• CIBIL Score

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    The Credit Information Bureau (India) Ltd, better known as CIBIL, is the premier agency for providing credit reports and scores pertaining to individuals. CIBIL sources financial data of individuals such as loan and credit card information from leading banks and other financial institutions in India. This data is then presented in the form of a CIBIL credit report, also known as a Credit Information Report (CIR).

    CIBIL was incorporated in 2000 and has continued to expand its presence throughout the country. It is backed by TransUnion International and Dun and Bradstreet, which are major global credit bureaus and agencies.

    What is CIBIL Score / credit score?

    CIBIL Credit score is a numerical expression that is based on your credit files which represents your creditworthiness. It includes all the details of the credit that you have acquired throughout the years. It also shows how much credit you have taken and how you have repaid it. It will also show if you have missed making any payments or if you have settled any loan. It contains your debt and repayment history along with all your relevant details.

    Credit score is calculated based on your credit report based on the intensive in-house algorithm calculations. One of the oldest credit rating agency is Credit Information Bureau or CIBIL. CIBIL scores their ratings from 300-900, 300 being the lowest. Equifax is another such credit rating agency, they score between 1 – 999 points.

    CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. The data is fed into an algorithm with 258 different variables; each with a different weightage.

    The other credit rating agencies are Experian and Crif Highmark. All the agencies are approved by the Reserve Bank of India and offer credit report services to the banks and the other financial institutions.

    What is a CIBIL Score?

    A CIBIL Score is a numeric summary of credit history that is calculated based on the following factors:

    Track Record of Past Payments
    • Record of all past repayments
    • Consistently making payments on time leads to a higher score
    • Delayed payments leads to a lower score
    • Recent delayed payments makes a more negative impact
    Previous Settlements, Defaults, Write-offs
    • Recent write-offs impact more negatively than older ones
    • Multiple write-offs lead to lower score
    • Write offs documented by lenders on previous debts lower score
    • Delays or defaults on secured loan repayments impact more negatively than unsecured loans
    Loans as Proportion of Income
    • Low loan balance indicative of healthy credit usage and thus higher score
    • High loan balance reduces score
    Secured Loans vs. Unsecured Loans and credit cards
    • High credit card balances lower score
    • Reliance on unsecured loans (credit cards) over secured loans viewed negatively
    • Lesser number of such accounts coupled with frequent payment history pushes up score
    Loan Equities
    • Many loan enquiries to avail loans indicative of “credit hungry” behaviour, negatively impacts score

    TIPS to Get a Great Credit Score

    A great Credit Score is anything above 800. If a bad Credit Score is the bane of your life, you can use the following tips to send it soaring. Want to know your score?

    • Be Disciplined Credit Card and loan repayments have the strongest impact on your Credit Score. Make sure you always pay your dues on time.
    • Be Frugal Keep your credit utilization ratio at 30% for a good Credit Score. If you are struggling to stay within this limit, then get a card with a higher top limit.
    • Seek Variety A combination of secured and unsecured debt will send your Credit Score upwards. A Credit Card is an unsecured debt whereas a Car Loan is a secured debt.

    Advantage of Old Credit Card Accounts Think twice before you close an old Credit Card account as long running accounts add more value to your Credit Score. And if you are not using your card, keep it safe to prevent misuse or fraud. Follow these tips to get a good Credit Score. Not sure about your score? Click the link below to check it at no cost at all!

    3 Essential Tips to Enhance Your Credit Score

    Credit score can play miracles when you decide to apply for a loan or credit card. And as the year commences, keeping your credit score on track since the beginning can help you increase the chances of getting a loan approved easily. The most important is to check your Credit Score at regular durations from various credit bureaus. Avail either free CIBIL score or subscription based CIBIL score to tread cautiously.

    CIBIL score ranges from 300-850. CIBIL score as high as 750 and above is good for a loan application and below 500 can prove negative for you. Maintaining a healthy credit score is of utmost importance. Here are the three essential points that can help you enhance your credit score:

    • By Paying all Bills on Time: This is one of the most important steps that can drastically boost your CIBIL score. Just be disciplined in paying off all your bills on time. Never pay partial amounts as it may showcase you as undisciplined credit payer and edge down your credit score.
    • Don’t Apply for new Credit Card or Loan: When you plan to apply for a loan or credit card application, never enquire in too many banks or financial organizations. This may consider you as credit hungry. Though it is important to enquire and then apply, but it may affect your credit score and result to bring trouble in credit card/loan application.
    • Check your Credit Score: It is advisable and important to know where you stand. So, monitor your credit score by applying for subscription based credit score. You can also track your score by using free CIBIL score report from the leading credit bureaus of the nation.

