Find out how to conduct online CIBIL Score check by PAN Card
Have you finally decided to buy the car or house of your dreams? Do you need huge sums of money to fund the purchase? Now you can take out Personal, Auto and Home Loans and fulfil every life goal. However, to ensure you have the capacity to repay the loan, your lender will be checking your credit history, which they can learn about through your CIBIL score. Keep reading to know how you can check CIBIL score by PAN Card.
Short for Credit Information Bureau India Limited (CIBIL) is a credit information company licensed by the RBI. CIBIL assigns a numeric value ranging from 300 to 900 to measure your credit history. The score assigned is known as the CIBIL or credit score, which is determined by the uniformity of your repayment of loans and credit card debt. CIBIL informs banks and lenders about your score, which, in turn, enables the lender to determine whether you are creditworthy.
Follow these steps to check CIBIL Score free by PAN Card
Your PAN Card is linked to all your financial and non-financial accounts, and your credit history is mapped to your PAN Card. Therefore, credit bureaus find it easier to access your credit history. Since your PAN Card number is a unique alpha-numeric combination, it prevents fraudulent uses to avail loans.
When applying for a loan, your CIBIL report helps the lender decide whether you have the loan repayment capability based on your previous credit behaviour. Financial institutions may not consider a loan application with a low CIBIL Score, whereas borrowers with high CIBIL scores can get instant loan approvals. Usually, a score above 600 is regarded as a good credit score, whereas a score of 750+ is ideal for loans with low interest rates. Ensure you run an online CIBIL Score check by PAN number and improve your credit scores before applying for a loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, open your savings account with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.