India’s organised lending market is mostly dependent on its two largest players, traditional financial institutions and NBFCs or Non-Banking Financial Companies that offer a range of products and services. While both these differ in the extent of services and products offered, their process of gauging a customer’s creditworthiness remains similar, namely by assessing his/her credit rating and score.
One of the most commonly accessed credit rating systems is CIBIL or credit score, assigned by TransUnion CIBIL, the apex credit information bureau, in collaboration with almost every major player in the finance industry. It is a three-digit score, ranging from 300 to 900, whereby a score of 750 or higher is considered creditworthy.
- CIBIL currently maintains a database of around 600 million credit seekers situated across India.
- They also work with 2400 financial institutions, which include all types of lenders.
According to the latest guidelines, TransUnion CIBIL allows every Indian citizen to check his/her credit score free of cost within one financial year. For credit score access required for more than once within a year, one needs to pay a small subscription fee.
However, customers can also check CIBIL score without login through various third-party websites.
The process to access CIBIL score without login
One can check his/her CIBIL score for personal loan or various other forms of debts, and recognise any leverage to bargain with the lender for better terms of the loan.
Most financial institutions offer their customers the provision to check CIBIL score without login as an additional benefit. The process is also the same in most cases. Accessing the credit database requires sharing some basic information, while the steps involved are intuitive and straightforward. Here’s how one can check his/her credit score without logging in to TransUnion’s website.
- Open your preferred financial institution’s website and navigate to the free CIBIL check option. Suppose a particular lender does not offer these services, a quick search on the internet will help find multiple providers that offer similar services to help a borrower check his/her CIBIL score as an essential personal loan eligibility requirement.
- Next, share the required personal details, like the type of employment, first and last name (as mentioned in the PAN card), date of birth, email address, PIN, and your Permanent Account Number (PAN) to access your CIBIL score without login.
- After submitting this information, verify your contact details. It is usually done using an OTP, or an email sent to the shared email address.
- After your verification is complete, the CIBIL score is displayed, along with the offers (for loans and credit cards) that you might be eligible for depending on your credit rating. It is one of the reasons why the CIBIL score is important for personal lending. If you hold a good credit score, you are more likely to be eligible for a low interest personal loan.
Financial institutions like Bajaj Finserv also offer attractive loan servicing terms for applicants with a high CIBIL score. For instance, you can avail an affordable rate of interest against your personal loan.
Existing customers can also benefit from the lender’s pre-approved offers, which simplify the application process and help save time. These offers are available on various types of credits, including personal loans, business loans, credit cards, etc. You can check your pre-approved personal loan offer online by sharing only some essential details.
CIBIL score is calculated based on several factors, like your repayment history, types of debt availed, credit utilization ratio, credit inquiries against your profile, etc. Out of all these, repayment history holds the highest weightage at 35%. For this reason, timely loan repayment is essential to maintain a good credit rating. You can also follow some simple methods to improve your personal credit score, like maintaining a low credit utilization ratio, balancing the credit mix portfolio, etc.