Typically, a factor that lenders use to decide whether to sanction a personal loan, a credit score is a reflection of creditworthiness. A credit score or a CIBIL score tells lenders about your credit history and guarantees your repayment (or not) of personal loans you may want to avail of. Therefore, before taking a personal loan, it helps to check the CIBIL score. Free checking of this is offered at Finserv MARKETS.
What is a Credit/CIBIL Score?
As a personal loan is free of any collateral, a credit/CIBIL score is an indicator of your eligibility to repay the loan. The Credit Information Bureau of India Limited is a credit agency that generates a numeric score to inform lenders (banks and NBFCs) of your credit profile. Any value between 300 and 900 could be your score. Generally, lenders require a score of 600-700 for personal loan eligibility. This score accompanies a credit report that is a summary of your financial standing (whether you have outstanding loans, pending EMIs, etc.). If you have a PAN Card, your own CIBIL score is generated and tied to it. You can check CIBIL score by PAN Card online at Finserv MARKETS.
Check Your Credit Score For Free
Now you know why it’s important to check a CIBIL score before applying for a personal loan, you should be adept at how to check it. The website of CIBIL allows you to check your score free of charge once annually. If you want to check your credit score online, more than once, you will have to create a paid account. However, if you want a CIBIL score free of cost, here are the steps to go through at Finserv MARKETS:
- Go to the Finserv MARKETS website at check CIBIL Score & Get Free Credit Score Report Online (bajajfinservmarkets.in) and click on the tab saying ‘Check CIBIL Score Now!’ in the right upper corner.
- A form will show up in which you have to enter some information and details. Submit this form.
- Your details will go through a process of verification and once this is complete, you will get a CIBIL score generated. Additionally, you will also get a CIBIL report.
Check CIBIL Score by PAN Card
You can also check a CIBIL Score on the CIBIL website by choosing a subscription and entering your PAN Card details. Although this cannot be done free of charge, it’s worth undertaking as you should always be prepared with a credit/CIBIL Score. This is important as you need to have it and develop a good score for many financial facilities like availing a personal loan or a new credit card. Paying off debts, having a steady source of income, etc. are good ways to ensure that you are financially sound and consequently, have an appropriate CIBIL score.
At the End
Finally, it’s a good idea to check your CIBIL score in advance of a loan application as this is what lenders bank on to give you approval. Since you can check this free of charge on Finserv MARKETS, planning ahead and checking is worth it.