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What is credit score and how it works
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Steps to check your CIBIL Score for free
Your CIBIL score is a 3-digit number that measures your credit health. Watch this video to understand its importance.
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Personalised offers
Get exclusive pre-approved offers on loans, credit cards, and more based on your credit score.
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Better negotiating power with lenders
With a high CIBIL Score you have an edge over other borrowers and can negotiate for a better interest rate or a lesser processing fee.
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Lower interest rates
If you have a high credit score, lenders will provide you with a comparatively lower rate of interest for availing loans or credit cards.
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Easier loan approval
A high credit score indicates that you are a safe borrower. Lenders are more likely to approve your loan quickly.
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Higher loan amounts
High loan amounts translate to increased risk for lenders. Hence, they prefer lending to borrowers who have a high CIBIL Score.
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Longer loan tenures
Borrowers with a good CIBIL Score can benefit from loans with long tenures. This translates to smaller EMIs and reduces their monthly expense burden.
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*Terms and conditions apply.
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What is a CIBIL Score and what does it mean?
Your CIBIL Score serves as a measure of your creditworthiness, assessing your capacity to repay borrowed amounts. It ranges from 300 to 900. Aim for a high score as a higher score makes you a more reliable applicant when applying for loans or credit cards. Conversely, a low score suggests a history of not making timely payments. Work on improving your CIBIL Score as a low score makes you appear less responsible as a loan applicant.
| CIBIL Score range | What it means |
| Less than 650 | Poor - This represents the lowest CIBIL Score range. A score in this range indicates a history of delayed credit card bill payments or loan EMIs. Individuals in this range are at a high risk of becoming defaulters. |
| 650-699 | Average - This CIBIL Score range suggests struggles in meeting payment deadlines. While not as critical as the lower range, it still reflects a challenge in timely repayment. |
| 700-749 | Good - A CIBIL Score within this range indicates good credit behaviour, increasing the likelihood of credit card or loan approval. However, obtaining the most favourable interest rates might still be a challenge. |
| 750-849 | Great - CIBIL Scores above 750 are considered great, showcasing consistent and timely payment history. Individuals in this range are at the lowest risk of default. |
| 850-900 | Excellent - CIBIL Scores above 850 are considered excellent. A score in this range makes it easier to secure loans with lower interest rates. Lenders are more likely to approve loan applications from individuals with such high credit scores. |
Frequently asked questions
What is a good CIBIL Score?
Generally, a CIBIL Score above 700 is considered a good CIBIL Score according to TransUnion CIBIL. With this score, you can qualify for credit offers from different banks and NBFCs. You can check your CIBIL Score anytime you want with the Credit Pass. Checking your score regularly has no impact on your score.
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What is the minimum CIBIL Score to get any loan?
No bank or NBFC specifies the minimum CIBIL Score required to get a loan. However, most lenders would prefer you to have a CIBIL Score of at least 700 and above. A credit score is a measure of your credit health. A high score reflects good credit health and increases your chances of getting your loan amount approved quickly.
How can you maintain a good CIBIL score?
Here are a few simple tips you can use to maintain a good CIBIL score:
- Pay your monthly installments on time to build a good track record
- Manage your credit card carefully, set payment reminders and limit your usage
- Choose longer loan tenure carefully, try to make part-prepayments when you can
How can I improve my CIBIL Score?
Your credit score is based on your credit history. You cannot improve your score instantly. However, actions like timely repayment of loans, proper credit utilisation, checking CIBIL Health Report regularly to ensure that there are no errors can help improve your CIBIL Score over time.
How to check your CIBIL score for Free?
You can check your CIBIL score for free right here on the Bajaj Finserv website (no consumer login or registration required).
All you need to do is follow these three simple steps:
- Share some basic information about yourself
- Verify your identity by confirming the OTP sent to your mobile number and email ID
- Check your CIBIL score and report.
It’s free and it is really that easy. And the best part? Checking your CIBIL score on the Bajaj Finserv website has no impact on your credit score!
How to check CIBIL Score with Credit Pass?
With Bajaj Finserv Credit Pass, you can check CIBIL Score by simply logging to your Credit Pass account. You can check your score on your personalised dashboard. In addition, you can access the factors affecting your score and download your detailed credit dashboard.
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Why is checking your CIBIL Score important?
Your CIBIL Score is a measure of your credit health. Lenders like banks and NBFCs check your credit score before approving you for any credit. Checking your CIBIL Score and report regularly can help you fix any errors and take necessary steps to improve your credit score for easy credit approval. With the Bajaj Finserv Credit Pass you can check your CIBIL Score whenever you want. You can also check your detailed Credit Health Report.
Will checking your CIBIL report repeatedly hamper your score?
When you check your own CIBIL score, it is considered a “soft inquiry” and does not leave a negative impact on your credit score. However, if a lender or a credit card issuer requests CIBIL to check your credit report (usually when they are considering you for a loan or credit card), it is counted as a “hard inquiry”. Hard inquiries are recorded in the enquiry section of your credit report.
Multiple hard inquiries, if done over a relatively short period of time, demonstrate what is called “credit hungry behaviour” and may hurt your credit score. But a soft inquiry, at least once a year, is considered an important financial habit.
Why do lenders check your CIBIL score before approving your loan?
As you may be aware, your CIBIL score measures your creditworthiness. Your lender chooses to check your score for a several of reasons,including:
- To check your credit record and history
- To measure your capacity to repay the loan
- To review your credit balance and sense the risk level of your profile
- To identify if you meet the lender’s loan eligibility criteria
- To arrive at the loan amount and interest rate suitable for you
Therefore, your CIBIL score is an important tool to help you manage your financial health.
Why must you check your Credit Score?
A low credit score becomes an obstacle for borrowers to avail desired loan amounts at a low-interest rate. However, users can purchase their CIBIL report. From your CIBIL report, you can check your CIBIL score whenever you want. For that, you have to follow some steps.
A CIBIL report contains your credit history as given by the financial institutions and banks. Also, you can get access to your CIBIL score and other financial behavior. To avail of your CIBIL report, a user needs to take a subscription. Credit rating agencies facilitate different subscription packages for users. Make a subscription request to the respective agency, and they will send you a mail.
Then, if you want to purchase your CIBIL report, you will have to download the mail from the agency. Then correctly fill the information in the form that came attached in the mail. You have to provide your basic KYC documents and a demand draft of the requested amount along with your form.
Users can visit their CIBIL report for any purpose they want, like checking their CIBIL score, financial status, etc. However, once the subscription period ends, the user won’t have access to this report and will need to renew their subscription.
Explain the difference between a Credit Score, Credit Rating, and a Credit Report?
Credit score, credit rating and credit report are often interchangeably used. However, they each have a different meaning.
A credit report outlines a detailed list of all the credit lines and payments done by the user. It will involve the following information:
- Personal data of the user
- A detailed list of closed and open loan accounts involving dept amounts of credit card
- Credit inquiry by user
- A public record of foreclosures, bankruptcies, judgment on civil suits, etc. Every credit report will contain a credit score.
Acredit score is a three-digit number ranging from 300 to 900 and is contained in a credit report. A credit score is important because it proves a borrower's creditworthiness to all kinds of lenders. The score will go up and down depending on users' financial activities.
Credit rating is a quantified inspection of the creditworthiness of an applicant is referred to as credit rating. Any entity seeking to borrow a loan is liable to credit rating inspections, whether a person, a firm, a sovereign government, or state provincial authorities.
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