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What is Credit Score?

A credit score is a 3-digit numeric summary of your credit history that represents your past credit behaviour and how well you have managed credit products, like personal loans, credit cards, home loans, etc.
Credit score, also commonly referred to as "CIBIL score" - provided by TransUnion CIBIL, is primarily a measure of your ability to borrow from banks and NBFCs/HFCs. CIBIL is one of the 4 main Credit Information Companies (CICs) or Credit Bureaus in India that maintain your credit score and credit report.

Your credit score is calculated and generated based on your credit information provided by the lenders to these Credit Bureaus. To ensure bureaus have your latest credit information, RBI has mandated all lenders to report your updated credit information with respect to repayments, new credit applications, etc., to the bureaus every 15 days.

Check Free CIBIL Score in 3 Easy Steps

Paisabazaar enables you to check your credit score from CIBIL and other bureaus, for free. You can track your updated score from these bureaus seamlessly every month – at zero cost. Here’s how to check your credit score for free in 3 simple steps:

Step 1: Navigate to the ‘Credit Score form’ to get started.
Step 2: Enter basic details, such as name, gender, mobile number, and email address and click on the ‘Get Free Credit Score’ button.
Step 3: On successful verification through OTP sent to your mobile number, you will get credit scores from multiple credit bureaus.

Do note that your credit score is not impacted when you check it on Paisabazaar or a credit bureau’s platform directly.

Why is CIBIL Score Important?

Your credit score is one of the first things that a lender, bank or NBFC will check while evaluating your loan or credit card application. Your credit score or CIBIL score shows lenders whether you are a reliable borrower with minimum risk or a risky one, as well as the likelihood of you repaying a new loan on time.

CIBIL score ranges from 300-900. The higher your credit score, the more likely lenders are to approve you for new credit. Usually, a CIBIL score of 750 and above is considered a standard benchmark and preferred by lenders for loan or credit card approval. Many Banks and NBFCs also approve applications if the CIBIL score is between 700 and 750.

In case your credit score is low (below 700), then try to improve it at the earliest or else the lender might reject the application without even considering it further.

Read: How Long Does it Take to Improve Credit Score?

However, your credit score is not the only factor considered for a person’s ability to get a new credit. Lenders also consider your income, repayment capacity, debt-to-income ratio, employment history, profession, etc., before approving or rejecting your loan or credit card application.

A good CIBIL score would not only help you access credit, but it may also help reduce your interest outgo for a loan. Many banks/NBFCs offer preferential low-interest rates to applicants with a good credit score and repayment history.

What is a Good CIBIL Score?

Today, most lenders consider a credit score of 750 and above from CIBIL as a good credit score. Getting the loan or credit card application approved becomes relatively easier if you have and maintain a CIBIL score of 750 or above.

However, it is possible to have a CIBIL score of 750 or above and have a credit score from another bureau below 700 at the same time. Hence, you must keep a tab on credit scores from multiple bureaus. It is advisable to check your credit score once every month.

Credit Score Range and Meaning

Let us have a look at the credit score ranges that most lenders and bureaus consider while evaluating your credit applications:

Score Range* Category What does the score mean?
801-900 Excellent Your track record with credit is superb! With this score, you would meet the eligibility criteria of most banks and NBFCs and are likely to get the best offers.
751-800 Very Good You have been responsible with credit and have displayed very good credit behaviour. Most banks and NBFCs would be willing to offer you credit.
701-750 Good You have a good credit score, and your credit application may get approved by some lenders. However, you may still be ineligible for most loan and credit card offers. You should work on improving your score to increase your creditworthiness.
601-700 Average Your credit score needs improvement. Only a few lenders are likely to approve your credit application, and even if it is approved, you may end up paying interest at a higher rate and with stricter loan terms.
300-600 Poor Your credit history is damaged. You can rebuild your credit score if you follow a disciplined credit behaviour. Check your credit report to determine why your credit score is low and take action immediately.
<300/NH No Score/No History It means you have never taken a loan or a credit card and have no credit history. To be eligible for the best offers on loans and credit cards in the future, you need to build your credit score.

