When you apply for an unsecured loan wherein borrowers are not required to pledge their assets as collateral, your credit score plays a deciding factor for your loan approval. It stands true in the case of a personal loan as it is unsecured. CIBIL score is an essential part of your loan eligibility criteria. it determines the loan amount and the interest rate you can get.
Before approving a personal loan application, your lender ascertains your creditworthiness and loan repayment behaviour through your CIBIL score and credit report. A lower credit score can result in the rejection of your loan application. Therefore, if you require instant cash and you want to apply for a personal loan, it is advisable to do a CIBIL score check online free. To do so, you can either visit the CIBIL website or check your credit score instantly on your lender’s web portal.
What role does a CIBIL score play in your online personal loan application?
Before we learn how to perform a CIBIL score check online for free, let us understand what a CIBIL score is and how does it work:
Your CIBIL score contains a three-digit number between 300 and 900 that indicates your creditworthiness. As per the Reserve Bank of India, any score above the range of 750 can be considered a good credit score. It proves that the borrower is a responsible person and will not default on loan payments.
The closer your credit score is to 900, the more you are favourable to lenders, and the better are your chances of getting your online personal loan application approved. Here are the different CIBIL score ranges to understand how they work and what they mean to a lender.
Key steps to follow to check your CIBIL score
As per the Reserve Bank of India’s instructions, credit rating companies should allow individuals to avail themselves of a free credit check once a year. Follow the steps below to check your credit score for free.
- Visit www.https://www.cibil.com/ and click on the Get Your CIBIL Score’ tab.
- If you are a first-time user, you will have to create an account by entering your personal information, such as your name, email address, Identity proof (PAN Card or Aadhaar Card), PIN code, and phone number.
- Click on the Accept and Continue tab. You have to ensure that the information you provide is accurate.
- Verify your account by entering the one-time password sent to your registered mobile number.
- A new window will open to confirm your enrolment. After that, go to Dashboard and view your credit score.
- You will be directed to a new tab where you can view your credit report.
Now that you have your account, going forward, you can directly log in with your username and password to view your credit score. In the case of an existing account holder, you directly log in to your account on the CIBIL website, click on My Account, and hit the Get Your Free Report tab.
How to check your credit score on your lender’s website?
If you have chosen your lender for applying online personal loan application, you can directly visit your lender’s website to check your credit score. For instance, to check your credit score on Fullerton India’s web portal, you will need to follow these simple steps.
- Visit www.fullertonindia.com/cibil-score-check.aspx
- Select your nature of employment
- Click on the Continue tab.
- Add your details like your name, mobile number, email address, PAN card number, etc.
- Verify your account with an auto-generated OTP.
- Fill out the details requested and answer a series of questions regarding your credit cards and loans.
- View your credit score in your account at the end of the submission.
