Check CIBIL Score For Personal Loan In 3 Easy Steps Online

Chirag is facing a financial crunch. He looks at the option of taking a personal loan to meet his sudden expenses. However, he is not sure of his CIBIL score, which is an important qualifier for a personal loan. Thus, as one of the first steps before applying for a loan, he must know his score.

CIBIL score is a 3-digit numeric credit score, by TransUnion CIBIL, a rating agency in India, that proves your creditworthiness to the lender. It is between 300 and 900 - the closer you are to 900, the better your chances of getting a loan. The score is granted after evaluating your past loan repayment records and other factors. Most lenders look for a score above 720 apart from other factors when granting a loan.

Personal loans are unsecured loans, which means the borrower does not have to pledge any collateral for availing a loan. Thus, a credit score becomes an important marker for lenders to determine your capability of repaying the loan.

To know your CIBIL Score for a personal loan or any loan, just follow these 3 simple steps

1. Visit CIBIL’s official website
2. Fill in the form by entering the required details such as name, mobile, email, etc.
3. Your CIBIL score will either be displayed on-screen or will be sent to your email address for free.

If your CIBIL score is low, you might need to work towards bettering it before applying for a loan. There are many ways to better your score, and the solution depends on the root cause of the low score. For instance, if your score is low because you have no credit history, then you can better it by taking a small loan and repaying it on-time.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.