*The credit score range mentioned above is only indicative and may vary from one bureau to another.

How is Credit and CIBIL Score Calculated?

Your credit score depends on a lot of factors that a credit bureau or Credit Information Companies (CICs) takes into consideration while calculating your CIBIL score. These factors depict your past credit behaviour and are reported to banks and NBFCs, every time you apply for a fresh credit product.

Factors that Affect your Credit Score

Some of the key factors that influence your credit score are:

  1. Loan Repayment History: Timely payments can boost your credit score and help in improving it significantly. Defaulting on your EMIs or making late payments negatively affects your CIBIL score. Your loan repayment history has a high impact on your CIBIL score calculation.
  2. Duration of Credit History: The duration or age of your credit history also affects your credit score. If you have used credit cards/loans for a long period and made timely payments on them, then it's a sign of disciplined credit behavior. It has a medium impact on your credit score.
  3. Number of Hard Inquiries: Every time you apply for a new credit product, the lender inquires about your credit/CIBIL score. Such inquiries by lenders and financial institutions are known as hard inquiries. Too many hard inquiries may negatively affect your credit/CIBIL score as it shows you to be credit-hungry. Multiple hard inquiries at the same time may have a considerable short-term impact on your credit score. However, if you check or download your credit report/CIBIL report, it is considered a soft Inquiry that has no impact on your credit score.
  4. Credit Utilisation: The ratio of the credit amount you spend to the credit amount available to you is known as the credit utilisation ratio. It is recommended to keep your credit utilisation ratio to less than 30% of your available credit limit, though even a higher CUR barely has an impact on your credit score as long as you pay your credit card bill on time. However, maxing out the limit on your credit card frequently may indicate a high dependency on credit, which may negatively impact your credit score.
  5. Credit Mix: If you have taken different kinds of loans, like personal, auto or home loans and have responsibly paid them back, it shows your ability to handle different kinds of credit. Building a good credit mix over time has a positive impact on your credit profile. Also, if you have taken too many unsecured loans, like personal loans, it shows you are credit-hungry and excessively dependent on credit. This may have an impact on your CIBIL Score, but if your repayment record is strong, it's unlikely to be anything significant.

Do note that having too many active loans at the same time can also lead to a high "EMI to NMI ratio", which can lower your chances of getting more credit. However, credit mix has a low impact on your CIBIL Score and it’s unlikely that a lender will reject your application just because you do not have an optimum mix of credit products.

Other Factors:

Apart from the above 5 factors, which are primary in calculating your CIBIL score, there are other factors like errors in your credit report, lack of credit history and inability to fulfill your role as a loan guarantor that may have a low negative impact on your credit and CIBIL score.

Read: Common Myths About Credit Score

Benefits of a Good CIBIL & Credit Score

Though credit score is not the only thing lenders check while considering a loan or credit card application, it is arguably one of the most important. Maintaining a good credit score comes with several benefits that include:

  • Greater chances of your loan applications being approved, as a high CIBIL score indicates higher creditworthiness and lower risk for the lender
  • You are more likely to receive lower interest rates on loans
  • You can get easy and quick approval for your loan and credit card applications
  • Access to pre-approved loans based on your eligibility
  • You can avail higher limits on your credit cards
  • Discount on processing fees and other charges

Reasons Why you may have a Low CIBIL or Credit Score

There can be several reasons for a low credit score. Some of the main factors that can lower your credit score are:

  1. Missed or late payments of credit cards and loan EMIs
  2. Maxing out your credit limit or having a high credit utilisation ratio regularly
  3. Errors in your credit report/ CIBIL report can also lower your score significantly
  4. Frequent or multiple hard inquiries for credit can also damage your credit score
  5. Closing the oldest credit account if other credit accounts are relatively new (It reduces the age of the credit history)
  6. Settling the loan or credit card account instead of paying it in full and closing the account

How to Improve CIBIL and Credit Score?

