Are you planning to apply for a loan? Are you in a need for a credit card? Well, if the answers to these questions is a big Yes, you are at the right place. Does the word CIBIL sound familiar to you? Well, it must have sounded familiar to those who are already a part of a financial cycle, whether by availing a loan or applying for a card. But what about those who haven’t experienced the same and are willing to go for it. However, if that is the case with you, all you need to know about is cibil score free.
That’s Right! It is no doubt one of the most crucial factors when it comes to availing a loan or applying for a credit card. Before letting you know about the significance of the same, let’s just make you aware of what actually this score is?
A CIBIL or credit score is a three-digit numeric summary of the credit history OR you can say the creditworthiness of an individual, showing all his/her transactional history related to loans/credit cards. Usually, the score ranges between 300 and 900 and is generated using the credit history in the Credit Information Report (CIR).
It gives a quick access to the potential lenders to check the eligibility of an applicant. Yes, before providing the loan/credit card to the applicants, it is a mandatory for lenders to check the score. A high score is an indication that a credit report of an applicant is good and he/she can be trusted to give away the loan/credit, and will repay the same without any default.
Moreover, the biggest concern of the lenders is the loan repayment. Thus, it is important for them to check the profile of the applicants just to cross-check whether an applicant has defaulted earlier or not. If they find anything negative such as any sort of loan or credit card payment default, there are high chances that an application of an applicant might be rejected by the lenders.
However, for a smooth financial journey, it is vital for an applicant to maintain a good score so that it will reflect the same on his/her credit report, from where the lenders collect the data.
Actually, there are few agencies in India such as CIBIL, Equifax and Experian that issue the credit score to various banks and NBFCs and on the basis of the collected data, a CIR report gets generated. After receiving the data of loan and credit repayment of an applicant which basically includes new applicants (if any), interest rates, the credit limit on card, the status of all loan accounts and so on, the complex analysis of the provided information is calculated and thus decided whether a score is good or bad. Usually, a score of 700-750 out of 900 is considered to be good and helps an applicant in grabbing the best deal.
And, you know which is the best part? When it comes to knowing your score or rather checking the same, you can easily do the same online. Yes, it is absolutely right!
These days, there are many sites such as Wishfin which allows you to check cibil score free. Let me explain you the same below…
There are other sites that also allow you to check your score but not free of cost, i.e. you need to pay a fee to know your actual score. But don’t worry because with sites like Wishfin, you can know your credit score anytime from anywhere and that too free. Just take a look at the steps below…
- Open the CIBIL page at wishfin.com
- Enter your Name(as per PAN), Date of Birth, Gender & PAN Number
- Enter your Contact Details such as Residential Address, Email ID & Mobile Number
- Agree to the Terms and Conditions
- Click on the Submit button
If the details entered by you are correct, within just a few minutes your actual score will be displayed on the screen. Not only this, you can also ask for a credit report, hence a detailed report will be sent to your Inbox. This is the reason that why nowadays people prefer to check their score online as it is quick, safe and easy to know the same.