CIBIL score: Simply put, the CIBIL score is a three-digit numerical summary of your credit history. It ranges from 300 to 900 and represents the solvency of an individual.
The score is derived using the credit history found in the CIBIL report, also known as the Credit Information Report (CIR). Essentially, the CIR is an individual’s credit payment history across loan types and lending institutions over a period of time. However, it should be noted that a CIR does not contain details of his savings, investments or term deposits.
Watch the Zee Business live stream below:
A higher CIBIL score means you are a responsible borrower and repayment behavior is in line with the lender’s standards. A good CIBIL score not only improves the chances of your loan being approved, but also ensures faster processing of your loan application. According to the CIBIL, a score above 700 is generally considered good.
How to check the CIBIL score for free?
If you are a Paytm user, follow the three simple steps below to check CIBIL score for free.
Step 1: Log into your Paytm app and tap the Show more icon on the home screen
Step 2: Select “Free Credit Score” in the Featured section
Step 3: Enter your PAN card number and date of birth. If you are a new user, you will receive an OTP for your profile verification.
Apart from CIBIL score, one can also view detailed credit reports including active credit card and loan account details and compare their credit scores with others at a city, state, and country level. a state and a country.
How do you check your total loan exposure?
Users can click on “All Loan and Credit Card Accounts” to see the total loan exposure linked to the bank account registered with Paytm.
A detailed list of all currently active loan accounts will be displayed on screen with name, sanctioned amount, current balance, term and interest rate.
This snapshot provides users with a complete view of the financial situation and helps in making informed financial decisions.
By clicking on “Detailed Report”, users can also see how their score compares to those of other Paytm users in your locality, city and the rest of the country.