A low credit score can make it difficult for you to get your loan or credit card applications approved. You can take the following steps and adhere strictly to it to improve your credit score again:

  • Start paying your loan EMIs and credit card bills on time. Do not miss payments under any circumstances.
  • Reduce your excessive dependency on credit and try to reduce your credit utilization ratio, especially if you max out your credit card limit regularly
  • In case of errors in your credit report, get it rectified at the earliest from the credit bureau. For this, you should check your credit score online regularly through Paisabazaar and if there’s a fall, do check the report for errors.
  • Avoid applying for multiple loans or credit cards very frequently. It is advisable to wait for six months to avail the latest credit instrument before you apply for credit again.
  • Avoid closing your oldest credit card. A longer credit history helps lenders make credit-related decisions with more confidence.
  • Keep a good mix of secured (home loan, car loan, etc.) and unsecured credit (personal loan, credit card, etc.) in your profile.
  • Seek expert advice from Paisabazaar’s Credit Advisory Services to improve your credit score significantly.

Why Check your CIBIL Score from Paisabazaar?

Apart from the fact that Paisabazaar offers CIBIL score for FREE with monthly updates, you can also check, monitor, and compare your credit scores from other credit bureaus like Experian, CRIF High Mark, and Equifax. Paisabazaar helps you check, track, and build your score by enabling you to:

  • Check your credit score seamlessly: Through Paisabazaar (web & app), you can check and compare your credit score from multiple bureaus, including CIBIL, instantly and for absolutely free. Since it's a digital instant process, you can access your latest credit score in a few seconds from anywhere, anytime for free.
  • Get customised offers: Those with healthy credit profiles can also check and avail of the best pre-approved loan and credit card offers from India's top banks and NBFCs. These offers have no/minimum documentation and usually have instant disbursals and issuance. Through Paisabazaar's unique
  • ‘Chances of Approval’ feature: You will be matched with the most-suited lender and offer for personal loans, based on your CIBIL score along with other eligibility factors. This will help you apply for the right offer from the right lender, minimising the chances of rejection of your loan application.
  • Build or repair credit score: To improve access to formal credit, Paisabazaar also offers a personalised credit advisory service that helps customers understand their credit report and improve their CIBIL score or credit score. Paisabazaar also provides an exclusive credit health report, with deep analysis and insights.

Paisabazaar’s Credit+ Program: Helping Consumers Build Their CIBIL Score

To help consumers with damaged credit or poor credit health, Paisabazaar offers Credit+: a credit improvement service designed to help users boost their credit scores.

Credit+ services enable consumers to improve their credit score by offering personalised advice and recommendations on the right credit actions that would help them improve their score over time.
This involves a dedicated credit expert team helping consumers understand factors that impact the credit score, reasons for its damage and what actions the subscriber needs to take to improve it.

It is also available to consumers with negative accounts in their credit reports. Paisabazaar’s credit experts provide assistance in resolving all errors in the report. A small error in your credit report can damage your credit score severely and minimise your chances of credit approval.
The expert assistance can help you weed out any such error and improve your fallen score in as less as a month.

Paisabazaar also provides consumers with a subscription-based Credit Health Report (CHR) that helps people understand their credit score better. Credit Health Report enables a user to get a detailed credit report with personalised tips and suggestions. Here, the user can find what has changed in the credit report recently and what credit factors are impacting the credit score.

Seamless Experience via Technology Innovations

For the last 8+ years, Paisabazaar has been running India’s largest credit awareness campaigns. Over 50 million consumers from over 820 cities and towns across India have checked their credit score from the Paisabazaar app and the website.
Paisabazaar, using technology, is committed to helping consumers take informed credit decisions, enabling strong credit health across segments.

Our state-of-the-art technology innovations include:

Credit Score Predictor allows users to simulate how their credit actions may impact their credit score in future. Users can enter details such as the addition or closing of a credit account, missing payments or prepaying the loan outstanding, increasing or reducing the credit utilisation ratio, etc.
Based on the input, Score Predictor forecasts the credit score of the user.

PB Assist AI Chatbot offers a comprehensive credit history of an individual. This industry-first chatbot is designed to empower users to make informed credit decisions and improve their credit health over time. A user can choose an option from various scenarios and deep dive to get answers to specific queries.
In addition to that, the user can also ask a question directly on the platform and get the answer in real-time.

