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What is a CIBIL score?

A credit score or CIBIL score is actually a numerical representation of your creditworthiness. CIBIL score consists of a three-digit numeric value ranging between 300 and 900. CIBIL is an abbreviation and the full form of CIBIL is Credit Information Bureau (India) Limited. It is now known as TransUnion CIBIL is one of the regulated agencies which is authorized to give a credit score. The other three credit bureaus in India are CRIF High Mark, Experian and Equifax. A credit score check or CIBIL score check is recommended before you apply for any loan. We offer a free CIBIL score check so that you can understand the range of your score. All you need to do is simply download the CIBIL report and analyze it to plan your loan application.

The four major factors that influence credit score are - credit mix, repayment history, new debt, and credit utilization ratio.

When applying for a loan with Poonawalla Fincorp, your credit score or CIBIL score will help you get the desired loan amount. Your credit score directly impacts other factors like the rate of interest, loan tenure, and loan amount. You should maintain a healthy credit score or CIBIL score to increase your chances of loan approval. Generally, a score above 750 is considered an excellent credit score and can help you get extremely attractive interest rates from Poonawalla Fincorp. Also, with our quick process, right from application to disbursal, you will be assured of a hassle-free process all along.

How does CIBIL score work?

In India, credit score ranges from 300-900. It is further divided into several categories, such as bad CIBIL score (550 and below), poor CIBIL score (between 550 and 649), average CIBIL score (650 and 699), good CIBIL score (between 700 and 749), and excellent CIBIL score (between 750 and 900). Please note that these bifurcations are only indicative and may vary.

CIBIL Score Creditworthiness
550 and below Bad
550 - 649 Poor
650 - 699 Average
700 - 749 Good
750 - 900 Excellent
  • Bad CIBIL score (550 and below)

    A bad CIBIL score or credit score is considered unhealthy for an individual who is looking for a loan. With a bad credit score, your chances of getting a loan are considerably low especially if you require a high amount of loan. In such cases, you need to adopt extremely disciplined financial habits, before getting back to us for a loan. Once your credit score sees an improvement, you need to simply visit our website and select the required loan from the available suite of products.
  • Poor CIBIL score (between 550 and 649)

    A poor CIBIL score indicates that an individual delayed the loan repayment. It is highly risky as it also reflects the inability to repay a loan on time or a chance of delay in loan repayment. To improve your credit score, it is advised that you first repay the previous loan amount before applying for a new loan.
  • Average CIBIL score (650 and 699)

    An average CIBIL score is neither considered good nor bad. It is advised that an individual must improve their credit history by making payments on time. This helps build trust in your creditworthiness. With an average CIBIL score, you may get a loan approval but with a slightly high-interest rate and with lesser additional benefits. To prevent your CIBIL score from reducing further, you need to pay all the loans on time.
  • Good CIBIL score (between 700 and 749)

    A good credit score is better than an average credit score but provides a lower comfort level compared to an excellent CIBIL score. With a good CIBIL score your chances of loan approval improve multifold. Improving your credit score further may allow you to get a loan at a very attractive interest rate from us and ensure hassle-free approval.
  • Excellent CIBIL score (between 750 and 900)

    We always advise you to keep your CIBIL score between 750 and 900 as it indicates that you have made all the repayments on time. Borrowers with excellent CIBIL scores are considered low-risk borrowers - who pay all their credit card bills and loan EMIs promptly. Furthermore, they are also eligible for the best interest rates on the approved loan amount. Generally, an individual with an excellent CIBIL score can avail of a high amount loan with us at an extremely attractive interest rate and other benefits like minimal paperwork, flexible loan tenure, etc.

How is your CIBIL score calculated?

CIBIL is one of the prominent credit bureau which is authorised to publish the credit score of borrowers. It is directly regulated by the RBI’s (Reserve Bank of India) Department of Banking Operations and Development. CIBIL score is influenced by several factors which determine the category or level of your credit score.

Factors that impact your CIBIL score:

  • Credit or repayment history

    When you apply for a loan or credit card, you must have a good credit or repayment history. This establishes your creditworthiness and allows us to provide you with a lower interest rate and other benefits. Repaying the loans on time will help you increase your credit score and any default in payment or late payments will reduce your credit score.
  • Credit Utilization

    Credit utilization is majorly influenced by how much percentage of credit card limit is utilized monthly. Overspending or overutilization of credit limits will hurt the credit score.
  • Credit mix and repayment duration

    Credit type is what kind of loan you have applied or availed, depending upon your requirements. Availing for a mix of secured and unsecured credit products including credit card will help you in maintaining 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 credit history. If you have applied for multiple loans in a short period, it will hurt your credit score. Also, each time you apply for a loan, it will reflect on the credit report. This will reflect credit-hungry behaviour, which is looked at negatively by lenders.

What is the Importance of a CIBIL Score?

