8
min read
February 16, 2023
What is CIBIL score and how to check CIBIL Score for free?
CIBIL Full Form
The full form of CIBIL is Credit Information Bureau India Limited. This credit information organization monitors everything pertaining to credit, whether it is for a specific person or for the entire business. CIBIL is accountable for managing all of this data. Given the current situation, it is crucial that we comprehend what the term ‘credit’ means.
What is Credit?
The simplest way to define credit is How much money can you borrow?
You can borrow more if your credit limit is higher. Now, credit implies to get a loan or borrow money that you are going to pay back in the future, whether you are taking it from a company, bank, relative, or anyone else.
Your credit limit is revealed by the CIBIL score. Your score is represented as a three-digit number with a range of 300 to 900. If your CIBIL score is more than 900, i. e., if it is higher, you are eligible for a larger loan. If your CIBIL score is high, you can get a loan from any bank or individual easily. If your CIBIL score is 300, that is, if it is less, then you might have trouble obtaining a loan. If your CIBIL score is low, many banks may also decline to grant you a loan.
Most banks will typically grant you a loan if your CIBIL score is around 750. The CIBIL score we must maintain must be between 700 and 800 to get a loan. The easiest way to raise your CIBIL score is to make on-time loan repayments. Your CIBIL score will automatically rise if you make timely loan repayments.
Suppose you have taken a ten lakh rupees loan for six months. Now if you repay this ten lakh rupees loan with interest in six months then your CIBIL score will improve.
Continue taking out loans as needed to keep raising your CIBIL score. Take out a loan that you can afford to pay back on time, and then do so. Your CIBIL score will automatically keep rising.
How to check CIBIL Score for free?
Here are the steps to check your CIBIL score for free using Paytm application:
- On your mobile phone, download the Paytm application if you haven't already done so.
- Open the Paytm application and search for the 'Check credit score' option. If you're unable to find it, use the search bar and type in 'credit' to locate the option.
- Click on the 'Check credit score' option to open it.
- Enter your PAN number, date of birth, and email ID in the required fields.
- Click on the 'Check credit score' button.
- Your CIBIL score will be displayed on the screen.
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