Credit Bureaus in India

TransUnion CIBIL Limited (formerly known as Credit Information Bureau (India) Limited) is a credit bureau that generates, maintains, and calculates your CIBIL score. While TransUnion CIBIL is the oldest, three other credit bureaus in India offer credit report services, such as Experian, CRIF High Mark, and Equifax. Each credit bureau calculates your credit score independently based on the credit information that is provided to it by banks/NBFCs regularly. Each credit bureau has its own model or algorithm for calculating your credit score; hence, your score from each credit bureau shall vary.

Also Read:

At Paisabazaar.com, you can check your credit score online for FREE and download customised credit reports. We have a partnership with all four leading credit bureaus, including CIBIL, that enables you to check, track and build your credit score at absolutely zero cost.

Please note that checking your credit report once or multiple times does not have any impact on your score, and it takes just a few minutes.

Credit Score for NRIs

People having NRI PAN cards, and who have availed credit facilities in the past get a credit score assigned to them. Its calculation is based on the same algorithm that is used to calculate the credit score for resident borrowers.

NRIs, who intend to avail credit facilities in future, can stay updated with their score and work to improve it, if required. A credit score of 750 or above in India may help them in getting their loan applications approved without much difficulty if other criteria are fulfilled.

It is worth noting that credit scores are not transferable between countries. For example, if you have an Experian credit score of 750 in India, you may have a different credit score in the USA. The scoring is based on the credit behaviour in a particular country and not on collective credit behaviour in all countries.
So, if you have a good credit score in a particular country, you may still have to work on improving your credit score in India.

Free Credit Score vs Paid CIBIL Reports - What’s the Difference?

At Paisabazaar, you can get your free credit score with monthly updates on the app and the website. You can also check various factors that impact your score and how you have performed against them.

However, in case you want to download a detailed Credit Health Report generated by Paisabazaar against your CIBIL score, you will have to subscribe to it by paying a nominal fee. This subscription can be purchased one-time, monthly, or on an annual basis.

It is worth noting here that your credit score from various credit bureaus, such as CIBIL, Experian, Equifax, etc., remains the same in both cases (free and paid). However, the subscription enables Paisabazaar to provide detailed analysis in the Credit Health Report. This report has proven to be very beneficial for people who want to improve their low scores and become eligible for some of the best loan and credit card offers.

A subscriber can see what’s changed in the report, how the factors are impacting the credit score, important suggestions to rebuild the falling score and raising a dispute with CIBIL in case of a grievance.

How Often Should you Check your CIBIL Score?

Your CIBIL score gets refreshed every 15 days. Experts recommend checking the credit report regularly, preferably every month or at least once every 2-3 months. When you check your credit report every month, you can track any changes in your report early and take the required actions to improve your credit score.

You may have to subscribe to the credit bureau’s paid plans to access the latest score every month. But at Paisabazaar, checking your credit score is completely free of cost, and you get a refreshed credit score every month.

Credit Report Errors and How to Dispute Them

There can be errors in your credit report, and these have the potential to damage your credit score significantly. Thus, you should check your credit score regularly and whenever you find such an error in your credit report, get it resolved immediately.

Errors that occur in your credit report can be incorrect account status, repayment not updated, inaccurate personal details, wrong credit enquiry information, etc. You can raise a grievance immediately with the lender/credit bureau or seek expert assistance to rectify it by subscribing to Paisabazaar’s Credit+ program.

Also Read: Found Error in Your Credit Report? Here's How to Raise a Grievance

How Long Does Negative Information Stay in CIBIL Report

Any negative information, such as missed payments, loan default, settlement, etc., remains in your credit report for seven years.

All DPD information for each credit account remains in your CIBIL report and the credit report of other bureaus for three years. Lenders analyse this information to assess your credit behaviour before approving or rejecting your credit application.

