How CIBIL Score Defines My Credit Status To Lender?

To get a credit card or a loan in the ability of your good credit score, you need to first know what a credit score is? A credit score is a 3 digit number that gives the view of your payment record. If your score range from 700-900 then an instant approval can be achieved. Otherwise, below 700 you need to improve your score. But how do I know my credit score? Read the given article and know about the credit bureau Transunion CIBIL and its services for a free score check. 

What is CIBIL and how it is a useful online tool?

A very well known credit bureau in India is Transunion CIBIL, and it provides the credit score of an individual online without charging any fee for it. If you are a new customer and haven’t checked your CIBIL score for quite a long time of borrowing loans and credits, then you must do a CIBIL check. To check your credit score you just need to follow 3 simple steps.

• Create a CIBIL account by entering your details such as name, PAN number, mobile number and email address
• Enter the one-time password which was sent to your registered number or email for the confirmation
• Check your score easily without subscribing for premium CIBIL plans

This is how you check a CIBIL score and can find out whether you are eligible for the loan or credit card benefits. 

Are there any advantages to a good CIBIL score?

Yes, there is a benefit, if you have a good CIBIL score, you can get instant approval and the desired limit of card or loan. For example, if your income is INR 25,000 and you want a loan of 15 lakh from HDFC Bank then you can easily get the approval if your CIBIL score is between the range of 700-750. Also, you could negotiate with the bank for a low rate of interest on the borrowed amount. It is because a good score makes you a reliable applicant in lenders' eyes. Which helps in making you need easily reachable to you.

Can CIBIL bring me the best offers?

You can get the best loan and credit card offers, if you subscribe to the CIBIL plans which are low cost and come under a fixed duration. If you need a CIBIL premium service for only a month then you should subscribe to the basic plan. In which you need to pay INR 550 to CIBIL, and it will provide you unlimited access, a score simulator and tailored loan products.

With the increasing duration, the fees also increase and for 6 months CIBIL charges INR 800 from the customer in which a special offer of CIBIL alerts are provided. Using which you can know whenever your CIBIL decreases and try to make changes to stop the credit score drop. So, use the services of CIBIL and get your credit score for free if you need a one-time check or otherwise, pay for the premium plans. Your loans and credit cards can make your CIBIL score and help you to get more loans in the future.