The easiest way to check your CIBIL score before getting an instant personal loan is through your PAN card. Therefore, in this article, we shall discuss how you can check your CIBIL score with a PAN card, why, and how the details thereof play a role in such a process.
Table of Contents
Steps to Check CIBIL Score with PAN Card
Step 1: Visit a Trusted Credit Bureau Website
Check your CIBIL score online. To do this, you have to visit a legitimate credit bureau website, like that of CIBIL. Make sure you access the correct site to avoid getting scammed.
Step 2: The Information Needed
At CIBIL, when checking your CIBIL score with your PAN card, you are going to be asked to fill in some personal information, which consists of:
- Full name
- Birth date
- PAN card number (this is very crucial to connect your score to your PAN)
- Email address
- Mobile number
Now, those are the only requirements on your journey to check your CIBIL score with your PAN card.
Step 3: Verification Process
Once you fill out your details, the system verifies your identity using your PAN card and other details. Some websites may also demand additional verification through OTP, which is sent to your registered mobile number or email.
Step 4: Access Your CIBIL Score
Everyone has free access that helps you check your CIBIL score with your PAN card. After the report gets authenticated, you get access to it. When using free services, you might receive your score free of charge once a year in some services. For other services, you will need to buy a full report.
Step 5: Go Through Your CIBIL Report
Now that the score appears on your screen, you can view the actual report, which shows information on your credit history, existing debts/loans, and payoffs.
Check how to check your CIBIL score with your PAN card, and with a decent CIBIL score, you can apply for loans for travel, loans for women, and loans for education — completely carefree!
Why Do We Need PAN Card Details to Check the CIBIL Score?
A PAN card is another term for a Permanent Account Number. It is, in fact, India's largest financial identification document.
Here's why you must fill up all the information for this to avail of a CIBIL score:
1. Verification
Your PAN card is a unique identifier that links all your financial and credit activities. The credit bureaus require your PAN card details for identity verification to ensure the accuracy of your CIBIL report
2. Linkage to Financial History
Credit bureaus track your credit history using your PAN card number. This ensures that your credit report and score accurately reflect your financial activity.
3. Prevention of Fraud
Using PAN details helps prevent fraud and ensures that the person requesting the score is indeed the individual associated with the credit history.
How PAN Change Affects CIBIL Score
Changing your PAN card due to several reasons or rectification of personal data, or if the actual PAN card gets lost, leads to an impact on how to check your CIBIL score with your PAN card, and what shows up.
Here's what follows as an effect of it:
1. Credit History Linkage
Details of PAN changes temporarily break the linkage to the credit report and financial history. Thus, your new PAN card may not be reflected in the credit reports when accessing your CIBIL score.
2. Delay in Updating the Reports
If the PAN card is updated, there will be some delay in updating your credit report. It should be informed to the credit bureau so that accurate PAN details are available to them for proper tracking of credit activities.
3. No Impact on Score
Altering your PAN card does not affect your CIBIL score directly. Still, if there were some changes in your behaviors regarding finances, like generating more debt or failing in payment, then that matters. However, an up-to-date credit report means having the latest information on your PAN.
CIBIL Score Range
Your CIBIL score is usually between the range of 300 to 900. Here is its explanation for different ranges:
Once you’ve understood how to check your CIBIL score with your PAN card, you will see and evaluate your score. A high score will increase the possibility of a loan with more desirable terms, and a low score may lead to higher interest rates and loan rejection.
Applying for a Loan After Checking Your CIBIL Score with PAN Card
When you have checked your CIBIL score through your PAN card, it is time to apply for a loan if needed. It works this way:
- Check Your CIBIL Score
If your credit score falls within the good or excellent range, it's safe to say you should have a pretty good opportunity to be approved when visiting lenders. But if the score isn't what you like, then perhaps waiting to raise the score beforehand might be the way to go
- The Best Lender
From the above CIBIL score, you must shortlist a lender who is soft on your credit score range. On the other hand, there is a lender that provides favorable rates to people with better scores, while another offers market rates for an excellent credit score.
- Apply for Loan
Once you analyze the report and shortlist a lender, you will be able to apply for a loan. To do that, you would need the following documents:
- Income proof
- PAN card
- Address proof
- Bank statements
- Others
- Approval
Once you submit your application, the lender will scrutinize your credit history and score. Meanwhile, as you’re already aware of how to check your CIBIL score with your PAN card, you can look it up for yourself. If your CIBIL score is good, then you are sure to get Quick Loans approved.
