Your credit score is an important factor that determines how quickly and affordably you can get a loan. Generally, a score closer to 900 can give you easy access to credit facilities whereas a score below 650 can make availing of a loan challenging. In India, there are different types of credit rating agencies offering different types of scores. The CIBIL score is one of the most widely used credit scores by various financial institutions. As such, credit score is often called CIBIL score.
Since major lending institutions approve your application after they check your CIBIL score, how to check the score is an important piece of information to know. This can help you know your creditworthiness before you apply and plan accordingly. Given below are ways you can check your credit score and tips to get a loan with a low credit score.
Credit or CIBIL score: How to check
On the official website of the credit rating agency
Credit rating agencies usually offer the option to check your credit score for free just once in a year. To monitor your CIBIL score on a regular basis through the official website, you need to pay for a subscription. Here’s how you can do so on the CIBIL website.
● Click on ‘Credit Report Products’
● Then click on ‘Get Yours Now’
● Select a subscription plan of 1, 6 or 12 months
● Click on ‘Get started’ and fill the form with the required details to create your account
● Complete your identity verification
● Make the payment for your chosen subscription plan
Once you create your account, you can check your CIBIL score and report regularly to monitor your score and make healthy credit decisions.
On the official website of a lending institution
Like credit rating agencies, many lenders also offer free credit score check services. To make use of these, visit the website of a lender of your choice and follow these steps:
● Find and select the option to check your credit score for free
● Fill in the required information such as your name and PAN details
● Complete your identity verification
Once you complete your identity verification, you can check your credit score and understand your credit health. This way to check CIBIL score by PAN card details is
easy and quick.
Tips to get a loan with low credit score
- Apply with a co-applicant
When you have a low credit score, lenders may hesitate to approve your application as you risk default. When you apply with a co-applicant, you can get a loan comparatively easily because the lender’s risk is offset by the security provided by the other applicant. Keep in mind that for this to work, you need to find a co-applicant who has an excellent score.
- Avail a smaller loan amount
A high loan amount with a low credit score increases the lender’s risk. This is why, if possible, you should opt for a smaller loan amount when you have a low credit score.
- Disclose additional income sources
A low credit score implies that you may have a questionable repayment capability, increasing the lender’s risk. When you disclose additional income sources you may be able to prove that you have the means to repay the loan amount, reducing the lender’s risk. So, be sure show all your income sources while you apply for personal loan with a low credit score and ensure that you get seamless access to the required funds.
Now that you know all about your CIBIL score, how to check it, and how to get a loan with a low score, borrow wisely. Be sure to make it a habit to check your CIBIL score regularly. Doing this will allow you to stay on top of your credit health and take quick, necessary actions at the earliest. Bajaj Finserv is among the top lenders offering free CIBIL score-checking services to help you track your score with ease. Here you can check CIBIL score by PAN card details and get your score in a few seconds. This way, you can track your credit score at any time and from anywhere to ensure that you are credit ready at all times. Check your CIBIL score online today and boost your credit score to avail of exciting and pocket-friendly credit offers.
Moneycontrol journalists were not involved in the creation of the article