HOW MUCH IT COSTS TO CHECK YOUR CIBIL SCORE?

If you’re planning to apply for credit in the near future, you’ve probably heard of the term CIBIL score. Have you heard of this term but are unsure what it means? TransUnion or CIBIL is one of the most well-known credit information bureaus in India. It keeps credit records of a large number of people and businesses all over India. CIBIL creates a credit report for an individual or a business based on a number of factors. Every credit report from CIBIL is charged a cost (with the exception of one free report per year for individuals).

WHY SHOULD YOU CHECK YOUR CIBIL SCORE?

CIBIL score is a three-digit number which determines about your loan approval or rejection. The higher your credit score, the more likely you are going to get approved for a loan with favorable interest rates. While your credit score can range from 300 to 900, a score of 750 or more is regarded as good because it suggests that you have been diligent in repaying your loans and responsible with your money while having a decreased risk of defaulting on your payments in the future.

Knowing your CIBIL score ahead of time gives you the benefit of time to concentrate on improving your score even before you start applying for credit. As a result, one should verify one’s credit score before asking for a fast personal loan online. However, you should be aware that you may be charged for checking your CIBIL score.

WHAT IS THE COST OF CHECKING YOUR CIBIL SCORE?

To check your credit score, simply log into your CIBIL account and follow the simple instructions to download a copy of your credit report. For their services, CIBIL charges a minimal fee. The following are the CIBIL score fees for various plans:

ONE-TIME REPORT:

The cost of a CIBIL score report is Rs. 550 for a one-time report.

STANDARD:

A standard subscription with CIBIL costs Rs. 800. This subscription allows you to receive two reports over the course of six months.

PREMIUM:

The cost of a premium subscription from CIBIL, which entitles you to get four thorough reports over the course of a year, is Rs 1200.

SIGNIFICANCE OF CIBIL SCORE

Your credit score indicates your ability to repay debts and your spending habits. As a result, when you request for a loan, financial organizations will examine your credit score. A good credit score can help you get a bigger loan with a lower interest rate. A bad credit history, on the other hand, can hurt your possibilities of getting a loan. This is because a borrower with a low credit score is regarded as a high-risk customer.

The CIBIL credit score is independent of all savings, including fixed deposits, savings accounts, and so on. You can get your credit report from CIBIL at any time, but you must pay the above-mentioned fees according to your membership. This gives you the ability to monitor your creditworthiness.

If you have an excellent credit score, you can acquire a loan with better terms of service. It’s important to remember that improving one’s credit score takes time. It is suggested that you provide the lender with your entire credit history. This will increase your chances of getting your loan authorized significantly.

Bottom Line

Since your credit score is such an important aspect in determining your loan eligibility, it is critical that you maintain a high credit score by making on-time payments and paying off any outstanding debts. You can significantly improve your credit score over time by modifying your spending habits and managing your finances sensibly.

From simple and speedy loan application processes to seamless and hassle-free debt settlements, Kenstone Capital strives to meet all of your personal and financial needs.

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