    CIBIL Score Range

    CIBIL Score Range

    A CIBIL score can range from 300 to 900 with 300 being the bottom end and 900 being the best score possible. Here is what your score could mean.

    0 or -1: If your score is 0 then it just means that you have no credit history created via a credit card or loans. You might want to consider taking one so that you can get a credit history going.

    350 – 550: Alarm bells should be ringing because this is a bad score. It means you have been defaulting on payments and the chances of getting new loans/credit cards are minimal.

    550 – 650: This is an acceptable region to be in since it indicates that you are fairly regular with your payments and can be trusted with new loans and cards. Your loan applications are also likely to be approved.

    650 – 750: You are on the right path. You will not face too many problems with loans and credit cards and should you stick to your current habits, you could reach the best CIBIL scores too.

    750 – 900: This is the best range to be in since it means that you are a financial guru. You are regular with credit payments are have a really good payment history. Banks will tend to be very will to offer you credit products with such a score.

    • It helps in analysing your true financial standing and make plans for future finances.
    • You can be on top of your borrowings and avoid debt traps.
    • With a CIBIL score in hand, you are in a great position to make decisions regarding availing new forms of credit, while also being able to extract the best possible rates from banks or other lenders.
    • It helps in cultivating financial discipline.

    Things that positively affect your credit score

    • On time loan EMI payments.
    • Regular payment of credit card bills.
    • Paying credit card bills in full rather than paying minimum due amount every time.
    • Avoiding over-leveraging.
    • Maintaining strong financial records.
    • Too many forms of credit (such as unsecured personal loans) among family members.
    • Proper utilization of approved credit limit.
    • Ensuring banks and other financial institutions you’re dealing with record and submit positive information to CIBIL.
    • Requesting and maintaining a copy personally rather than through financial institutions.

    Things that negatively affect your credit score

    • Too many credit report enquiries by banks and other institutions.
    • Cheque bounces/dishonours.
    • Irregular loan repayments.
    • Defaulting on credit card bills/ making late payments or consistent part payments.
    • Too much unsecured credit such as multiple personal loans.
    • Multiple applications for unsecured loan getting rejected.
    • Defaulting as a guarantor.
    • High utilization of approved credit limit or overshooting the limit.
    • Errors in record by banks and other finance institutions.

      What makes you more potential to be chosen by lenders to grant a loan or to extend the credit card limit? A good Credit Score it is. Assessing the creditworthiness of an individual mathematically is called a credit score, which is usually in the range of 300 to 900. Credibility or creditworthiness is assessed whether or not to offer a financial product that requires to be repaid over a period of time. A person with a good score has an upper hand over a person with a bad score in terms of banking.

      Credit scoring is based on credit reports that contain a detailed financial history, including personal information, active and inactive bank account details, missed payments, delayed payments etc. Banks, NBFCs or licensed lenders with whom you transact with will submit report to credit rating agencies. Rating is done according to the criteria set by each agency. There could be a minute variation in ratings, but all ratings are considered equally valid. It is good to be well-rated. Keep your credit scores healthy. Do not consider the following assumptions that ruin your credibility:

      • Credit Reports cannot be Assumed to be Accurate Always

      Under no circumstances, you can assume your Credit Reports to be correct and valid always. You are entitled to get a free copy of credit reports annually. Have them handy and review carefully. As mentioned earlier, the information contained in credit reports is massive and should be checked for completeness and accuracy. Outdated, wrong or inaccurate information should be rectified.

      • Credit Utilisation Ratio has Nothing to do with Rating

      A credit utilisation ratio expresses the relation between the amount of credit granted and the actual credit usage. Anything between 30-35% is considered feasible. For instance, if the sanctioned credit limit on your credit card is Rs.100,000, the actual usage should not exceed Rs.35,000 to avoid the consequences of being considered an unsafe financial behavior. People take it for granted. Be cautious while spending more than the cutoff ratio.

