Whenever you apply for a loan or credit card from a bank or financial institution, your CIBIL score is checked first. A good CIBIL score means that your loan approval chances are high and you can get a loan at a lower interest rate. Usually, a PAN card is required to check the CIBIL score, but now you can check your CIBIL score even without a PAN card. Let us know its easy method and important information related to it.

What is CIBIL Score?

CIBIL Score is an important indicator of your credit history and financial discipline. It is a three-digit score that reflects your creditworthiness.

• Good score: 750 and above.
• Average score: Between 650 and 750.
• Low score: Less than 650.

Having a good credit score increases the chances of loan approval, and banks also provide loans at lower interest rates. However, getting a loan can be difficult in case of a poor credit score.

Importance of Credit Score 

CIBIL score not only reflects your financial credibility, but it also helps you improve your financial plans. It is important due to the following reasons:

Better loan deals: A higher credit score gets you loans at lower interest rates, thereby increasing your savings.

Financial planning: A good score makes financial planning easier.

Credibility: A high score makes you credible to financial institutions.

Score improvement: If your score is low, it can be improved by paying bills and loans on time.

How to check CIBIL score without PAN card?

Now CIBIL has made its services more simple. You can easily check your CIBIL score even without a PAN card.

For this you have to follow the following steps

• Visit the website: Visit the official website of CIBIL and click on the ‘Personal CIBIL Score’ option. Then select Get Your Free CIBIL Score.
• Create an account: Create an account by entering your email ID and password.
• Select alternative documents: Select other documents like passport, voter ID or driving license instead of PAN card.
• Fill in personal details: Enter your name, date of birth, PIN code, and state details. Then enter the mobile number.

OTP verification: An OTP will be sent to your mobile number. Enter it to verify your identity.

Device setup: If you are logging in from your personal device, select ‘Yes’. Click No for public devices.

Access dashboard: After successful login, click on Go to Dashboard and view your CIBIL score.

Why is it important to monitor CIBIL score?

CIBIL score is a measure of your financial health. It is important to monitor it regularly because:

• Financial stability: It helps maintain your financial health.
• Better loan deals: Regular monitoring can help you improve your score, which can help you get better loan offers.
• Fraud prevention: Periodic score checks can help detect any unauthorized activity.

If your CIBIL score is low, take the following steps to improve it:

• Pay off loans and credit cards on time.
• Utilize less than 30% of your credit limit.
• Avoid applying for new loans frequently.
• Check your credit report regularly and get any errors rectified immediately.

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High CIBIL score or credit score shows that you are financially responsible and stable, pay your bills on time. On the other hand, if the score is low, the bank may refuse to give you a loan or credit card when you need it.

You can check credit score on Google Pay

There are many ways available to you to check your credit score. Apart from the website of CIBIL (Credit Information Bureau (India) Limited), there are many platforms which give you the option to check your credit score. If you use Google Pay, you can also check your CIBIL score through this.

How to Check Credit Score on Google Pay

Google Pay is a payments app, on which you can make online payments. Earlier on this platform you used to get the option of making bus payments, but on this you also get the option of checking credit score. You can check CIBIL score for free on Google app, its process is as follows-

If you are a new user-

First download Google Pay app from Google Play Store or App Store.
– Sign in with your Google Account and enter your phone number.
Add a bank account to your Google Pay account by following the on-screen instructions.
You can also add a debit or credit card from the same mobile number to your Google Pay account.

Now the process mentioned below is for both the new and the users who are already using the app-

Open the Google Pay app.
Scroll down and come to the “Manage Your Money” section.
Here you will see “Check your CIBIL score for free” option, tap on it.
Here you will be asked to check credit score, below this you can choose the option to check.
You have to give your full name here, note that here you have to give the same name which is there in your PAN card.
After entering the details and continuing, your CIBIL score will appear on the screen.

According to your CIBIL score, you can also be given tips, comments, etc. Google Pay says that checking credit score through the app does not affect your CIBIL score.

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Whatsapp and Paytm are also options

Whatsapp and Paytm also give you the facility to check CIBIL score. Experian India, a company providing credit score and data analytics, started the facility to view credit score for free through WhatsApp last year. Apart from this, you also get the option to check CIBIL score on Paytm, which is a very easy process.

How to check credit score on Paytm?

Log in to your Paytm app.
– Tap on the Show icon on the home screen
– Tap on ‘Free Credit Score’
– Now enter your PAN card number and date of birth.
– Click on submit. Your credit score will be visible.

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