Written By: Shamik Ghosh

Paisabazaar in News

FAQs on Credit Score

The credit score generated by TransUnion CIBIL for an individual is commonly known as the CIBIL score. It is a three-digit number that summarises the credit history of an individual and indicates the creditworthiness for a new loan or credit card.

You can check your CIBIL score for free every month through Paisabazaar, which is one of the best platforms to check your credit score online from various credit bureaus.
As per the RBI’s directives, the credit bureaus shall give access to FFCR (Full Free Credit Report) once a year to everyone whose credit information they hold. However, at Paisabazaar, you can get a refreshed credit score every month.

You can improve your CIBIL score by following a disciplined credit behaviour and taking steps such as - timely repayments, fewer credit enquiries in a short span, a low credit utilisation ratio, having a long credit history, maintaining a diverse credit profile with both secured and unsecured credit, etc.

Maintaining a CIBIL score of 750 and above is generally considered good, as it depicts that you have shown discipline while handling your finances in the past. A CIBIL score closer to 900 also improves your chances of getting approved for credit products like loans and credit cards.

A CIBIL score of 600 can primarily be due to a default or missed payment. Even NPAs can lower your credit score significantly. Start making timely repayments, pay off any dues, if present, do not conduct credit enquiries until score improves and keep overall credit utilisation low.
A fall in score can also be due to inaccurate information in the credit report. If you find any such information in your credit report, raise a dispute immediately and get it resolved at the earliest.

Your CIBIL score is calculated based on a proprietary model developed by TransUnion CIBIL. Even though the exact formula is not in the public domain, your credit score depends largely on a few factors such as repayments, credit utilisation ratio, recent credit enquiries, age of credit history, types of credit products handled, etc.

A good credit score is very important to get your application approved for loans such as a personal loan or a home loan. Applicants who do not have a credit score can also get their loan applications approved. However, new-to-credit applicants may not get the best loan offers and may have to avail loans at a higher cost of credit.

The credit report generated by CRIF High Mark is commonly known as the CRIF High Mark credit report. It contains your CRIF credit score, personal details, credit history and factors impacting your credit score.

The credit score generated by Experian is commonly known as the Experian credit score. It is used by various lenders to determine the creditworthiness of applicants while assessing credit applications at the time of approval.

Your one default can damage your credit score almost immediately. However, improving your CIBIL score can be a time-consuming process, and you will have to follow a disciplined credit behaviour to start rebuilding your CIBIL score over time. It is almost impossible to improve the CIBIL score immediately.

Most lenders consider a CIBIL score of 750 and above as a good score for loans and credit cards. You may lose out on numerous good credit card and loan offers if you have a CIBIL score between 700 and 750. Even if your loan application gets approved, you may end up paying a higher cost of credit.

An applicant with a low CIBIL score may not get the loan application approved by most lenders. However, some lenders, who charge a high interest, may approve the loan application. One can visit Paisabazaar, check credit score and based on it, see available offers from various lenders.
One can utilise the Chances of Approval facility to assess the probability of the loan approval and then apply for a loan where the chances of approval are the highest.

A credit score is generated by a credit bureau that gives insights into the creditworthiness of the applicant. When this score is generated by TransUnion CIBIL, one of the most trusted credit bureaus in India, the credit score is known as the CIBIL score. Other bureaus providing credit scores are Experian, Equifax and CRIF High Mark.

Your PAN card is a mandatory document required to generate your credit score. To check CIBIL score with a PAN card at Paisabazaar, you have to fill in the personal details such as name, gender, mobile number, etc., along with your PAN details to get the CIBIL score for free.

The CIBIL score requirement for credit cards varies from one issuer to another. Where most issuers require a minimum CIBIL score of 750 for approval, some issuers may issue you a credit card even if you have a lower score. However, it is recommended that you maintain a CIBIL score as close to 900 as possible to be eligible for some of the best credit card offers.

Checking your CIBIL score on your own is considered a soft enquiry. It is not mentioned in your credit report and thus has no impact on your score. When a lender fetches your CIBIL report to assess your credit application, your CIBIL score may witness a temporary downfall.

Your CIBIL score is refreshed every 15 days. At Paisabazaar, you can check your latest credit score once every month.