      • Ignoring Secured and Unsecured Loans

      Credit card companies and lenders like to observe how effectively you manage various categories of financing. Build your Credit Score through a portfolio of properly balanced secured long-run loans such as housing mortgages and auto loans; and unsecured revolving mortgages like personal loans and credit cards. For instance, making credit card payments in full in lieu of utilising the facility of revolving credit is considered positive.

      • Delayed Payments make no Difference

      People tend to delay payments assuming assuming that have no impact on credit rating. It cannot be done. Deferred payments are a poor practice and reflect an inability to make payments in time. The more the delay, the more shall be the impact on your credibility. Set payment reminders for yourselves to ensure timely payments.

      • Building Credit Without Credit

      Bankers would want to see your previous repayment history. It is tough to build credit with no credit history. Staying away from any type of debt completely might not always be in the interest rate of lending companies. The evidence for previous payments can put you on a higher scale.

      • Closing Old Accounts is a plus

      People assume that closing old accounts like credit cards gives a boost to creditworthiness. It is wrong. Holding and maintaining old accounts mount the average lifespan of your credit history and impact your credibility positively.

      • Standing as a Cco-applicant has no Impact

      Standing as a co-applicant seems reasonable as long as you are sure that the principal borrower can repay debts. The payment obligation will be shifted to you if the principal borrower fails to make payments. It impacts your credibility.

    • Easy availability of credit such as loans. According to the official CIBIL website, about 90% of loan applicants with CIBIL score greater than 700 are approved for loans.
    • Quick processing of loan and credit card applications.
    • Ability to negotiate interest rates owing to your strong financial standing.
    • Though not guaranteed, the possibility of negotiating or waiving processing fees as well as choosing prepayment options.

    How to get CIBIL credit scores online

    CIBIL credit ratings can be checked online by following a few simple steps, as outlined below.

    1. Log on to the official CIBIL website and click on Know Your Score.
    2. Fill up the online form which asks for details such as name, date of birth, address, id proof, past loan history and other relevant data.
    3. On filling the form and accepting changes, you will be taken to the payments page. You can choose from multiple modes of payment such as prepaid cards, credit cards, net banking etc. A payment of Rs.470 has to be made to CIBIL to get your credit report.
    1. After successfully making the payment, you will be taken to an authentication page. Here, you will be required to answer 5 questions related to your credit history of which you will have to answer at least 3 questions correctly to authenticate your identity with CIBIL. Your report will be sent to your email address within the next 24 hours.
    2. If authentication fails, you can fill and send a hard copy of the application to CIBIL by mail. You will subsequently also receive the report by mail.

    To obtain your credit score and credit report you will need to contact the credit rating agency in India, CIBIL. They will be charges involved to obtain a credit score and credit report. Any individual wanting this report will need to pay an amount of maximum Rs. 500 to obtain this report, the application process with payment applies to both individuals and institutions. Let’s say a bank or financial institutions needs your credit report with your score to check your loan eligibility, even they will need to make a payment for that copy. There are a few websites that will promise to give you, your credit report and score for free, but will ask you to sign up with them or become a member of their website etc.

    Difference between CIBIL Report and CIBIL Score

    A CIBIL report, also known as a Credit Information Report (CIR) is a document listing all your borrowings and repayment histories. The CIBIL score or rating is derived out of this data as well as other variables that affect your financial position.

    CIBIL scores have become the benchmark for credit worthiness in India. While CIBIL was the first Indian credit bureau, other international players have also started providing credit scores in recent years such as Experian Credit Information Company India Pvt Ltd. The importance of credit checks should not be undermined.

    In Detail:

    The credit report is a report that includes your credit score as well as other details on all your financial transactions related to credit. Your credit score is just a part of the report, which has a 3 digit number which will be anywhere in the range of 300 - 900. The credit score is a depiction of your creditworthiness, while your report will include payment history, number of loans, your outstanding balances of any loans, total of your credit limit, loan details of all loans taken from a diverse pool of lenders. The credit report is more like a report card for your credit, and the credit score is like the percentage you get on your report card. The higher your credit score is, the better it is for you. An average score of 750 is considered good for lenders to provide you with good deals and better rates of interest.

    Q. What’s a CIBIL score?

    Banks, as part of their due diligence process, gauge the creditworthiness of individuals based on credit scores. The information listed on your credit report includes several variables that CIBIL uses to set your credit score. CIBIL score, therefore, reflects the extent of the probability of a default. An individual’s credit history is submitted to CIBIL by banks and financial institutions on a monthly basis.

