CIBIL stands for credit Information bureau of India. Please have a look of the Cibil organisation ownership chart which will give you an idea of this mega project to reduce loan defaults. Now a days all finance institutions and banks have shared their lenders data base and it is fed at a single place where your all financial loan and repayment records are held. This is to make sure that a loan defaulter do not take loan from another financial institution and a bad fish is nipped in the bud. Your credit score provides a loan providers with an indication about your capability to pay back a loan and same is based on your Credit Information Report (CIR). Thus to sum it up we can say that CIBIL is the repository of information which has been pooled in by all Banks and lending Institutions operating in India. Presently they have a database size of over 170 million consumer records and 6.5 million company records contributed by our over 500 Members.
How CIBIL Score Helps You?
Just remember that the credit score plays a critical role in the loan approval process. Just remember that every loan provider has a bench mark for providing loan.
Just remember that 80% of all new loans are sanctioned above 750 credit score and adjacent image will show the approval rate with the credit score. if you have lowrer credit score, you may be alos charged a higher rate of interest for grant of loan.
How to Get CIBIL Credit Score?
- Complete the Request Form as given at cibil(dot)com
- Payment - Pay Rs 450 for the CIBIL TransUnion Score via Net Banking / Debit / Credit / Cash Card. However If you wish to purchase only your CIBIL Credit information report for Rs. 142 one can download the form by visiting the cibil website and by following the instructions given on their website.
- Get Registration ID - On successful completion of your payment transaction, you will receive a unique CIBIL registration ID and transaction ID in your online payment confirmation
- Authentication - Answer 5 questions about your loans & credit cards to authenticate your application
Please note that CIBIL does not have any authorised agents. However you can get this report free incase you have any friend in a bank who has access to Cibil site as a user and you can download the report free from them and can get your cibil score, however one needs to pay some fees for getting the report signed. Inc ase you are in hurry to get loan than bank will itself perform all documentation for you as cibil score is one of their prerequisites before granting a loan to you.
Now let’s see how to understand CIBIL score.
1. Score of 600 and below – Not Good – Unlikely to get any loan/ credit card
2. Score between 600 – 700 – May get a loan or credit card but after some further investigations
3. Score between 700-750 – Satisfactory }
4. Score between 751 – 800 – Good }Good chances of getting credit card / loan
5. Score of 800 & above – Excellent }
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