Published on Jun 4, 2021Updated on Jul 17, 2023
If you are planning to avail of credit shortly, chances are that you must have come across the term CIBIL score. Heard about this term but do not have clarity about what it is? CIBIL or TransUnion CIBIL is one of the most prominent credit information companies in India. It maintains credit records of an innumerable number of individuals and businesses pan India. Based on various parameters, CIBIL generates a credit report for an individual or a business. CIBIL charges a fee (except for one free report per year for individuals) for every credit report.
Your three-digit score or your CIBIL score plays a determining role in whether your loan application will be accepted or rejected. The higher the score, the greater the possibility of your loan being approved at attractive rates of interest. While your credit score can range from between 300 to 900, a score of 750 and above is considered to be healthy since it indicates that you have been diligent in repaying your loans, are responsible for your financial behavior, and that the chance of defaulting on your payments in the future is lower. Knowing your CIBIL score earlier allows you the luxury of time and allows you to work on your score even before you might consider opting for credit. Therefore, before applying for an instant personal loan online, one could check one’s credit score. However, you should be aware that you may have to pay CIBIL score charges.
To check your credit score, all you need to do is log into your account on the CIBIL website and follow basic instructions to download a copy of your credit report. CIBIL charges a nominal sum for their services. The CIBIL score charges for different plans are explained below:
We at SMFG India Credit have eliminated the hassle and the additional fee of checking your CIBIL score on the website. Any person with a credit record of 6 months or more can check their credit score here using the CRIF Highmark score which is similar to a CIBIL score checker which is free of cost. All you need to do is visit our website, enter the details requested for and verify your details by entering the OTP details shared on your mobile/email. Post-processing of your details, your credit report is ready to be downloaded!
Although opting for credit for frivolous expenses is not recommended, opting for positive credit like an instant personal loan online and honoring your repayments can work in your favor and help you build your credit score.
The eligibility criteria are extremely basic and the rates of interest on personal loans offered by SMFG India Credit are quite attractive which makes it possible to access funds comparatively easily. The criteria are specified below:
The personal loan documents required to be submitted while applying includes:
Although SMFG India Credit offers loans of up to INR 25 lakhs, the maximum amount you might be eligible for depends on various factors. Our personal loan eligibility calculator helps you calculate the maximum loan amount you are eligible for. Using this can help you reduce your chances of personal loan rejection.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.