    Q. What do high and low credit score determine?

    A high CIBIL credit score essentially means less probability of a default. A low CIBIL credit score reflects high probability of a default.

    Q. How can you get your CIBIL score?

    Log on to the CIBIL website and click on the ‘know your score’ tab to get a personalized credit score. Fill an online form which requires you to include details such as your name, date of birth, income, identity proof, address and phone number, in addition to the loans taken by you. Following payment of a certain sum, you will have to submit authentication details which include questions based on your credit history. After authentication, your credit score will be emailed to you.

    Q. Will opting for a credit card decrease my score?

    If you have a zero outstanding balance on your old credit card, there is no reason to unduly worry about it and close it. If you have a credit card with a clear payment history, it will not only reflect your responsible credit behaviour but also keep your utilization rate low, which impacts your score positively.

    Q. Does zilch credit mean a good score?

    There are many who avoid loans like the plague, hoping that their CIBIL score will then be perfect. Nothing can be farther from the truth. If you do not borrow, you do not have a credit history and, therefore, no credit bureau can assign a score. Consequently, you might find it difficult to get a loan. Timely repayments are of seminal importance to ensure that your score remains above 750.

    Q. How to check CIBIL score without paying fee?

    The fact is, CIBIL does not furnish your CIBIL report or score without levying a fee for the same. There are online websites and tools that offer to estimate your credit score based on certain input parameters but this score is just an estimated figure and not your actual CIBIL score. Actual score can only be obtained by paying the required fee.

    Q. Why is CIBIL score important for customers?

    Credit score is a distinct numeral assigned to each individual based on analysis of his/her credit report. A higher credit score signifies a health credit history and a lower score signifies a bad credit history. Any score between 700 and 900 is considered good while that below 700 needs to be improved in order to come in the good books of lending and banking entities. You CIBIL score depicts your credit-worthiness as a customers and is hence an important numeric figure. This score is looked up by banks when you apply for any credit channel like loan or credit cards.

    Q. How is CIBIL score calculated?

    CIBIL score is calculated by the Credit Information Bureau India limited in conjunction with various registered credit bureaus of the country. The score takes into account your payment history, payment pattern, your existing credit channels and the amount of credit that you own.

    Q. Is it possible for the CIBIL Score to change?

    The CIBIL Score will change based on the various factors such as any change in loan/credit account, credit repayment history, missed payments, etc. The score can also change when your lender carries out a hard check on your credit report. The information collected from various financial institutions and government agencies is received by CIBIL on a monthly basis. These financial institutions and government agencies are liable to provide credit/loan information of an individual to credit bureaus across India. Based on any information regarding a change in your financial creditability will cause the change in your credit score.

    Q. Is there any other credit bureau apart from CIBIL that provides credit score/report in India?

    There are three other credit bureaus in India apart from CIBIL. TransUnion CIBIL Limited is the oldest credit bureau that has been providing the individual credit score to lenders such as banks to check repayment capabilities of an applicant. The credit score generate by TransUnion CIBIL Limited is called a CIBIL Score, however, the credit reports and scores can also be taken from the other three credit bureaus such as - Experian, Equifax, and CRIF HighMark. They collect the financial information of an individual from various financial institutions and establishments to calculate and generate the credit scores and reports.

    Q. What is Credit Information Report (CIR) and how it different from CIBIL Score?

    Credit Information Report (CIR) is the complete summary of your credit history based on the last 5-7 years of credit and loan accounts. The CIR also contains personal and credit/loan account details including the inquiries’ made by lenders for your credit/loan application. The CIR is a record of your EMI repayments and/or credit card payments. The CIBIL Score is a part of the CIR. The score is an indication of your credit/financial health that is calculated based on the various factors that prepare the CIR.

    Q. Who can access your CIBIL Score?

    Your CIIBL Score can only be accessed by CIBIL Members such as certain banks, your lender, you, and other authorized establishments. These members are required to access the credit report/score only when you apply for a loan or a credit product. Apart from the banks, you can access your credit report/score by making a payment either to CIBIL or to any other credit bureaus.

    Q. How can I check my CIBIL Report?

    You can request for your CIBIL report by visiting the www.cibil.com. You will need to enter personal details such name, PAN card number, date of birth, gender, etc, clear the personal verification process, and make a fee payment in order to access your credit report. CIBIL provides credit reports online as well as a physical copy of it that is sent to your address. Currently, you can access your CIBIL report for free by requesting for it under the once a year 'free' offer.

