Generally, a CIBIL score above 750 is considered good where the chances of loan approval become higher.
On home loans, State Bank of India (SBI) is offering loan rates based on the credit score of the borrower
Even as the interest rates have seen multiple rate hikes consecutively in the past one year, the home loans, personal loans and auto loans have become costlier. However, amid the high interest rates, there is a way you can get cheaper loans — good CIBIL score.
CIBIL score is a credit score of an individual. It scales the credit discipline of the person between 300 and 900. The higher the score, the better it is. Generally, a score above 750 is considered good where the chances of loan approval become higher. The score gives an overall indication of the individual’s creditworthiness and history. Also, the CIBIL report (which has the CIBIL score as a part) reveals whether the person has ever defaulted on any repayment in the past.
Apart from easy approval of the loans, the CIBIL score also helps the borrowers get cheaper loans. For instance, on home loans, State Bank of India (SBI) offers loan rates based on the credit score of the borrower. It offers regular home loan at 9.15 per cent for those having a CIBIL score above 750, 9.35 per cent to those having a score of 700-749, 9.45 per cent to those with 650-699 CIBIL score. Those having a CIBIL score of 550-649 can get the home loan at 9.65 per cent.
How To Check CIBIL Score Online?
CIBIL provides one report a year without any charge. That can be checked online. Following are the steps through which you can check the CIBIL score:
1) Go to the official CIBIL website https://www.cibil.com/
2) Select ‘Get your CIBIL Score’
How To Check CIBIL Score Online?
3) Click on ‘Click here’ to get your free annual CIBIL score
4) Type in your name, e-mail ID, and password. Attach an ID proof (passport number, PAN card, Aadhaar or Voter ID). Then enter your PIN code, date of birth, and also your phone number
5) Click on ‘accept and continue’
6) You will get a one-time password (OTP) on your registered mobile number. Type in the OTP and select ‘Continue’
7) Select ‘go to dashboard’ and check your credit score
8) You will be redirected to the website, myscore.cibil.com
9) Click on ‘member login’ and once you log in, you can see your CIBIL score.
Apart from this, various financial platforms like Paytm, GPay and CRED are also offering users an option to check their credit scores.
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