In India, credit has become an integral part of our financial lives, whether it is for purchasing a home, a car, or any other expenses. Therefore, having a good credit score has become even more vitally important.
A CIBIL score is a three-digit number that measures an individual’s creditworthiness, considering factors like credit history, repayment behaviour, credit utilisation and other related activities. So, the free CIBIL score check online services have become increasingly important in determining an individual’s ability to secure loans and other financial products in India.
Benefits of Good CIBIL Score
1. Immediate Approval of loans
An individual with a high credit score is more likely to receive instant approval for a loan or credit card due to their lower risk of default, clean repayment history, and appropriate credit behaviour.
2. Loan duration
Loans have varying repayment periods, and longer tenures typically carry more risk than shorter ones. However, a higher credit score can increase your chances of being approved for a loan with a longer repayment period.
3. Qualified for a greater number of pre-approved loans
With a high credit score, you have access to multiple options to choose from for credit cards or pre-approved loans. It also facilitates quicker access, minimal documentation, and shorter approval times.
4. Effortlessly obtain access to all major high-end credit cards
A higher credit score is a major factor that lenders consider when evaluating your financial health. With a good credit score, you can enjoy the benefit of instant approval for premium credit cards. This can also give you access to rewards like exclusive services, cashback, and more, putting you in a more advantageous position.
5. Take advantage of an increased credit card limit or loan amount
Having a higher credit score increases the likelihood of approval for credit cards or loans with higher limits. This is because lenders consider your score as an indicator of your lower risk of defaulting on payments.
6. Experience the benefit of reduced interest rates
A high credit score is the most favourable way to take out a credit card, personal loan, or home loan, as it allows you to secure lower interest rates from lenders.
How to do a free CIBIL score check?
There are many web applications available online where you can check CIBIL score by PAN card free. You can also use Bajaj Finserv Credit Pass service, that offers customers the freedom to check their credit score anytime online. Signing up for Credit Pass takes just two minutes, and upon registration you’ll receive a unique 12-digit number that grants unlimited access to your credit score. Bajaj Finserv Credit Pass offers invaluable insights to improve your credit score, increasing the likelihood of obtaining a loan or credit card. With Bajaj Finserv Credit Pass service, you can monitor and assess your credit health so you can make informed financial decisions.
Important Steps to check CIBIL score
Registering for the Bajaj Finserv Credit Pass is a simple process that can be completed in just a few steps.
Step 1: Go to the Bajaj Finserv Credit Pass webpage and click on the “Sign up” button.
Step 2: Provide your essential details, such as your name and mobile number.
Step 3: Verify your identity with the One Time Password (OTP) sent to your registered mobile number.
Step 4: You will be directed to the payment page, where you need to complete the payment for your Credit Pass.
Step 5: Once you have made the payment, you can log in to your Credit Pass account. Here you can view your Credit Pass dashboard, your credit score, and your credit report.
Bajaj Finserv Credit Pass is a superior alternative to free CIBIL score check services available in the market. One of the main reasons is that checking your CIBIL score with the Credit Pass does not impact your credit score. In contrast, multiple inquiries or checks of your credit score with other free CIBIL score check services can affect your credit score negatively.
When you use the Bajaj Finserv Credit Pass, you can check your credit score without worrying about any adverse impact on your score. This is because Credit Pass uses a soft inquiry to check your credit score, which does not harm your credit score. Soft inquiries do not impact your credit score, unlike hard inquiries, which can negatively affect your credit score. In contrast, free CIBIL score check or check CIBIL score by PAN card free services typically use a hard inquiry to check your credit score.
Final Thoughts
Monitoring and improving your credit health with free CIBIL score check or check CIBIL score by PAN card free services is essential to monitoring and improving credit health. With a step-by-step guide, it will be easy to check CIBIL score and gain invaluable insights that can help improve your financial wellbeing. While many free CIBIL score check options exist online, choosing a reliable source such as Bajaj Finserv Credit Pass ensures accurate information is delivered. By regularly monitoring your credit score and taking steps towards improving it, you may increase the likelihood of approval for loans and credit cards.
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