CIBIL Score – Learn How to Check CIBIL Score for Free
When you apply for any kind of financing, like a home loan or a personal loan, banks generally take a look at your credit score. Your credit score is a number that is calculated by a credit information company, based on different factors like your repayment history, your credit utilisation ratio and your credit mix.
There are different types of credit scores like CIBIL score and your Experian credit score. The former is one of the most commonly used credit scores in India.
What is your CIBIL Score
Your CIBIL score is a kind of credit score calculated by the CIBIL Transunion, which is one of the leading credit information companies in India. This score is a 3-digit number ranging from 300 to 900. You can check your CIBIL score for free online. Let us learn how you can go about this.
Check your CIBIL Score for Free on Bajaj MARKETS
You can check your CIBIL score for free on Bajaj MARKETS. Here is what you need to do.
Step 1: Visit the official website of Bajaj MARKETS.
Step 2: Under the ‘Loans’ tab, you will find a section labelled ‘Credit Score.’ Hover over it and click on the ‘Check CIBIL Now’ option.
Step 3: Enter the personal details required in the designated fields, such as your name, mobile number, date of birth, email ID, PAN, pin code and profession.
Step 4: Agree to the terms and conditions and click on the ‘Get OTP’ option.
Step 5: Enter the OTP you will receive on your mobile number.
Step 6: You can then view your CIBIL score online for free.
Why it is Important to Check your CIBIL Score
It is important to be aware of your CIBIL score. There are many reasons to ensure that you know what your credit score is at any given point in time. Here are the top benefits of being aware of your credit score.
You can know your creditworthiness
Checking your CIBIL score helps you stay aware of your credit worthiness. When you are not aware of your credit score, you may engage in financial behaviour that could lower your CIBIL rating. So, ensure that you keep an eye on this number to remain aware of your creditworthiness.
You can keep your CIBIL score in the green zone
If your CIBIL score is 750 or above, lenders consider this a good sign. Checking your CIBIL score periodically allows you to ensure that the number is 750 or above. If your CIBIL score is currently low, you can repay your debts and take measures to increase the number. And if it is already above 750, you can continue to follow the same financial habits you have now, so the score remains high.
You can spot and rectify any errors promptly
It may happen that an error in your credit report can bring your credit score down unnecessarily. A loan you may have repaid may be reflected as an outstanding due, or a new loan you may have taken may not be reflected. Checking your CIBIL score and report can help you spot any such errors and have them rectified promptly.
Now that you know how to check your CIBIL score for free, and why it is important to check it periodically, make sure that you do so at regular intervals. You can even check your other credit scores, like the Experian credit score. However, since CIBIL is the most used credit score, it may be enough to keep an eye on this number alone.