Bajaj Finserv is a financial services company based in India that offers a wide range of products and services, including loans, insurance, investments, and more. One of the key offerings from Bajaj Finserv is their check CIBIL score free facility, which allows customers to check their CIBIL score free online by PAN number.
What Is CIBIL Score?
A credit score is a numerical value that lenders use to evaluate your creditworthiness based on your credit history. This information is crucial for a lender to assess your ability to obtain and repay a loan. Your credit score is determined by analysing your credit history, typically ranging from 300 to 900. A credit score of 750 or higher is generally considered favourable. A strong credit score can simplify the loan application process and enable you to negotiate better terms and conditions. Your bank shares your credit information with credit bureaus licensed by the Reserve Bank of India.
Why Is CIBIL Score Important?
Your CIBIL Score is an important factor that can significantly impact your financial well-being. It is a three-digit numerical value that reflects your creditworthiness and is used by lenders to evaluate your credit risk when you apply for a loan or credit card. A high CIBIL Score indicates that you have a good credit history and are likely to repay the borrowed amount on time, while a low score suggests the opposite.
A good CIBIL Score increases your chances of getting approved for a loan or credit card and enables you to negotiate better loan terms and interest rates. Moreover, a positive credit history and a high score can help you build trust with lenders, making it easier to obtain credit in the future. Therefore, utilising check CIBIL score free services and maintaining a good CIBIL Score is essential to ensure your financial stability and growth.
How to check CIBIL score free Online?
Step 1: You can use various online services to check CIBIL score free or you can visit the Bajaj Finserv Credit Pass webpage to and click the “Sign up” button to begin the process.
Step 2: Provide your essential details, such as your name and mobile number, and click “Submit” to proceed.
Step 3: Verify your identity by entering the One Time Password (OTP) sent to your registered mobile number.
Step 4: Once your identity is verified, you will be directed to the payment page, where you can complete the payment for your Credit Pass using a secure payment gateway.
Step 5: After successful payment, you can log in to your Credit Pass account to access your personalised Credit Pass dashboard. Here you can check CIBIL score free, credit report, and other essential details related to your credit history.
Overall, utilising CIBIL score check free online by PAN number is a simple and hassle-free process that can provide valuable insights into your credit health. By checking CIBIL score free services, you can take the necessary steps to improve your creditworthiness and secure better loan terms.
Factors Affecting your CIBIL Score
- Payment history: Your payment history, including any missed or late payments, is the most critical factor affecting your CIBIL Score. Consistent on-time payments can significantly boost your score, while late payments can lower it.
- Credit utilisation ratio: Credit utilisation refers to the percentage of your available credit that you use. High credit utilisation can negatively impact your score, while lower utilisation can improve it.
- Credit mix: Having a mix of different types of credit, such as credit cards, loans, and mortgages, can have a positive impact on your score.
- Credit history tenure: The length of your credit history can also impact your score. A longer credit history is generally considered favourable, as it provides lenders with more information about your creditworthiness.
- Recent credit inquiries: Too many credit inquiries or applying for multiple credit accounts within a short period can negatively impact your score.
- Defaults or settlements: Any defaults, settlements, or bankruptcies can significantly lower your score.
Utilising check CIBIL score free services is essential to ensure your financial well-being and stability. With Bajaj Finserv, you can easily check CIBIL score free and obtain a comprehensive Credit Pass that provides valuable insights into your credit health. By regularly monitoring your credit score and report, you can take the necessary steps to improve your creditworthiness and secure better loan terms. A good credit score can improve your chances of obtaining credit at favourable terms and interest rates. So, whether you plan to apply for a loan or want to stay informed about your credit health, checking your credit score for free is always a good idea.