Did you know that your CIBIL score is a very important number when it comes to your finances? Whether you wish to apply for a loan, get a credit card or enjoy any other financial benefit and banking services, one thing that matters the most is your CIBIL score. Your CIBIL score can also be called your credit score, so do not get confused. They are the same things. It is called your credit score because it is calculated based on many factors regarding your credit usage in the past. This could include factors such as if you pay your dues on time or how low or high your credit utilization ratio is. There can be many other factors as well. The higher a person's CIBIL score is, the better and more advantageous it is for them. This is because banks and all other financial institutions check a person's CIBIL score to know their creditworthiness and see if they are financially responsible and pay their dues on time.

Knowing your CIBIL score is extremely important for many different reasons. We will take you through all of them one by one. We will also provide you with a very simple and easy-to-follow guide so that you can check your credit score online for free.

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Why You Should Know Your CIBIL Score

Your CIBIL score is not merely a number associated with your bank account. It has a huge impact on your overall banking experience. Most banks and other financial institutions consider 700 or higher as a good credit score. If you have built a good credit score, you will be able to enjoy the following benefits in your financial life:

1. Decides Eligibility for Credit Cards: You must be aware of how useful it is to have a credit card. With a credit card, you can make spending a very rewarding experience as you get benefits such as reward points, cashbacks and exclusive deals, discounts and offers. With a credit card, you can increase your savings. However, banks and other credit card providers always check your credit score before they consider your application. This is because they want to know if you are a financially responsible person who can be trusted with credit and will make timely payments. Since your CIBIL score reflects your entire credit history, it tells lenders about all your previous credit dealings. Therefore it plays a very important role in determining your eligibility for getting a credit card.

2. Get Higher Credit Limits: The role of your CIBIL score is not just limited to deciding your eligibility for getting a credit card but it gets you many more added advantages as well. For instance, if you have a really good CIBIL score, you will be able to enjoy comparatively higher credit limits on your card, which will, in turn, increase your spending capacity. If your credit score is not up to the mark, you will likely have to do with restricted credit limits.

3. Decides Eligibility for Loans: Today, people require loans for a lot of different reasons. Be it a home loan, a business loan, a car loan or even a personal loan, lenders will first and foremost check your credit score before they approve your application and lend you money. What happens when lenders see you do not have a good CIBIL score? They see you as someone who has not handled credit responsibly in the past. So now they find it difficult to trust you with their money. Similarly, a good credit score paints you as a trustworthy person who will make timely repayments.

4. Get Higher Loan Amount Sanctioned: People with high credit scores can easily get sanctioned loan amounts. Once again it all boils down to building trust within the lenders. Being assured of your ability to repay the loan on time allows them to trust you with a higher sum of money.

5. Enjoy Lower Rates of Interest: People with a higher credit score also enjoy more advantages. For instance, lenders are willing to negotiate the rates of interest with them. So, if you have an excellent credit score, your chances of getting a loan at lower interest rates are high.

Now that you know how crucial it is to know your CIBIL score let us tell you the various ways you can check it online for free.

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How to Check CIBIL Score in PhonePe?

One of the best and easiest methods to check your CIBIL score yourself is to visit the official website or mobile app of FinTech platforms such as PhonePe. FinTech is short for financial technology. These platforms have sprung up to provide financial assistance and services to individuals and companies alike. PhonePe is a popular Indian financial services company and among many other services, it also allows people to check their credit score online. Here is a step-by-step guide for how to know the CIBIL score in PhonePe:

1. First of all, install the PhonePe app on your device and sign up if you are a new user. This will not take more than a few minutes, or log in if you already have an account.
2. Find a section that lets you check your credit score and click on it.
3. After that, PhonePe will request you for access to your credit information to fetch all your details. To proceed, click on 'Allow Access.'
4. You will further be requested to enter some basic details such as your full name, PAN, and date of birth. Fill them up correctly and hit submit.
5. Once verified, PhonePe will then show you your credit score on the screen.

You can instantly check your CIBIL score on PhonePe in just these three steps.

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Why You Should Use PhonePe to Check Your CIBIL Score?

You will get the following advantages if you use PhonePe to keep a check of your CIBIL score:

1. Using PhonePe to check your CIBIL score makes the process extremely fast. In just a few clicks, you can view your credit score.
2. Checking credit score on PhonePe is safe and secure.
3. Checking your CIBIL score on PhonePe is a completely free process.

