We, at Finserv MARKETS, decided to bring your entire financial analysis in one report. Because you’re never just a customer for us but a part of our extended family! Financial Health Check Report is more than just your credit score. It also gives an analysis of your financial health and tells you the way forward to maintain your financial health.
Financial Health Check Report includes your personalised CIBIL Score as well as your performance across various parameters. This report will increase your financial awareness & help you make informed decisions.
We simplify complex financial reports for you and help pave way for a better future. The report also provides insights on protecting your financial stability for fulfilling your investments & aspirational objectives. It'll help you intaking prudent decisions towards maintaining your financial well-being.
Completely secure transactions and years of trust have, we have 100 million+ happy customers across India have chosen Bajaj Finserv as their trusted financial partner. It's your time now!
In simple terms, Credit Score is represented by a three-digit number given by CIBIL that defines your reliability as a borrower. It's measured by, analyzing your debts and repayment history collected from banks and financial institutions.
A good credit score indicates that you plan well for your financial needs; pay your debt on time. It also benefits you in easing your journey to avail credit from financial lenders.
The CIBIL score is calculated based on the following factors:
If you have made timely repayments in the past, you will have a high credit score. On the other hand, if you have delayed in making past repayments, you may have a lower credit score.
Defaulting on a loan will lead to a lower credit score. In order to ensure a high credit score, you must repay the loan amount within the stipulated time.
If you have made several loan applications to avail credit, it can hamper the credit score negatively.
Availing multiple unsecured loans in the past is viewed negatively and it can hurt the credit score.
Multiple write-offs can lower your credit score. Moreover, recent write-offs can hurt the credit score more negatively as compared to older ones. Write-offs documented by lenders on former debts can also lower the credit score significantly.
It is advisable that you check your CIBIL score before applying for a loan. This can give you a fair idea as to whether or not your loan application will be approved by the lender.
The CIBIL score is a numeric value that ranges from 300 to 900. Your CIBIL score plays a crucial role in determining your loan eligibility. Higher the CIBIL score, the better are the chances of your loan approval. It is advisable to check CIBIL score before applying for a loan. This will reduce the rejection chances of your loan application.
Below are the different ranges of a CIBIL score.
NA/NH: If you don’t have a credit card or have never availed a loan, your CIBIL score will be NA. This means that you have no credit history.
350 – 549(Poor): If you have a credit score in this range, that means you have defaulted on your loans or delayed your repayments. Availing a loan with a credit score in this range can be difficult. Thus, you must try to improve your credit score by making timely repayments and reducing your credit utilization rate.
550 – 699(Average): CIBIL score in this range is considered to be average. You might have to improve your credit score to improve your loan eligibility. This is because only a few lenders would grant you a loan with a credit score in this range. Moreover, they would consider you a high-risk borrower and charge a high-interest rate.
700 – 749(Good): This is a good credit score and several lenders will offer you loans at competitive interest rates if you satisfy their other eligibility parameters.
CIBIL 750 – 900(Excellent): CIBIL score in this range is considered to be excellent. Banks and other financial institutions will consider you a low-risk borrower and offer you loans at attractive interest rates. Moreover, if you have a credit score in this range, you can also negotiate on the interest rate levied by the lender.
CIBIL score is the numerical value that ranges from 300-900 and is calculated from the information in your credit file. It determines your creditworthiness and repayment capacity. On the other hand, a credit report is a summary of your financial reliability; it consists of your financial history of paying debts and other bills.
There are various factors that impact your credit score. Some of these factors are mentioned below:
Whenever you avail credit, ensure that you make its repayment within a stipulated time limit. Delaying your repayments or defaulting on your loans will have a negative impact on your credit score. Therefore, it is advisable to be prompt with your loan repayment and credit card bill payments.
Availing a loan or having multiple credit cards do not affect your credit score negatively. However, make sure that your credit utilization rate is not high. Excessive use of credit cards would indicate that you aren’t able to manage your finances in a prudent way. You should try to ensure your credit card dues do not exceed 30–40% of your total credit card limit across all cards. This will help you in keeping your credit score intact. Moreover, since credit cards have a higher interest rate associated with them, defaulting on its repayment can make you fall in debt-trap. Therefore, it is advisable to make timely repayment and clear outstanding dues to have a high credit score
If you have a long credit history with good repayment behavior, it will help you have a high credit score. Moreover, a healthy credit mix with a good balance of secured loans and unsecured loans will help you improve your credit score.
Applying multiple times for credit in the recent past can impact your CIBIL Score negatively. It helps to be prudent while applying for credit and ensuring that you do not apply to multiple credit providers at the same time.
You can improve your CIBIL score gradually by being financially disciplined and managing your credit in a better way. It is always advisable that you check your CIBIL score before applying for any form of credit.
