Your credit score, often referred to as your CIBIL score in India, is a crucial three-digit number that represents your credit health and financial reliability. Ranging from 300 to 900, a higher score reflects better creditworthiness. Let's delve into why maintaining a high credit score is essential and how it benefits you.
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Steps to Check Your CIBIL Score for Free
To check your CIBIL score for free, you can use the Bajaj Finserv website. Simply provide basic information, verify your identity through an OTP sent to your mobile and email, and instantly access your score and report. This process is straightforward and doesn't impact your credit score.
Benefits of a High Credit Score
1. Personalised Offers: With a high credit score, you receive exclusive pre-approved offers on loans, credit cards, and more. Lenders see you as a reliable borrower, making it easier for you to get favorable terms.
2. Better Negotiating Power: A high score gives you an edge in negotiations with lenders. You can secure better interest rates and lower processing fees.
3. Lower Interest Rates: Lenders offer lower interest rates to those with high credit scores, saving you money over the life of your loan.
4. Easier Loan Approval: A high credit score indicates that you are a low-risk borrower, leading to quicker and easier loan approvals.
5. Higher Loan Amounts: Lenders are more comfortable providing larger loan amounts to individuals with high credit scores due to their proven creditworthiness.
6. Longer Loan Tenures: Borrowers with good credit scores can benefit from longer loan tenures, resulting in smaller EMIs and reduced monthly expenses.
Maintaining and Improving Your CIBIL Score
To maintain or improve your CIBIL score, ensure timely repayment of loans and credit card bills, manage credit utilization, and regularly check your CIBIL report for accuracy. Using tools like the Bajaj Finserv Credit Pass can help monitor your score effectively.
For a seamless experience, download the Bajaj Finserv App to check your CIBIL score, access personalized offers, and manage your credit health on the go.