The best option to get a credit card without a CIBIL score is by applying for a secured credit card. This card is issued against a fixed deposit, and the lender does not check your credit score to approve your application.

Your CIBIL score is generated within three months of you starting to use a credit product. If you have availed a credit product recently, you can visit Paisabazaar, enter details and check your credit score for the first time for free. If the score is not generated, you can wait for the next cycle and check again.

Your credit score is the most important factor when determining your creditworthiness for a loan or credit card. A high score can make it easier for you to avail the credit product whereas a low score can cause rejection of your credit application.

A score closer to 900 means that you have handled credit very well in the past and you may be eligible for some of the best loan and credit card offers. It may be very difficult to reach a score of 900 but even if you get close to 900, you are considered as one of the best prospects for a lender.

A loan or credit card settlement implies that you were unable to repay your dues on time and thus the lender had to settle your account for a lower amount. Going ahead, it would be considered very risky to approve your new credit applications. Thus, your credit score drops significantly.
To improve your score after settlement, you will have to follow responsible credit behaviour - repay dues on time, keep credit utilisation low, avoid applying for new credit frequently and don’t close your oldest active credit account. It will surely take time, but you should adhere to this behaviour.

There can be various reasons that impact your CIBIL score. Any small default can impact your score. To find out the actual reason for the decrease in your score, download the Credit Health Report from Paisabazaar and check all factors that impact your score.

Any score above 750 is considered a good credit score. You may get some loans or credit cards approved at a score of 720 but you will definitely miss out on some of the best loan and credit card offers.

Closing a credit card will lower your overall credit limit and increase your credit utilisation ratio which may somewhat impact your credit score. If you close your oldest active credit card, your age of credit history will also reduce which may impact your credit score as well.

You can provide your Aadhar Card as an ID proof while checking your CIBIL Score. It is not possible to check your credit score using an Aadhar Card only. You need to provide your PAN card to check your credit score from any credit bureau in India as your CIBIL Score is directly linked to your PAN card.

Both Experian and CIBIL use their own proprietary models to calculate the credit score for an applicant. Thus, the applicant may have different credit scores for two different credit bureaus.

Credit mix is a collection of all credit products availed by you. It may contain secured as well as unsecured credit. Having only one type of credit product may impact your score negatively whereas your credit score might get positively impacted if you have handled a variety of credit products in the past.

You can raise a dispute directly with the credit bureau by mentioning the details of the error in the report with required proof, if available. The bureau requests information from the lender and based on the information provided, updates the entry in your credit report.

A CIBIL score of minus 1 indicates that the credit bureau does not have any information regarding an applicant’s credit history. Thus, lenders would not be able to assess the risk of approving your credit application. Due to this, you may miss out on numerous good credit card and loan offers.

Your CIBIL score is confidential personal information that only you or a few authorized entities (on your consent) are allowed to access. These authorized entities can access your credit report only under specific circumstances, for instance, when you apply for a new loan or credit card.
Some authorized entities that can access your CIBIL score/report include financial institutions and banks, who are trusted CIBIL members. No other individual or entity has access to your credit report.

Any financial institution where you have applied for credit, be it a loan or credit card, can request your credit report from a credit bureau, such as CIBIL. When you fill the application form, you consent to let the lender request your credit report from the bureau. Without this consent, no entity or individual can access your credit report.

800 is considered a very good credit score. It will make you a very good prospect for a lender and the lender would reciprocate this creditworthiness in the form of various benefits such as quick approval, lower interest rates, low/no processing fees, etc.

A borrower cannot remove a written-off status from a credit report on his/her own. If you see one such status in your report, you should connect with the lender, pay off all the dues, obtain NOC and submit it to the credit bureau. The bureau will then update the status of the account as Closed from Written-off and it will significantly improve your credit score.

A CIBIL score for 760 is generally considered good enough to be eligible for various loan and credit card offers. It shows that you have handled credit smartly in the past and the risk of approving your credit application for a lender is relatively low. You also become eligible for various pre-approved offers in future.