    Q. Why are the PAN card details required to check the CIBIL Score?

    PAN Card is one of the unique identifiers that is related to all types of financial activities. Whether you are opening a bank account, transacting for a higher value, or taking a loan or credit card, PAN card is required for all these types of application. The credit bureaus in India use PAN card as the major tool that helps in identifying individuals when they are requesting for their credit report. If you are planning to obtain your credit report/score, make sure that you have your PAN card details with you.

    Q. How can I get the CIBIL Score for free?

    If you are requesting for your CIBIL for the first time in a year, you can get it for free. CIBIL offer once a year free credit score upon requests. There are no other websites that can provide you with the CIBIL Score for free. You will need to visit the CIBIL website www.cibil.com in order to request for your credit score/report.

    Q. How CIBIL gets the information of your credit/loan history?

    The CIBIL Members such as banks and other government agencies provide financial information of an individual on a monthly basis to CIBIL in exchange for the access to the credit reports and score prepared by CIBIL for determining their loan/credit applicant's financial credibility. CIBIL collects your financial information related to loans and credit accounts from your bank.

    Q. Will there be any impact to my Credit Score when I check?

    No. When you requesting for your own credit score/report, this is considered to be a soft check that doesn't have any impact on the credit score. But when you apply for a loan/credit, and your lender carries out a check, that'll be considered as a hard check. A hard check can impact your credit score negatively. If your loan application gets rejected, it is advisable not to immediately check with other banks, more hard checks can cause further damage to your credit health.

    Q. Why do the lenders need to check the CIBIL Score?

    While reviewing the loan/credit applications, it becomes essential for the banks to consider the repayment capability of an individual. The credit score and report helps the lenders determine the repayment capabilities of an individual. By referring to the credit score, the banks can identify the applicant repayment habits and decide whether the application can be approved or rejected. The CIBIL Score can be one of the deciding factors involved in determining the interest rate, credit limit, and other essential parts of the loan/credit account.

    Q. What kind of credit/loan account details are included in the credit report?

    A credit report will contain details of your credit and loan accounts. Even if you have closed a credit/loan account in the past, the credit report will include details of that account. The report will show the total credit/loan amount, EMI details, missed/late payment, lender’s name, and other related information. There could be instances where the details entered in the credit report are incorrect, you are advised to get in touch with the credit bureau to remove the incorrect details.

    Q. How to remove errors or incorrect entries from the CIBIL Credit Information Report (CIR)?

    If you have reviewed your Credit Information Report (CIR) and found errors or incorrect entries, you can get in touch with TransUnion CIBIL Limited directly to get it corrected. TransUnion CIBIL Limited will review your request and make necessary changes on receipt of a nominal fee. If you are planning to apply for a home loan, credit card or any other loan/credit product, you are advised to review your CIR so you can fix errors and get your credit score/report updated. You can file a dispute for the scrutiny of the information on your CIR, the credit bureau will carry out a check and update the CIR accordingly.

    Q. Is it possible for CIBIL to delete or amend my credit information independently?

    CIBIL is not allowed to delete or make any changes to the Credit Information Report (CIR) independently. CIBIL collects information from banking as well as non-banking financial companies to prepare CIR. The CIR might have incorrect entries or incorrect details that are collected from the CIBIL members, in that case, once you contact CIBIL to rectify the error, they will obtain clearance from the members along with necessary documents to make changes to the CIR. Hence, you are advised to review your CIR periodically to ensure your credit score is up to date.

    Q. What is CIBIL 2.0?

    CIBIL 2.0 is a new scoring model that TransUnion CIBIL Limited uses to calculate the credit report for individuals. Individuals with a new credit history of 6 months or lesser are assigned a score based on the risk factors involved in lending to new borrowers. The CIBIL 2.0 offers a risk index of 1-5 to individuals with new credit history, the higher the number, the risk of defaulting is lesser. The CIBIL 2.0 is designed to match the current economic and credit trends.