Other Methods to Check CIBIL Score Online

There are many more ways to check your credit score conveniently online. Let us walk you through some of them:

Official Website or App of Credit Information Companies (CICs)

1. There are four major credit bureaus in India: Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian and CRIF High Mark. You can check your CIBIL score on any of these four credit bureaus' online platforms (website or mobile app) in just a few quick and easy steps.

2. Firstly, you will be requested to provide them with some personal information and basic account details. Once you have entered them, you will be shown your credit score on the screen for free.

3. One thing to keep in mind is that each of these CICs provides only one free annual credit report every calendar year. If you wish to check your CIBIL score more than once a year, you can always go for their paid subscription plans or choose another method to check your credit score online.

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Bank Websites and Mobile Apps

1. Other than FinTech platforms like PhonePe and the four major credit bureaus of India, most banks also offer their customers the facility to check their credit score themselves online on their official websites or mobile applications.

2. Banks and Non Banking Financial Companies ( NBFCs) such as Bajaj Finserv, Muthoot Finance, IIFL and other credit card providers also provide similar services to their customers.

3. All you need to do is log in to your net banking account, the website or app of your specific bank, or another financial institution. You simply have to use your credentials to log in to your account.

4. Once logged in, you will see an option that says 'Check Credit Score' or 'Check CIBIL Score' on your screen. Click on that to proceed.

5. Now, enter all the personal information and account details that they ask you for. Fill them out carefully and hit on the 'submit' button.

6. Your CIBIL score will immediately flash on your screen.

7. Unlike the CICs, most banks let their customers check their credit scores multiple times a year.

It is noteworthy that banks and other financial institutions often limit this service of checking credit scores for free to their customers only. However, platforms like PhonePe let everyone use their website and mobile app to check their CIBIL score online for free.

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Conclusion

It is a good financial habit to keep your CIBIL score in check. This three-digit number ranging between 300 and 900 is crucial since it heavily impacts your eligibility for availing banking services such as loan and credit card approvals. Your CIBIL score is a record of your entire credit history and lenders always check your credit score before they approve your loan or credit card applications. Your credit score also decides if you can enjoy benefits such as higher loan amounts and lower interest rates. Since your credit score is so important, you must know how to check it yourself. The process is simple, easy and free.

A great way of knowing your CIBIL score is to log in on the PhonePe app, which shows you your credit score in just a few quick and easy steps. Provide some basic information they ask for, and you will instantly receive your credit score. You can also check your credit score on the online platforms of any of the four credit bureaus of India or your bank or credit card provider. Make sure you keep your CIBIL score in check so that you can both maintain and improve it to enjoy great financial benefits.

Frequently Asked Questions (FAQs)

1. Where can I get my credit score?

You can get your credit score quickly and easily on online FinTech platforms such as the PhonePe app. Just log in with your credentials, enter some of the required information accurately and submit. You will be able to see your credit score immediately.

2. Can I see my CIBIL score online?

Yes, you can see your CIBIL score online on a lot of different platforms such as the official CIBIL website (www.cibil.com) or their mobile app, official website and app of your bank or credit card provider or on FinTech platforms like PhonePe, Paisabazaar, Paytm etc. It's quick and convenient.

3. Can I check my credit score on PhonePe for free?

Yes, you can check your credit score on PhonePe completely free of cost. PhonePe does not charge any fees for this service, making it highly accessible to users.

4. How long will it take to check my credit score on PhonePe?

Checking your credit score on PhonePe is very quick. You just have to log in, navigate to their 'check credit' option, fill up the required details and submit. PhonePe will show you your credit score instantly after verifying your details.

5. Do I need any documents to check my credit score on PhonePe?

To check your credit score on PhonePe, you must enter details like your full name, date of birth, and PAN. PhonePe will verify this information and show you your credit score after successfully completing the process.

6. Can I get my full credit report on PhonePe?

Yes, along with your CIBIL score, you can also access your detailed credit report on PhonePe. The report provides in-depth information on your credit history, giving you a comprehensive overview of your financial standing.

7. Will it affect my credit score if I check it on PhonePe?

No, checking your credit score on PhonePe will have no impact on your credit score. This is considered a 'soft inquiry,' which does not lower your score in any way, unlike a 'hard inquiry.'