The key factor that banks and other financial organizations look at when determining whether to approve a new credit application is your CIBIL score. The likelihood that your loan or credit card application will be approved increases with your CIBIL score. Here, you can check your CIBIL score using a PAN card for free with no harm to your credit score and instantly receive monthly updates. All that is required to do is supply your PAN card information along with some basic data, such as your registered mobile number, birth date, PIN code, and email address. You should also frequently examine your credit report for inaccuracies so that you may fix them as soon as possible and receive rewards from lenders.
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How Do Credit Scores Work?
All of the credit-related data in the CIBIL Credit Information Report (CIR) is represented numerically as the credit score.
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What CIBIL Scores are Considerable?
An excellent CIBIL score is one of 900, and creditors use good CIBIL scores for approving loan applications and credit applications. If your rating is greater than 750, you are quite eligible to apply for a loan or credit card. According to the CIBIL scores and their implications:
- That you haven’t used a credit card or gotten a loan is indicated by the absence of history.
- Scores between 350 and 549 show a pattern of frequent late payments on loan EMIs or credit card bills.
- The range of 550 to 649 indicates a decent CIBIL score and indicates that you are making an effort to raise it by keeping deadlines.
- A good CIBIL score of 649–749 indicates on-time payment of your debts.
- Excellent scores range from 750 to 900, which signifies that you must constantly make deadlines and pay fees on time.
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How to Determine a CIBIL Score?
The credit bureaus get monthly reports from banks and other financial institutions concerning your credit activities. The information includes information about any loans or credit card repayments you made or missed over the term. The report includes information on recent loan applications, interest rates, card credit limits, and the status of any open or closed loan accounts. The credit bureaus determine the CIBIL score after conducting an extensive statistical analysis of the detailed information. Good CIBIL scores come from making on-time credit payments. If one has a high credit score, lenders will immediately approve their application for a loan or credit card.
It is necessary to have a valid PAN Card in order to view your CIBIL score. When you apply for an instant loan or even a credit card, every lender will look closely at your credit score. It demonstrates a borrower’s creditworthiness and ability to make timely payments.
Your chances of having the loan application accepted rise if you have a high credit score. With monthly updates, you can quickly and conveniently check your CIBIL score without a PAN card.
On the CIBIL website, anyone can examine their credit score once a year for free. They can also purchase a subscription to track their credit score frequently. To check a free CIBIL credit score using a PAN Card, follow these steps:
- Click “Free credit score” after going to the official CIBIL website at www.cibil.com.
- Fill in the necessary information on the new page.
- Choose “Income Tax ID number (PAN)” under “ID Type.” In the field labelled “ID Number” below, provide a valid PAN number.
- Next, enter the type of income and the monthly pay. Make sure to provide the contact information, including a mobile number and an email address.
- Finally, click ‘Accept & Continue’ after you have verified all of the information.
- Within 24 hours of submitting the application, you will receive your credit score via email when your ID has been successfully verified.
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Linking PAN and Aadhaar has an impact on CIBIL
There must be an Aadhaar and PAN connection. Some benefits of doing the same include the ones listed below:
- You may stop someone from abusing your PAN number and creating a false credit record by linking your Aadhaar and PAN. Individuals who have never applied for a credit card or loan may find it to be negative.
- A PAN number is required to verify your identification in order to access a credit bureau portal. The connection between the PAN and Aadhaar numbers now minimizes duplication.
- In order to trace those who use several PAN numbers and apply for credit at numerous institutions, the PAN number and Aadhaar number are linked. This makes detecting fraud for banks simple.
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Conclusion
Avoiding significant debt is wise because it affects the ability to get credit when one needs it the most. A high CIBIL score offers a number of advantages, including the ability to apply for loans with low-interest rates and avoid paying the down payment on certain of your loans. Therefore, maintaining a high CIBIL score is required in order to benefit from the advantages. It is advised to check your CIBIL score periodically, ideally once every six months. You can notify the appropriate authorities if your CIBIL report has any mistakes.