    Q. How can the CIBIL Score affect my application for a new loan or a credit card?

    Currently, when an individual applies for a loan or credit card, the lender (bank) will carry out a credit report/check to make sure the borrower has a positive record of credit repayment. The bank may refer to any of the credit bureaus to obtain a CIR of an individual. Based on the credit score, the bank may decide to approve your reject your credit/loan application. Though the credit score is not the only factor that decides whether your loan/credit is getting approved or not, it is one of the important factors that your lender will look into. A poor credit score will have more chance of loan application rejection compared to a healthy credit score.

    Q. What is a good CIBIL Score?

    The CIBIL Score ranges from 300 to 900 where 300 being a bad credit score to 900 being the best. A CIBIL credit score of 750 and above is considered to be a good score and has more chances of the loan application getting approved. If your credit score is bad, there are various methods that you can use to improve the score.

    Q. What is minimum CIBIL score required for the approval of personal loans?

    The banks and Non-banking Financial Companies (NBFC) do not publish the minimum credit score required for loan approvals, however, they do look into your credit score to make their credit lending decisions. A CIBIL score of 750 and above is considered to be a good credit score, however, the approval will still depend on other factors such as loan amount, employment status, credit history, etc. It is recommended to review the credit score periodically so you can identify the factors that are improving or decreasing your credit score. A credit score that is close to 900 has more chances of a loan application getting approved.

    Q. What is minimum CIBIL score required for the approval of home loans?

    Since banks and NBFCs are not required to publish the minimum threshold of a credit score for home loans, you are recommended to review your credit report/score and take necessary steps towards improving it. The credit score/report is a part of the loan application review, the banks have the liberty to take an independent decision based on their records as well.

    Q. For how long CIBIL keeps the record of the defaulters?

    CIBIL is not required to publish the record of the defaulters, however, the CIBIL CIR contains the details of the defaults of a particular individual. The details of such defaults are on record for a maximum of seven years. Any information that is over seven years old is not included in the CIR.

    News About CIBIL Score

    • 5 Great Methods to Enhance your Credit Rating this year

      Have you checked your credit score recently? If yes, how well are you rated? If you feel your credit score is not up to the mark, don’t be worried as there are several recipes to enhance your credit rating that plays a significant role in obtaining personal finance services. A credit score is used as a benchmark by financial service providers be it a banking or a non-banking institution. It replicates the debt repayment capabilities of an individual who is rated based on the previous banking history, payment history and earning capabilities.

      In India, there are four credit rating bureaus created by the Central Bank of India, the Reserve Bank of India. An individual may be rated differently by these bureaus, but every rating carries the same amount of importance. Be sure to trace your credibility that can be obtained at no cost. If you are well-rated, you shall be picked up by premier personal finance service providers. If not, you are more likely to be forbidden. A free credit score may be obtained online. Here are 5 great ways that can help you to improve your credibility faster:

      Make sure to use your credit cards intelligently

      A credit card is one of the advanced banking facilities offered by a majority of banks today. As long as you use it wisely, it is a great product. On the contrary, you end up remitting extra charges if you default on dues.

      Monitor your credit report constantly

      Check your credit report periodically since it may contain incorrect and outdated information. Credit reports can be obtained freely. If you find it to be incorrect, you can rise a ticket to correct errors. A free credit report may be obtained online.

      Manage your finance properly

      Try saving as much as you can by changing your lifestyle. Have a budget in place and make sure you are within the budget. This way you can cut unnecessary expenses.

      Do not close your credit card accounts

      Retaining open and idle credit cards may enhance your credit score, according to experts. Do not close credit card accounts even though you have completely remitted your dues. Keep them active by using often.

      Enhance your knowledge

      Try improving your financial knowledge through reading books and magazines and taking online quizzes. You will gain the much-needed insights this way and shall be able to make wise investment decisions. In fact, many people prefer following this tip to improve their credit scores as well.

      Why wait? Get a free credit report and a free credit score online today and follow the aforesaid tips to be well-rated.

      25 January 2018

    • India Lends Growing its Purview to Tier III and Tier IV Towns

      India Lends, the Delhi-based Fintech start-up, plans to expand its reach to Tier III and Tier IV Towns that is an unsecured market. India Lends is an online platform that connects borrowers and lenders. Incepted in 2014, the organization has been serving customer across Tier I and Tier II cities.

      Currently, as per records, nearly 2 million borrowers lend into the company’s website to access personal loan, small loan and credit card. The number has grown since the past 1 decade. The company started with 4 Tier I cities and later expanded to 10 cities. In the next stage, it moved to Tier II city and is now planning to serve Tier III and Tier IV towns.

