Applying for a personal loan? Find out how to check your CIBIL score

Many banks and non-banking financial companies are providing unsecured personal loans, which means you don’t need to provide any collateral to avail the loan. The lenders check your creditworthiness to approve your loan application. The creditworthiness of a loan applicant is decided on the basis of the CIBIL score, which ranges between 300 and 900.

The Credit Information Bureau (India) Ltd or CIBIL, is the premier agency for providing credit reports and scores pertaining to individuals. A CIBIL score is a three-digit number, which reflects an individual’s creditworthiness and comes in useful while applying for a loan.  A higher score indicates that you are financially capable of repaying the loan.

Therefore, a good CIBIL score helps you to secure a loan smoothly and even at lower interest rates. Additionally, if you have a high CIBIL score you can get a loan for higher amounts.

There are many online portals available to check your CIBIL score for free or after taking a membership. Here is how to do it through the official CIBIL website.

Step 1: Visit the official CIBIL website at www.cibil.com

Step 2: Click on 'Get Your Free CIBIL Score’ displayed on the home page

Step 3: Then provide your personal details such as your name, email ID and create password. You select an ID proof (passport number, PAN card, Aadhaar or Voter ID). Then you need to enter your PIN code, date of birth and phone number

Step 4: After submitting all details, click on 'accept and continue'

Step 5: An OTP will be sent to the given mobile number. Enter the OTP in the specified field and click 'continue’

Step 6: A message will appear as “you have successfully enrolled”. Then click on go to dashboard

Step 7: Your CIBIL score will be displayed on the screen

It’s advisable to click on ‘No Thanks’ or ‘cross’ button on the pop ups that appear in between the steps to avoid sharing your personal data with third parties.

A CIBIL score is provided in the range of 300-900. Thus, it is ideal to have a CIBIL score that is closer to 900 as it helps you get better deals on loans and credit cards. A CIBIL score of 750 to 850 and above is considered as ideal and there are higher chances of your loan application getting approved with the score in that range.