Your current lenders report your loan/credit card status to CIBIL periodically and these details get reflected in your report over time. Therefore, if you close out a loan or credit card account this month, it might still reflect in your credit report.

Multiple credit enquiries in a short span show the desperation for credit by an applicant. Every hard enquiry has the potential to lower the credit score. Multiple hard enquiries in a short period have a huge potential to lower the credit score significantly. Instead, one should do proper research and compare loans or credit cards by various providers and apply only for the best feasible product.

A lender first looks at your credit score while considering your application for a loan. If your credit score is low, your loan application can get rejected even if you have a high salary or low credit utilization ratio. You should check your credit score free online to see the reason behind a poor score.

All banks and NBFCs are CIBIL members and provide details of loans and credit card repayments to CIBIL monthly. When you request the credit report, CIBIL accesses these details and calculates the score based on the data provided by the members.

The same logic holds true for credit scores prepared by other 3 leading credit bureaus, such as Experian, Equifax and CRIF High Mark.

The basic differences between the CIBIL report and CIBIL Rank are mentioned below:

CIBIL Report:

  • CIBIL report is a detailed summary of consumer credit history generated by TransUnion CIBIL.
  • It contains historical data of all the loans and credit cards repayments.
  • A Credit report consists of data compiled from the applicant’s payment history, length of credit history, credit utilization, amount owed, etc.

CIBIL Rank:

  • Credit Rank represents a company's creditworthiness that is denoted by numbers scaled from Rank 1 to 10.
  • It holds the historical record of the company’s all loans and business credit card repayments.
  • Companies with CIBIL Rank 1 are the most preferred borrowers while those with CIBIL Rank 10 are the least preferred.

Currently, your credit score, whether reported by CIBIL, Experian, Equifax or CRIF High Mark, is one of the key factors that determine your eligibility to get a new credit product. Different banks and NBFCs have different cut-off criteria in providing new credit products.
Maintaining a good credit score (closer to 900) definitely improves your chances of getting approvals on additional credit products. However, CIBIL score (or credit score) is not the only criteria that determine a person’s eligibility to secure new credit. Lenders also take into account other factors like your debt to income ratio, credit and employment history, their own internal criteria, etc. before making lending decisions.

Credit report or credit score is applicable for the individuals, which is provided by the four credit bureaus available in India, namely, CIBIL TransUnion, Experian, Equifax or CRIF High Mark. On the other hand Credit rating is provided by CRISIL, ICRA, etc. and is applicable for companies and organizations.

Even though a few factors might impact your credit approval, some do not impact your credit score. The most common factors among those can be your take-home salary, location of residence, employment history, age, etc.

So, instead of these, you should focus primarily on timely repayments, credit enquiries only when required, regularly checking the credit report for errors, etc.

The minimum CIBIL score for personal loan required for approval varies from one lender to another for unsecured loans such as personal loans or business loans.

However, if your CIBIL score is 750 and above, it becomes relatively easier to get the loan approved. Many lenders approve personal loan applications even if the CIBIL score is 700 but they may have to pay high interest on the loan.

When you check your credit score on Paisabazaar, you get scores from multiple bureaus. Your CIBIL report is provided on the dashboard where your CIBIL score is published. You can download your CIBIL report here and use DDMMYYYY as password.

Your CIBIL score is calculated from your credit history. So, if you have never taken any credit product like a loan or credit card, CIBIL will assign you a "New to Credit" tag, which means you have no credit history.

It becomes difficult for the lender to determine the risk category you fall into in case you have never taken a loan or never had a credit card.

Applying for a lot of credit products in quick succession represents you as a credit hungry person. So, many banks do not approve your loan or credit card application, even if you have a high credit score and low credit utilization ratio.

Becoming a guarantor for someone else’s loan makes you liable to pay the loan in case he/she fails to do so. The guarantor’s CIBIL score is impacted in case he/she fails to repay a loan where the primary borrower has already defaulted.

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Jun 13, 2025
Vikramjit Sarraf
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“I took credit score from paisabazar and my credit score improved from the last time. I am also getting the offer for a loan and credit card now.”

Jun 13, 2025
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