As you know personal loans are unsecured loans, and your loan application might get rejected if you don’t check CIBIL score. Because the score lest the lender know your credit history, by which the lender can evaluate your creditworthiness for personal loans. Read this post to know how to check CIBIL score online.
Procedure to Check the CIBIL Score Online
To check CIBIL score free services, you need to create a CIBIL account first. Take a look at the steps below to create your CIBIL score account online:-
- Go to the Transunion CIBIL website
- Click the ‘Get Your CIBIL Score’ button
- Then a new page will appear
- There you need to select a suitable paid plan for yourself
- After that enter your details such as name, mobile number, email address, and PAN number
- Once the details are submitted, you will receive an OTP on your mobile
- Enter the OTP and confirm your details
Once CIBIL verifies your account, you will receive a notification on your registered mobile or email. After that create a username and password for future usage.
Why is CIBIL Score Important?
Banks and the NBFCs check the applicant CIBIL score online to know their credit history. Because the bank or BBFC will provide loans to those applicants whose CIBIL score meets their requirements. And, there are many NBFCs or banks that sometimes demand the CIBIL score from the applicant, if he/she has applied for a personal loan. Either you take a secured or unsecured loan the CIBIL score is checked to know the payment capacity of the borrower. So, before you apply for the loan do check the CIBIL score online from CIBIL.
Advantage Associated with the CIBIL Score Online
If you have check CIBIL score before you apply for a personal loan, you are eligible for the following benefits as mentioned below –
- Quick approval for the personal loan, if your CIBIL score online is free from any errors, due payment, etc.
- Lowest interest rate on personal loans
- You can also negotiate with the lendre, if you aren’t happy with the provided personal loan interest rate
What if Your CIBIL Score Online is Low?
If you have checked the CIBIL score online, and it is lower as per the lender requirements, you will be able to save from the loan rejection. And your credit report will also be protected. Because a loan rejection will impact your CIBIL score negatively.
Things to Keep in Mind While Doing CIBIL Score Online Check!
Before you proceed to check CIBIL score, you must know the following details –
- You should have a PAN Card
- You must have a credit history, otherwise your CIBIL score online would be zero or null
- For further usage of CIBIL score online service, do select the suitable paid plan
- Never apply for a loan, credit card, etc. without knowing your CIBIL score, if you haven’t checked it in a long time.
Now apply for your personal loan without any worry if you have checked the CIBIL score online, otherwise do check your CIBIL score now. Because even a minor error in your credit report can ruin your CIBIL score for loan application.