Once there lived a young man named Rajesh. He was a hardworking individual who dreamt of owning a house for his family and providing them with a comfortable life. However, Rajesh was not aware of the key that could unlock his dreams – his CIBIL score.
Lower interest rates
A higher score enables you to negotiate lower interest rates on loans and credit cards, ultimately reducing the financial burden.
Example: Priya, with a CIBIL score of 800, was offered a home loan at a lower interest rate than her friend who had a lower score.
Easy access to credit
A good CIBIL score of 750 and above opens the doors to easier and quicker credit approvals. Banks and financial institutions are more likely to trust you with their money if you have a reliable track record.
Example: Rajesh’s friend Rahul had a CIBIL score of 780, and he easily secured a car loan at favorable interest rates.
Faster loan approvals
Banks tend to expedite loan processing for applicants with good CIBIL scores, making the entire experience hassle-free.
Example: Amit’s business urgently required funds, and his high CIBIL score of 760 ensured quick approval of a business loan.
Enhanced negotiating power
Individuals with excellent CIBIL scores have more leverage while negotiating terms and conditions with lenders.
Example: With a CIBIL score of 790, Sameer was able to negotiate favourable terms on his personal loan.
Higher credit card limits
A good score may allow you to enjoy higher credit card limits, providing greater financial flexibility.
Example: Anjali, with a CIBIL score of 770, was offered a credit card with a substantial credit limit, giving her more purchasing power.
Higher chances of loan approval during emergencies
An excellent CIBIL score can be a lifeline during emergencies, ensuring timely access to funds.
Example: During a medical emergency, Arjun’s good CIBIL score of 780 secured him a medical loan without delays.
Potential employment opportunities
Some employers consider CIBIL scores during their hiring process, especially for roles involving financial responsibilities.
Example: Ayesha, with a CIBIL score of 760, was preferred for a finance manager position over other candidates with lower scores.
Eligibility for premium credit cards
Premium credit cards with exclusive benefits are often reserved for individuals with high credit scores.
Example: Rajiv’s CIBIL score of 750 granted him access to an exclusive travel credit card with exciting perks.
Access to financial education programs
Some institutions offer financial education programs to individuals with good credit scores.
Example: Vikas was invited to attend a financial planning seminar due to his exceptional CIBIL score of 790.
Responsible credit behaviour, reflected in a high CIBIL score, establishes credibility in the eyes of lenders.
Example: Neha’s disciplined repayment history helped her build a strong credit profile, resulting in a CIBIL score of 760.
Debt consolidation opportunities
Individuals with good credit scores are often eligible for debt consolidation loans, simplifying their repayment process.
Example: Reema consolidated her credit card debt into a personal loan with a lower interest rate, thanks to her CIBIL score of 800.
Personal financial confidence
Ultimately, a high CIBIL score empowers individuals with the confidence to achieve their financial goals.
Example: Meera’s CIBIL score of 790 boosted her confidence to invest in her dream business.
Better relationship with lenders
A higher CIBIL score establishes trust with lenders, leading to a fruitful long-term relationship.
Example: Suresh’s good CIBIL score of 770 led to a cordial relationship with his bank manager, who offered personalised financial advice.
How to check CIBIL score by PAN card?
One fine day, Rajesh stumbled upon an article that revealed the significance of checking his CIBIL score. Eager to know where he stood financially, he decided to check CIBIL score by PAN card. Here’s how he started this journey:
Step no. 1 – Visit the official CIBIL website
Rajesh opened his web browser and visited the official CIBIL website, ensuring that he was on the authentic platform.
Step no. 2 – Click on “get your free CIBIL score”
He clicked on the relevant link on the website’s homepage, leading him to the CIBIL score request page.
Step no. 3 – Fill in personal details
Rajesh provided his name, date of birth, gender, and contact information as per his PAN card.
Step no. 4 – Enter PAN card details
He entered his PAN card number, which acts as a unique identifier.
Step no. 5 – Authenticate identity
To ensure security, Rajesh answered a few questions related to his credit history and loan accounts.
Step no. 6 – Verify one-time password (OTP)
He received an OTP on his registered mobile number, which he entered to proceed.
Step no. 7 – Review terms and conditions
Before continuing, Rajesh carefully read through the terms and conditions of the CIBIL score check.
Step no. 8 – Consent and submit
He consented to allow CIBIL to access his credit information and submitted the request.
Step no. 9 – Wait for the score
Rajesh patiently waited for the system to process his information and generate his CIBIL score.
Step no. 10 – Receive score and report
Within minutes, Rajesh received his CIBIL score and detailed credit report on his registered email.
Step no. 11 – Analyse the report
Rajesh meticulously reviewed his credit report, ensuring all the information was accurate.
Step no. 12 – Address discrepancies
In case of any discrepancies in the report, Rajesh made a note to get them rectified with the respective credit institution.
Step no. 13 – Understand the score
Rajesh took the time to understand how his financial behavior impacted his CIBIL score.
Step no. 14 – Identify areas of improvement
He identified areas where he could improve his creditworthiness for better financial prospects.
Step no. 15 – Set financial goals
Armed with his CIBIL score knowledge, Rajesh set realistic financial goals and a plan to achieve them.
As Rajesh delved into the realm of financial literacy and discovered the power of his CIBIL score, he realised that it was a key that not only unlocked credit opportunities but also paved the way to financial empowerment. Owing to his newfound knowledge and solid credit score, Rajesh started on a journey towards a brighter financial future, leaving no dream unattainable. Remember, in the dynamic world of finance, a good CIBIL score check online for free using a PAN card is not just an action but an essential tool for securing one’s financial dreams.