A credit score or CIBIL score is a numerical representation of your creditworthiness. CIBIL score consists of a three-digit numeric value ranging between 300 and 900. Credit Information Bureau (India) Limited, 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.
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.
|550 and below||Bad|
|550 - 649||Poor|
|650 - 699||Average|
|700 - 749||Good|
|750 - 900||Excellent|
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.
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.
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.
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:
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.
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:
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.
Here is the list of the information that is required to check your CIBIL score:
No, there are four credit bureau agencies in India. These are TransUnion CIBIL, CRIF Highmark, Experian, and Equifax.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Indias first credit information company or credit bureau is Credit Information Bureau (India) Limited, also known as CIBIL. It keeps track of all credit-related activities of individuals and businesses, including all loan and credit card transactions.
Your credit history, history of loan repayment, debt-to-income ratio, type of existing loans (secured or unsecured), and prior credit card usage are just a few factors affecting your CREDIT score.