Know your CIBIL score with PAN Card

The most important thing that financial institutions check for determining your eligibility for a loan or credit card is your CIBIL score. The CIBIL score is basically a three-digit number that summarizes your credit history. It is calculated using factors like your loan repayment history, your total available credit balance and how long you have used credit and the number of loans and their distribution between secured and unsecured components. Your repayment history accounts for over one third of the score.

The range of the CIBIL score is from 300 to 900. If your CIBIL score is good and you are confident of being able to pay back the loan over a fixed period of time, then getting a loan for making timely personal expense can be a good idea and an exercise in financial responsibility.

You can find out your score online by providing a few personal details for authentication such as your PAN card number, date of birth, contact details, ID proof and you may have to answer a few questions based on your credit history and you will receive your CIBIL score on payment of a fee. You can get your score on a quarterly basis, twice a year or even pay for a one time score.

CIBIL is the most popular credit rating system but there are others too. You can get your Equifax credit score for free by registering with CreditMantri. However, most banks and lenders will require a CIBIL score. It may be a good idea to check your score prior to applying for a loan if you have any doubts that your loan may not get approved. You can check your score and improve your credit history before applying.