score is a more general term that refers to scores provided by various credit bureaus, including Experian, Equifax, and CRIF High Mark.
The factors that impact your CIBIL score include payment history, credit utilisation ratio, credit enquiries and credit mix.
A score of 750 and above is considered as an ideal CIBIL score to avail of a loan.
If your CIBIL score is less than 750, you need to focus on improving the same. Here are a few things you must do to improve your CIBIL score:
- Regularly monitor your credit score
- Repay your loans and other credit on time
- Avoid applying for multiple loans at one time
Poonawalla Fincorp website offers a free feature for checking your credit score, which fetches your score from the CIBIL website and displays it to you. The advantage of fetching your CIBIL score from Poonawalla Fincorp is that you get instant access to a bouquet of loans from us as soon as you get your CIBIL score.
