CIBIL Score Charges - How Much it Costs to Check Your CIBIL Score?

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.

What is CIBIL Score?

A CIBIL score is the credit score generated by the credit bureau TransUnion CIBIL. It is a 3-digit numeric value that summarizes the credit history found in your CIBIL report. The CIBIL score is a measure of your creditworthiness, taking into account factors such as your payment history and credit utilization. When you apply for new credit or a loan, lenders will look at your CIBIL score and report to determine how likely you are to repay the loan on time. The higher the score, the better chance you have of getting the loan approved.

Why Should You Check Your CIBIL Score?

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 700 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 a personal loan online, one could check one's credit score. However, you should be aware that you may have to pay CIBIL score charges.

How much does it Cost to Check Your CIBIL Score?

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:

• One Report: Avail of a copy of the CIBIL report and credit score free of cost once a year.
• One-Time Report: The CIBIL score charge for a one-time report is a nominal sum of Rs. 550.
• Standard: The CIBIL charges for a standard subscription is Rs. 800. This subscription enables you to receive 2 reports over 6 months.
• Premium: The CIBIL charge for a premium subscription that enables you to receive 4 detailed reports over a tenure of one year is Rs. 1200.

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 a personal loan online and honoring your repayments can work in your favor and help you build your credit score.

What are the Basic Eligibility Criteria to Apply for a Loan?

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:

• Candidates between the age of 24 to 60, self-employed and salaried are eligible to apply for a loan.
• The applicant should earn at least Rs. 25,001.
• Applicants should possess work experience of at least 6 months of work experience. Self-employed professionals are expected to earn a basic minimum profit after tax (varies according to the business they are engaged in).
• A CIBIL score of 700 and above can help in your loan being approved at competitive rates of interest.

What Documents do You Require to Submit While Applying for a Personal Loan?

The personal loan documents required to be submitted while applying includes:

• KYC documents including your PAN, AADHAR Card, etc.
• If you are a salaried employee, you are required to furnish the previous three months of salary slips. Self-employed professionals are required to furnish proof of their income.
• Previous six months salary account statement/current account statement.
• Other documents may be requested on a case-to-case basis depending on the nature of employment, type of product, etc.

Although SMFG India Credit offers loans of up to INR 10 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.

Major Factors that Affect Your CIBIL Score

There are 4 major factors that affect your CIBIL score:

• Payment history: Timely payments on credit card bills and EMIs will have a positive impact on your score. Late payments or loan defaults will have the opposite effect.
• Amount of credit utilization: High credit utilization could indicate financial hardship and hurt your score. Ideally, your credit utilization ratio should be below 30% to maintain a high CIBIL score.
• Credit mix: Having a balanced mix of secured and unsecured credit can demonstrate how well you manage different types of credit. This can lead to a positive impact on the CIBIL score.
• Multiple credit inquiries: Too many credit/loan inquiries in a short period indicate a severe need of credit, and may lower your CIBIL score.

Benefits of Having a High Good CIBIL score

A high CIBIL score reflects responsible credit behaviour in the past, lowering the risk involved in approving a loan for the lender. Here are some of the major benefits of a good CIBIL score:

• Increased chances of loan approval as you are considered to be at a lower risk of default.
• Increased likelihood of securing favourable loan terms such as lower interest rates, which result in lower overall cost of the loan.
• Increased chances of getting a higher loan amount or credit limit.
• Possibility of longer loan tenures which can lessen the burden of the EMIs. However, longer tenures can also lead to higher interest rates. It is important to carefully weigh your options before deciding on the loan tenure.