CIBIL Charges And Services You Need To Be Aware Of In India

Instantly Check Your CIBIL Score and Receive a Free Credit Report Online Check Now

How Much Does it Cost to Check Your CIBIL Score?

You need to check your CIBIL score occasionally. The same is imperative at the time of applying for the loan. Knowing your score beforehand will save you from the risk of loan application rejection. But, checking your CIBIL score too frequently may also lead to the lowering of your score.

So, if you want to check your credit score, then there are two ways for you: soft checks and hard checks. A soft credit check is when you or someone you authorise checks your credit report while a hard check is when a lender checks your credit score. In the soft check, there is no impact on the score. Hard enquiries can hamper your credit score. You can also calculate your credit score without even spending money.

Usually, the credit score is a picture of how the financial history of your past three years has been. To know your correct CIBIL score, you can log on to the CIBIL website and subscribe to a CIBIL charges plan. There are 3 plans available for you. Here are the CIBIL report charges along with the duration of the plans.

In the basic plan, which costs ₹550 per month, you get a one-time report.
In the standard plan which is priced at ₹800 for 6 months, you get two reports within your subscription period.
As per the premium plan, CIBIL report fees is ₹1,200 annually, you get four detailed reports.

Subscription Features on Offer

Here is the list of essential subscription features which are narrated below:

You can find how your credit score may be different in the future as per your credit behaviour.
Under this one, you get to receive customised loan plans as per your unique credit score as well as credit profile.
In this one, you get a personalised credit score analysis along with the detailed summary.
By viewing the changes in your credit score, you can track your credit health.

What’s the Process to Become a Member of TransUnion CIBIL?

To become a member of the TransUnion CIBIL, here is the eligibility criterion:

The credit institutions like banks, RRBs, NBFC, co-operative banks, etc. may apply.
Insurance companies and telephone services companies can also apply.
Asset reconstruction companies, Credit rating agencies, and all users registered under the CICRA Regulation 3 clause J can get the membership.

To become a member of TransUnion CIBIL, you need to:

Provide a single contact point for Transunion CIBIL.

You need to submit the following documents:

The membership application form needs to be filled in the financial institution or a bank.
Pricing annexure which must be stamped and signed by the member
Letter of application on the financial institution or a bank Letterhead
Operating rule book in which all the pages must be stamped and signed by the member
Letter of authority copy issued by a financial institution or a bank on letterhead. This letter of authority is about confirming the capacity as well as the authority of the concerned signatories.
A true copy of the license is provided by the Reserve Bank of India or HFC. The same needs to be stamped and signed by the member.
Other documents are needed as per the eligibility criteria for entities or specified users, as per the rules of RBI.

You need to pay the annual fee as well as the membership fee to become a member. The CIBIL charges for membership is Rs. 10,000/- along with the taxes @18%. You also need to pay the annual fee of Rs. 5,000/- along with the taxes charged at the rate of 18%. Membership fee and annual fee payment can be paid using the cheque or the DD (demand draft). The same needs to be attached in the name of “TransUnion CIBIL Limited”. You need to physically courier the copies to the:

Membership Team of the Transunion CIBIL

TransUnion CIBIL Ltd.

One World Center

19th Floor - Tower 2A

Senapati Bapat Marg, Elphinstone Road, Mumbai.

After the entire documentation, the company will send you the costs of the services. Once all the formalities are done, Transunion CIBIL will send you the "Member Kit" containing detailed information on how to begin using their services. For any assistance, you can contact the Membership Desk or call on the number – +022 (62358100).