The Credit Information Bureau (India) Limited is the most well-known of the four credit information providers approved by the Reserve Bank of India (CIBIL). CIBIL Limited maintains credit records for 600 million individuals and 32 million businesses. CIBIL India is owned by TransUnion, an American multinational corporation. As a result, in India, credit ratings are frequently referred to as the CIBIL TransUnion score.
The CIBIL Score, which ranges from 300 to 900, is a numerical evaluation of your credit rating. The better your credit rating, the higher your credit score. Your CIBIL Score is extremely important when applying for a mortgage or credit card. This score reflects your financial security. The credit report includes your credit history, which displays your credit or CIBIL Score. It informs banks on how you manage your money and if you are creditworthy or not. Banks and financial institutions run a CIBIL check while processing loan or credit card applications. Btw you can also check your Credit Score for free Online by yourself also. If you have a low CIBIL, they may reject your application or charge you a higher interest rate. If you have a high CIBIL, though.
What is CIBIL Score?
Credit Information Bureau India Limited (CIBIL), a credit information provider, has been licensed by the RBI. CIBIL evaluates your credit history using a numerical score ranging from 300 to 900. The consistency with which you repay your loan and credit card debt determines your credit score, commonly known as your CIBIL. It informs banks and lenders about your credit score, allowing the lender to assess your creditworthiness.
Any financial organization’s principal objective is to make loans. To be eligible for a lender’s loan products, a person must meet specific criteria. A borrower’s CIBIL score is one of the most essential variables in determining whether they are eligible for any specific loan. It allows a lender to issue loans to qualified candidates while also protecting the lender’s interests against loss.
A good CIBIL is essential when applying for a loan or a credit card. Borrowers must be aware of their creditworthiness because lenders assess the borrower’s CIBIL score when approving a loan application; thus, a high CIBIL is required.
A CIBIL check is conducted via the internet. Before making a loan decision, banks and financial institutions look at the CIBIL score. Review your credit profile on a regular basis to ensure that it accurately reflects your creditworthiness and is free of errors and anomalies. This allows you to monitor changes and detect questionable activity. Here are various online methods for checking their CIBIL.
How to Check CIBIL Score for Free using PAN number?
When asking for credit, the lending institution will validate your Aadhaar and PAN card, in addition to your free CIBIL score check, to authenticate your identification. The Indian government has made it obligatory to link your Aadhar card to your PAN card to file tax returns. People’s financial and bank accounts are connected to their PAN number. This makes it simple for credit card firms to find your information. When applying for a loan, you must provide your PAN card to the bank.
Your CIBIL/Credit score will not be affected if your PAN card is lost or stolen and you receive a replacement because the PAN number remains the same. Obtaining a new PAN number, on the other hand, may influence your CIBIL score. This is because your credit score is determined by your credit history, which is tied to your prior PAN card. If you request a new PAN, the CIBIL system will almost certainly flag your profile. You can check your cibil by pan card for free.
Follow The Steps Below To Learn How To Check Your Cibil Score Online Using Your Pan Card:
- Please navigate to the Bajaj Finserv official website.
- Click on the ‘Get your CIBIL score’ link in the upper-right corner of your landing page.
- If you want, select a subscription method and continue. Keep in mind that if you only want to check the same thing once, you can always skip this step and continue.
- You will now be directed to a page where you must enter your PAN number, date of birth, email address, gender, and a captcha code. Enter all this information into the appropriate text boxes, accept the terms and conditions, and then click ‘Proceed to Payment’ to continue.
- Make your payment using your preferred method.
- After completing the preceding procedure, you will be sent to a page that displays your CIBIL score.
Why is A Pan Card Required To Check The CIBIL?
- A PAN card is required to cibil score check online for the following reasons:
- All your bank accounts and financial information are linked to your PAN card.
- The PAN card number will only be used to check your credit history and verify your identification.
- Because your PAN card number is unique to you, it makes it easier for bureaus to discover and retrieve your credit-related information.
- It is required to link your PAN card to your Aadhaar card. So, using a PAN card to verify the CIBIL assists financial organisations in identifying individuals who have loans from numerous banks.