You can check CIBIL score by using your PAN card in the following way:
Visit CIBIL’s official website - https://www.cibil.com/
Click on ‘Get Your Credit Score’ option
Choose a subscription plan
Enter necessary contact details, i.e. birth date, email ID, residence address and mobile number
Create your login password
Enter your PAN Card number
Agree to the terms and condition
Click on “Proceed to Payment’
Login to your account through email or OTP authentication
Enter the details in the form
Submit the form to check your CIBIL score
You can check your CIBIL score for free by using your PAN card. Moreover, you can also use your passport or driving license to check your CIBIL score.
The process to check CIBIL score at Finserv MARKETS is mentioned below:
Step 1: Visit Finserv MARKETS official website, click on “check CIBIL score”, and enter the required details.
Step 2: You will receive an OTP on your registered email ID and mobile number. Verify your identity by confirming the OTP.
Step 3: On verifying your identity, you will be able to view your detailed financial health report consisting of your CIBIL score.
Step 4: One of the major benefits of checking CIBIL score at Finserv MARKETS won’t affect credit score as it would be a soft inquiry.
The list of Credit Bureaus in India registered under SEBI are as follows:
Credit Information Bureau (India) Limited (CIBIL), Credit Rating Information Services of India Limited (CRISIL), Equifax, ICRA (formerly known as Investment Information and Credit Rating Agency of India Limited), CRIF High Mark and Experian.
Financial well-being involves implementing prudent strategies for managing your money. Finserv MARKETS’ Financial Health Check Report was developed as part of our mission to educate and create financial awareness among our valued customers. It is intended to highlight your credit profile and the positive steps required to achieve your financial goals.
Finserv MARKETS Financial Health Check Report gets your CIBIL score and shows your performance across factors such as repayment history, the length of credit history, credit utilization and the type of credit you have taken. You will also find personalised advice regarding improving your credit standing in order to get better offers from banks and lending institutions.
We believe that protecting your financial stability and continuity is as important as fulfilling your investment and aspirational objectives. Therefore, in this report, we have also included our recommendations to find a balance between precaution and ambition based on your individual profile.
Being educated about your credit health and savings potential helps you in taking prudent decisions towards maintaining your financial well-being. We are sure that you will find this report informative and that it will lead you to the road ‘wealth’ travelled.
It’s crucial that you keep a close eye on your Credit Score. It is the best way to gauge your chances to get a line of credit. Another reason why you should track your score is to know if it dips, or if an error has been made by financial institutions in reporting your credit data to the credit bureau. This will help you make timely amends.
There are two types of credit score enquiries – hard enquiry and soft enquiry. Hard enquiries are usually conducted by financial institutions to take a decision about your credit application which can have an impact on your Credit Score. Soft enquiries do not impact your Credit Score. An enquiry made by an individual is called a soft enquiry. Finserv MARKETS will make a soft enquiry on your behalf when getting your Credit Score from CIBIL. Hence, your credit score will not get impacted in any manner. Moreover, checking your Credit Score on our website is absolutely free.
Credit Score is not the only deciding factor for decision on your credit application, but it is one of the critical parameters which financial institutions consider while providing credit to an individual. All Credit Information Companies, including CIBIL, create your Credit Reports which tell banks about your financial credibility. Your Credit Score also determines the interest rate banks chalk up for you. So make sure that you score big on this one!
Yes, checking your CIBIL Score at Finserv MARKETS is absolutely free.
On applying for your free CIBIL score if you do not get the report or see a failure message it could be due to a mismatch of data like your Mobile number, email id, PAN number or date of birth which you have entered while applying for your free CIBIL score report with your data with CIBIL. Another reason could be that you have never applied for or availed any kind of credit product due to which your data is not available with CIBIL.
CIBIL Score is a three-digit numeric summary of your credit history. The score is given using the credit history found in your CIBIL Report (also known as CIR i.e Credit Information Report). CIBIL Score is very important as it is one of the deciding factors whether you will be given a loan or not.
My friend advised me to check CIBIL score when I was planning to apply for a loan. There are many free online tools available out there but I found one from Finserv MARKETS as the most useful one.
Posted on 04 January 2020
I have heard from many financial experts that one should check CIBIL score before applying for any kind of loan as CIBIL is the one of the most important factors considered by any loan provider. So I researched and happen to come across the Financial Health Check Report from Finserv MARKETS. I found it very comprehensive and useful.
Posted on 08 January 2020
Finserv MARKETS provides Financial Health Check Report which very detailed report and it covers CIBIL score as well. Here, one can check CIBIL score for free in just 3 simple steps. I found it very easy and convenient and it also guided me well on what kind of loan to go for. Must recommended for anyone planning to opt for loans.
Posted on 10 January 2020