Check Your Free CIBIL Score by PAN Card

CIBIL score is the foremost component of your CIBIL report that lenders, such as banks and NBFCs check before evaluating any new credit application. Here, you can check CIBIL score by PAN card for Free within minutes and receive monthly updates. To check your free CIBIL report, you just need to provide your PAN card details, along with basic information, such as your registered mobile number, date of birth, PIN code and email address. Below discussed are the simple steps to check your Free CIBIL score by PAN card.

Steps to Check CIBIL Score using your PAN Card

Here you can check and download your Free CIBIL report and credit score and receive monthly updates with no impact on your credit score. To check your CIBIL score free online by PAN number, follow the steps stated below: 

Step 1: Go to home page, select ‘All Products’ and click on ‘Credit Score’ to enter your personal basic details

Step 2: Fill in your Permanent Account Number (PAN) 

Step 3: Enter your mobile number and e-mail address

Step 4: Enter your Date of Birth

Step 5: You can also select the tab next to ”Get regular Credit Report updates via Whatsapp” if required.

Step 6: Click on ‘Get Free Credit Report’ button to verify the mentioned details using OTP authentication.

Once done, you will be redirected to your newly created account on Paisabazaar.com, where your can check your credit score for free. You can also check your credit score from multiple bureaus, such as Experian, Equifax and CRIF high Mark in various languages and get monthly updates.

Usage of your PAN Card in checking CIBIL Score

Permanent Account Number (PAN) card is a 10-digit unique identification alphanumeric number assigned to mostly tax paying entities in India. It is mandatory to have a valid and original PAN card to check your free CIBIL score and report. As your PAN card is associated with all the financial and banking accounts, thus it helps the Credit Information Companies (CICs) credit bureaus to easily locate your details and further helps them in the loan approval process. While you enter your PAN card to check the CIBIL score, it is only used to check details of your credit products, such as loans and credit cards and not used for any other purpose.

Effect of PAN Card Change on your CIBIL score

Issuance of Duplicate PAN card
If your PAN card is lost or stolen and you have requested a duplicate PAN card, it won’t have any effect on your CIBIL score. This is because your PAN number will still remain the same and even the past details shall remain identical. However, if you have two different PAN cards, then it is advisable to surrender one in order to avoid any further issues.

Issuance of New PAN card
Issuing new PAN card shall negatively impact your CIBIL score. It’s because your credit score is based on your credit history which is mapped to your existing PAN card. Therefore, if you apply for a new PAN, then the TransUnion CIBIL database may probably show a red flag on your account.

To know how to surrender multiple PAN cards, click here.

Factors that affect your CIBIL Score

Following are the 4 major factors that negatively impact your CIBIL Score:

Irresponsible Payment Behaviour

Any delayed, missed or non payments of your loan EMIs or credit card dues will negatively impact your CIBIL score. Credit repayment history acts as the most crucial component considered by lenders in the credit approval process. When there is any default on your availed credit within defined timeline, it leads to drastic fall in your CIBIL score. Therefore, maintaining a good track record of timely repayment of loan EMI and credit card dues shall help in improving your CIBIL score.

Making Multiple Credit Applications

For any new loan or credit card application, financial institution pulls out your credit report that is also termed as hard enquiry. If you have recently applied for multiple loans or credit cards simultaneously or in short duration, then the lenders will consider the approvals with caution. This act shall depict as your credit hungry behaviour to the bank and further indicates that your debt burden has increased. This will eventually result in lowering your CIBIL score. So, to avoid any further rejection, allow some time before you apply for next credit product.

Suggested Read: Pros and Cons of Owning Multiple Credit Cards

High Credit Utilization Ratio (CUR)

Having a high credit utilization ratio or maxing-out on your credit card frequently shall display you to be over dependent on credit resulting in high repayment burden. This again will hamper your CIBIL score and diminish the chances for further loan approval. It is suggested to keep your Credit Utilization Ratio not more than 30% of the total sanctioned credit limit. This shows that you are not credit hungry and the chances of you to default are less.

For example: You own two credit cards and total monthly transactions or unbilled amount on both the card is Rs. 80,000. The first credit card has a limit of Rs. 1,00,000 and the second credit card has limit of Rs. 2,00,000. Therefore, the total monthly credit limit is Rs. 3,00,000. This means that the credit utilization ratio is 26.66%.

Inappropriate Credit Mix

Maintaining a balanced mix between a secured loan (home loan/auto loan/business loan) and unsecured loan (personal loan/credit card) is likely to have a positive effect on your credit score. It is highly recommended to keep a check on your unsecured and secured loans, both. Opting for single or multiple secured loans, as compared to unsecured loan may result in gradual decrease in your credit score.

Suggested Read: 10 ways to improve your credit score

Checking your Credit Report regularly has no impact on your credit score Check Now

FAQs

Q. Does applying for a new PAN card impact your CIBIL Score?

Ans. Your CIBIL score is calculated based on the details of loans or credit cards linked to your existing PAN card. If you already have a PAN card, you are not required to apply for a new one, as owning more than one PAN card is a punishable offence and the Income Tax department may take action against you.

Q. What are the effects of PAN change on my CIBIL Score?

Ans. Your CIBIL score is calculated based on the credit products linked to your PAN card. In case a different PAN card is mentioned in your CIBIL report, your credit score may vary. However, it is recommended that you get it corrected as early as possible otherwise lowering your credit score due to incorrect information in times of need can make it difficult for you to get your loan application approved.

Q. What is a newly issued PAN Card’s CIBIL Score?

Ans. PAN Card is required to apply for a loan or credit card. When you get your PAN card for the first time and you haven’t applied for the loan already, credit bureaus do not have any information regarding your credit history. Hence, they mark ‘New to Credit’ against your profile. It, however, does not mean that lenders will necessarily deny you a loan or credit card if you fulfil other criteria.

Q. Does SBI use my PAN card to check CIBIL Score for personal loan?

Ans. When you apply for SBI personal loan, the bank requests your credit score from CIBIL. Your PAN is required to generate your CIBIL report as all existing and old credit details are linked to your PAN. The loan approval depends largely on your CIBIL report apart from various other eligibility criteria.

Q. Can I check my credit score if I do not have a PAN card?

Ans. Your major financial transactions are recorded against your PAN card. If you don’t have a PAN card, there is high probability that you haven’t availed any credit. In such a case, any credit bureau will not be able to generate your credit score.

Q. Can I generate my credit score using Aadhaar card?

Ans. Even though you have to link your PAN card with Aadhaar, but as of now, you cannot get your credit score using your Aadhaar number only. You will have to provide your PAN card to generate your credit score.

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