Winning Bizness Desk
Mumbai. Nowadays people take the help of personal loans to meet their needs or contingencies. But getting a personal loan or not largely depends on your CIBIL score. A good CIBIL score increases your chances of getting the loan approved. Loans at low interest rates are possible with a good CIBIL score. Your credit score suffers even if you do not maintain minimum balance in your bank account or have a minus balance in it.
CIBIL score of 750+ is good
The CIBIL score ranges from 300 to 900 marks. If the score is 750 marks or more then it is easy to get the loan. The better the CIBIL score is, the easier one can get the loan. The CIBIL score is based on the credit history of 24 months. Credit Information Bureau (India) Limited is the only agency in India to provide CIBIL score.
How to know your CIBIL?
- 1) Visit the CIBIL website www.cibil.com
- 2) On the home page, click on Get Your Free CIBIL Score
- 3) Enter your name, email ID and create a password. After this choose any of your ID proof (Passport Number, PAN Card Number, Aadhar Card or Voter ID Number). Then enter your pin code, date of birth and phone number
- 4) After entering all the details, click on Accept and Continue
- 5) Enter the One Time Password (OTP) received on your phone and click on Continue
- 6) You will receive the message 'Your enrollment is successful'. Then go to the dashboard of the website.
- 7) Your CIBIL score is in front of you.
What do the findings say ?
30% CIBIL score depends on whether you are repaying the loan on time or not. 25% on secured or unsecured loans, 25% on credit exposure and 20% on loan utilization. If you have taken a loan from the bank and do not pay it on time, then your credit score will get worse or lower. If you have a credit card and you do not pay the bill on time, it will adversely affect your credit score.
