Even though the personal loan segment is expected to maintain a CAGR of 10% up to 2025, borrowers in the country remain unaware of crucial credit-related factors, such as credit rating.
- According to a recent survey, around 68% of Indian borrowers do not know their credit score.
- More surprisingly, only around 52% understand the importance of this rating.
CIBIL score is calculated on the basis of at least 6 months of historical financial data that revolves around the loan and credit card repayment behaviour of an individual. This financial data is fed into an algorithm that has 258 different variables (each with a different weightage).
A score higher than 700 is a good CIBIL score. A good CIBIL score is an indication that you have been good with your repayments. Banks and financial institutions find you a worthy borrower with minimal risk of default. There are solid benefits of having a good credit score.
This relatively limited understanding of credit rating can be because of the lack of sufficient information regarding how to check CIBIL score without login. Most individuals do not know the exact process to check this crucial factor, whereby one necessarily needs to complete login to access the assigned score. Here’s a quick guide to that.
Steps to follow to check your CIBIL rating
When planning to check CIBIL score, you must know that CIBIL allows you to undertake such a check once per year for free. For additional checks, you would need to become a paid member of the TransUnion CIBIL portal. Still, for this free checking, individuals would need to follow the steps mentioned below –
Step 1: Visit CIBIL’s website and look for the option marked ‘Get Your CIBIL Score’.
Step 2: In the following page, select the ‘Free Annual CIBIL Score’ section.
Step 3: Next, create an official account on this portal if you do not already have one. You would need to provide your email ID, name, contact number and password to do so. Also, you would need to submit a photocopy of a personal identification document (Pan card, voter ID card, Aadhaar card, etc.).
Step 4: Verify OTP, which you receive on the registered phone number provided in step 3.
- Step 5: Wait for redirection to another, confirming your registration on this portal. Proceed to the dashboard and you can acquire your credit score for free.
Individuals who desire to check CIBIL score without login to CIBIL’s website can avoid this lengthy procedure. In such a case, they can look for such information from the various NBFCs operating in India as well. Doing so should also help you to understand whether your CIBIL score is getting you down.
How to check CIBIL score without login?
Before availing a personal loan, you need to acquire your credit score. Keep in mind that the CIBIL score for personal loan should be above 750. Otherwise, borrowers may face delay in loan processing or may receive rejection altogether. Here is a simple alternative to CIBIL without visiting the official TransUnion CIBIL website –
Step 1: Visit a chosen NBFC and look for credit score checking facilities on the portal.
Step 2: Enter all your details and ensure that they match the details present on your ID.
Step 3: Check for an OTP, sent to your email address and provide the phone number to verify your identification.
Step 4: Check CIBIL score without login which is reflected on your screen. It should also give you access to your CIBIL report.
Rather than checking how to get a personal loan when you have a bad CIBIL score, focusing on ways to improve the score instead shall not only help with credit approval but also assist in the long run.
- The personal loan market witnessed a significant growth of around 28% year-over-year in 2020.
- It is in significant contrast to the overall consumer lending growth of only 13% YoY in the same period.
Repaying your dues in time should ensure impressive ratings when you decide to access your CIBIL score via any of these processes. In some cases, the CIBIL report correction can also lead to improvement of scores. An individual who notices some discrepancies in his/her report can opt for report rectification with CIBIL as well.
Individuals with significant scores tend to enjoy favourable terms on personal loans from lenders like Bajaj Finserv.
The credit provider also brings pre-approved offers to ensure quick and easy approval of loans. These offers are available on a range of credit options, such as personal loans, business loans, and more. You can check your pre-approved offer by submitting just a few essential details.
As a new-age borrower, gauging the importance of credit score is essential. Failure to do so may leave one disabled in acquiring these credits. Alongside, one should also take care to keep other eligibility requirements in mind and apply for financing accordingly.