CIBIL is one of the most-reputable credit bureaus in India. CIBIL scores are a popular way to measure your creditworthiness, or ability to get approved for loans and other types of credit. That includes your individual credit score, your credit history, and anything else you can find on your report. The CIBIL full form is Credit Information Bureau India Limited, which is a part of TransUnion International. To create this free report and score in the first place, CIBIL contacts multiple financial institutions and gathers data on customer behavior. They process this information to input it into their proprietary algorithm, which subsequently calculates the score itself. These scores are updated daily to the CIBIL app and website for anyone to see.
CIBIL Full Form, its Score, and Meaning
Your CIBIL credit score can go as high as 900 and as low as 300. 300 is the lowest possible score, while 900 means you have a good credit history and have been paying off your loans on time. A person with a lower CIBIL score may not be eligible for loans because their credit history doesn’t inspire much trust.
The following data provides detailed information about different CIBIL score ranges:
|NH or NA||No credit history||This means that a person has never taken a loan from any online lender or financial institution.|
|300-549||Poor||Borrowers with this score are considered defaulters. Banks avoid approving their loans because there is a high chance that they may not pay the debt on time.|
|550-649||Fair||This score range signifies that the borrower was irregular with paying a debt. Although some lenders approve loan applications with this score, the interest rates are generally higher.|
|650-749||Good||Getting loan approval is likely for borrowers with this score as it demonstrates their timely EMI payment behaviour. However, they may not get the best interest rate.|
|750-900||Excellent||Borrowers under this score are welcomed by every lender as there is negligible chances of default or late EMI payments. Additionally, they are able to negotiate the interest rate and get the best deals.|
CIBIL Full Form and its Importance
A CIBIL score helps you start your credit journey by making it possible to obtain a decent loan. If it falls between 750-900, you’ll be eligible for a higher loan amount. Credit card lenders will use a CIBIL score app to determine your creditworthiness when considering an application.
A high credit score is one of the best things you can have in your personal finance life, and it has a range of benefits:
- Low-interest rates on loan repayment.
- We offer more flexible repayment terms, including monthly repayments and adjustable tenure.
- Approval for higher loan amounts.
- When you need money fast, we’ll get you the money you need with a quick approval process.
CIBIL Full Form and Ways to Check your Score
There are a number of ways to assess your CIBIL score without spending any money. These include:
- CIBIL Website
Here is what you can do: visit the CIBIL website and log into your account. You may also create an account by providing your name, email ID, contact information, and password.
After you login, you’ll need to fill in your ID number and some other information. For example, your date of birth and PIN code. After filling this out, an OTP is sent to your mobile device. Once you enter that OTP into your CIBIL account, you will be able to see your credit score.
- Wishfin Website
Whether you’re shopping or looking for a loan, this website provides information about your credit score in the best possible way. By entering your PAN number, name, gender, DOB, email ID, and address after clicking on CIBIL score option, you can view your credit score.
- Offline CIBIL Score Check
You can also download a credit score request form and fill it out manually. In order for this to work, you need to attach a xerox copy of your ID and include a demand draft in the amount of Rs. 500 drawn in the favor of “TransUnion CIBIL” or “CIBIL.” Then, you can either post or courier it to their Mumbai office with an addressed self-attested envelope (MSC 5013) or email it to [email protected] and they’ll send it to you within 3 working days.
There are multiple methods for checking a credit score, but the simplest way is to download the Wishfin Cibil Score App from the Play Store and enter your personal details. You can then see a standardized measure of your likelihood of getting approved for loans.
One of the best ways to check the CIBIL score is by downloading the Wishfin Cibil Score App from the Play Store. This will only take a few moments and each person’s personal details are kept strictly confidential.