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How to Check CIBIL Score for Personal Loan?

If you are in need or want of a personal loan, the application process is fairly simple. You furnish the required information along with paperwork, and the lender studies the application before it can be approved and the loan gets sanctioned. In the lender’s assessment, one of the most crucial and decisive parameters is the individual’s credit score.

What is a CIBIL Score?

Credit Information Bureau (India) Ltd, or CIBIL for short, refers to the bureau that keeps a record of the financial data of individuals, including their past borrowings, repayment records, credit card information, sourced from banks and financial institutions. The bureau has been authorised by the Reserve Bank of India (RBI). It brings out the CIBIL score for all individuals on the basis of their financial record. The CIBIL Score is a 3-digit number that lies between 300 and 900. It takes into account your financial data from at least the last 6 months. This numeric representation of an individual’s financial soundness takes into account the debt history, repayment history, the income stream, the past and current portfolio of debt, among other things.

Why does the CIBIL Score Matter for Personal Loan?

Personal loans are unsecured loans, which means that you will be granted the loan without being asked to furnish any collateral or security. It saves you a lot of trouble and paperwork by not asking for security. In such a scenario, the lender is assuming more risk and therefore will be more meticulous in assessing your personal loan application. The lender will study your financial credentials rigorously and meticulously. Your CIBIL score is one of the primary parameters, so it is preferable that you check CIBIL score before you proceed with the application.

If you have a good credit history and have been timely with repayments, you will have a good CIBIL score. A good CIBIL score would mean easy approval of the personal loan application.

How much CIBIL Score is required for Personal loan?

The thumb rule is that your CIBIL score should be as high as possible, as close to the figure of 900 as possible. In general, a credit score of 750 and above is a good reflection of your financial prowess. So if you want to increase the chances of your loan getting approved, you should maintain a CIBIL score in the 750-900 range.

How to Check CIBIL Score for Personal Loan?

STEP 1: Head over to Finserv MARKETS. Click on Know Your Score.

STEP 2: Furnish the personal details and mobile number

STEP 3: The next step is payment. A payment of Rs 470 is required for the generation of your credit report and can be done through prepaid cards, credit cards, net banking etc.

STEP 4: Finally, undergo an authentication by answering questions related to your credit history. Within the next 24 hours, you will have the credit report delivered to your email address.

Alternatively, you can check CIBIL score on Finserv MARKETS. Checking your score on Finserv MARKETS offers you more than just a numeric figure: It will generate a Financial Health Check Report(FHCR). This report provides insights into your financial health in a simplified and customized manner. This report takes into account your CIBIL score and shows your performance on financial parameters such as repayment history, length of credit history, credit utilisation, etc. Also read everything about CIBIL Score only at Finserv MARKETS.

Conclusion

Before you apply for a loan, you can also check your approximate EMI schedule using Personal Loan Eligibility Calculator. On Finserv MARKETS, you can be assured that you will get a competitive interest rate for your personal loan application. There is minimal documentation necessary and you get instant personal loan approval at a minimal processing fee of up to 3.99% of your loan amount. Make sure you have a steady financial past reflected in the CIBIl score before applying!

Also read steps on how to check CIBIL Score by pan Card

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