Considering the uncertainties of life, you might require a loan or credit at some point in time. When applying for a loan, a borrower with a high CIBIL score is likely to get quick loan approval compared to one with a low CIBIL score. Moreover, 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:

    A good credit or CIBIL score establishes you as a creditworthy borrower. A high credit score indicates that you have been very timely and disciplined in your credit behaviour in the past. Chances are that this credit behaviour will continue going ahead, creating a good impression on lenders.
  • Loan or Credit Approval:

    The importance of the CIBIL score increases even more at the time of loan or credit approval as it determines the eligibility of the borrower. The final call on the loan amount is made using the CIBIL or credit score as a major guiding factor. A good CIBIL score ensures the approval of the desired loan with a low-interest rate. If you have a bad CIBIL score or credit score, there are chances of getting rejected or getting a loan with a high-interest rate.
  • Attractive Interest Rate:

    CIBIL score directly influences the rate of interest. An individual with a good credit score is eligible for the best interest rates available. Someone with a poor credit score will have to bear a high rate of interest which will impact repayment and finances.
Who calculates credit scores in India?

In India, four major bureaus are responsible for calculating credit scores - TransUnion CIBIL, Experian, CRIF High Mark, and Equifax. Each bureau has its respective methods and algorithms used for calculating the credit score. As a borrower, it is advised to keep your credit score as high as possible to increase your chances of loan approval.

What are the benefits of having a good CIBIL score?

A good CIBIL score will always help you in numerous ways. Here are a few of the benefits that you will have with a good CIBIL score:

  • 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

How to maintain a good CIBIL score?

It takes some effort and discipline to maintain a good CIBIL score in the long term. The initial days of credit or loan application are vital as you develop several good credit habits. Timely repayment of loans or credit, not applying for multiple loans at the same time, and intelligent utilization of credit help improve and maintain a good credit or CIBIL score. You should constantly keep an eye on the score to ensure you stay on the right track.

How to improve your CIBIL score?

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

How & where can you check your CIBIL score for free?

Poonawalla Fincorp's 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. These loans have the “PFL advantage” of attractive interest rates, best-in-class customer service, a digital-first platform, complete transparency and a smooth, hassle-free process.

What is the information required to check my CIBIL score?

Here is the list of the information that is required to check your CIBIL score:

  • Name
  • Personal Email ID
  • Residential Address
  • PAN Card Number
  • PIN Code
  • Date of Birth
  • Personal Phone Number
Is there only one credit bureau agency in India?

No, there are four credit bureau agencies in India. These are TransUnion CIBIL, CRIF Highmark, Experian, and Equifax.

How do I correct errors if I find any when I check my credit score?

Here are four steps you need to follow to correct errors in your CIBIL credit report:
Step 1: Download your latest CIBIL report.
Step 2: Check the problems and errors in the CIBIL credit report.
Step 3: Report the problems and errors in the CIBIL report as per the instructions provided.
Step 4: After verifying the errors and problems, CIBIL will respond to you within 30 days. Once verified, you will have the rectified report.

Can skipping credit card bill payments affect your credit score?

Yes, a single delay in payment can impact your overall credit score. Any further payment delays reduce the credit score further. This will impact other factors such as the rate of interest, loan tenure, and other credit offers.

What happens If I submit wrong details by mistake?

Firstly, you should always double-check before providing any details. In case you have filled in any wrong details, you can report it on the official website of CIBIL. Once the mistake is rectified, you can download the latest report and use it for your loan decision. It is advised that your CIBIL report and score are devoid of any errors or mistakes.

Is checking CIBIL scores on third-party websites safe?

Yes, you can check your CIBIL score on a third-party website in a safe manner, provided the website belongs to a reputed company such as Poonawalla Fincorp. However, all these third-party websites might not be trustworthy. Hence, you can use the feature on Poonawalla Fincorp’s website to check your CIBIL score for free, for a limited period or for a few times every year. You don’t need too many documents at your disposal, and you can simply check CIBIL score by PAN Card.

Why should I check my credit score or my CIBIL Score?

It is recommended to monitor your CIBIL score as it will help you keep track of financial debts and credit availed. This will further help you plan your future. Once you are aware of your CIBIL score, you can act accordingly to improve your CIBIL score even further. You can check your credit score for free from trustworthy sources, such as Poonawalla Fincorp’s website. The free credit report can be easily downloaded and studied for planning your loan application.

Will checking your CIBIL report frequently hurt your credit score?

It is a good habit to check your CIBIL score frequently as it will give a brief idea about your financial health and habits. If you are checking the score by yourself, it is considered a soft inquiry, and it doesn’t adversely affect your CIBIL score. Hence, you should make full use of the “CIBIL score for free” feature on our website. Once you check your credit score for free in this manner, you will get a fair idea regarding your loan approval prospects.

How can I check my CIBIL score?

You can check your CIBIL score on our website. Simply fill in the required details and check your credit score for free. This credit score check is highly recommended before you apply for a loan. Once you know your CIBIL score, you can plan your loan application accordingly. If the score is too low, you might want to improve it before you apply for a loan.

What is an ideal range for CIBIL scores?

A CIBIL score of 750 and more is considered an ideal range by us. In this case, you are more likely to get the desired loan amount with a low rate of interest. By regularly repaying your debt you can keep your credit score in the ideal range. If the score is out of range, regular repayment will get a CIBIL score in the ideal range.

Who can access my CIBIL report?

CIBIL report represents your credit history which helps you to acquire loan approval. The CIBIL report can be accessed by your current lenders, potential lenders, employers, and insurance companies. They want to know your CIBIL score to check your overall financial habits and discipline in terms of timely repayment. The credit report check gives them an idea if the person they are dealing with has been financially responsible in the past.

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