Your CIBIL Score plays a critical role in the loan approval process. Lenders check your CIBIL Score before approving your loan application. The higher your CIBIL Score, the higher are the chances of your loan application getting approved.
Your CIBIL score is a three-digit number, going from 300 to 900, which goes about as a proportion of your credit value. The score is inferred in the wake of thinking about your financial record and subtleties found in your CIBIL report, which is kept up with as a record by Transunion CIBIL.
Your moneylender checks your CIBIL score to confirm your capacity to reimburse the credit before endorsing you. The nearer you are to a financial assessment of 900, the better are your odds of getting a simple endorsement on your credit. A score closer to 300 is considered poor.
A CIBIL check is performed online. We shall look at the step-by-step guide of how to check the CIBIL score a little later.
Banks and financial institutions check CIBIL scores formerly before granting any loan.
1. Enter your details. Ensure it matches your ID proofs.
2 . Verify your identity. Confirm the OTP sent to your mobile number and email ID.
3 . View your CIBIL report. Check out the best loan offers customized for you.