      The Fintech firm has tie-up with banking and non-banking financial organizations and it helps customers to shop for loan products and Credit Score.

      30 November 2017

    • Credit scores will help the MSMEs

      Most banks have moved aside when it came to lending funds to the micro and small companies, thanks to the doubtful finances and the lack of proper data on credit history. However, things can change with the credit bureaus that has changed retail lending’s aspect in India. As per bankers, such information can be extremely useful for the banks while taking decisions about lending funds to these organisations or companies. VP of CIBIL, Harshala Chandorkar stated that the CIBIL rank is awarded based on the information collected from various banks.

      24 April 2017

    • Credit Card Payments High in India, Says CIBIL

      A survey conducted by TransUnion Cibil says that credit card payments in India have improved a lot. At present, around 78% people pay their total amount due every month. These has decreased the delinquency rate in the country. The survey was conducted in 8 metros and involved 1,100 customers. India tops the chart when it comes to the percentage of people who pay more than the minimum amount due every month. According to the survey, 92% cardholders pay more than the minimum amount due.

      24 April 2017

    • Most credit card holders have good repayment habit - TransUnion CIBIL

      Credit card holders in India have ensured that their payment behaviour has improved with around 78% customers paying their monthly bills fully, leading to a low delinquency rate said TransUnion CIBIL, the credit information form. This was the takeaway from the TransUnion CIBIL’s survey that covered 1,100 customers across 8 metro cities in India.

      Additionally, India also ranks the highest in the percentage of credit card users that make payments that is over their minimum balance due on their revolving debts every month in comparison to other countries. According to the study, 92% of credit card users pay a higher amount than the minimum amount that is due.

      11 April 2017

    • Union Bank and Bank of India Sells Stake in TransUnion CIBIL

      Union Bank and Bank of India have sold their full stake in TransUnion CIBIL for Rs.381.24 crores to TransUnion International Inc. Both the banks held 5% stake each. After the sale,TransUnion International will have 92.1% in CIBIL. Remaining shares are held by India Alternatives Private Equity Fund, Aditya Birla Trustee Co. Pvt. Ltd. and India Infoline Finance Ltd.

      24 January 2017

    • Credit score will be deciding the amount of home loan EMI for you

      The rate of interest that you have to pay for your home loan will be linked to the credit rating system. So, the discipline that you maintain while paying off your debt or outstanding balance will determine how much interest will be associated with your home loan. If the credit score goes down, will have to pay more interest. If the credit score goes up, you will have to pay lower interest.

      Bank of Baroda is going to be the very first bank that links credit score to home loan. At present, banks will depend on the data provided to them by CIBIL (Credit Information Bureau of India).

      11 January 2017

    • CIBIL Scores To Become More Important To Individual

      While banks and other lenders have been using CIBIL score to decide if a loan application is to be approved or not, such approvals will get dearer now since Bank of Baroda has decided to switch to ‘scoring based pricing’. The bank’s M D, P S Jayakumar, said that they were already using this method where they would decide the cost of the loan based on the CIBIL score of the applicant. WHile such a system is not a new thing, it was only being used for corporate customers, however, now it will be used in retail lending as well. He also said that switching to this method will allow the bank to make their due diligence obligations easier to manage and also reduce the possibility of approving a loan that may end up in defaults.

      19 July 2016

    • Bank of Baroda to Issue Loans Based on Credit Score

      Bank of Baroda plans on introducing credit score-based lending to the retail mortgage sector. Under this policy, the bank will issue loans based on individual credit scores instead of a uniform rate that does not take into account credit quality.

      The move has already begun, with the bank announcing that it had made the switch internally and would start issuing loans based on CIBIL scores.

      The aim behind this move is to reduce the number of loan defaulters and enable banks to improve their retail loan portfolio.

      While corporate borrowers have been issued loans based on credit score, retail segments in the Indian market have not been grouped under this policy.

      In this way, loan applicants with a good credit score can avail loans that are a possible 50-75 basis points lower than those with a poor credit score.

      14 July 2016

    • CIBIL Expands its Reach in Micro and Small Loans Segment

      CIBIL will start providing solutions and information to micro and small lenders so as to enable them to make sound decisions, to drive credit penetration and to increase their base of customers. According to the MD and CEO of CIBIL, Satish Pillai, by growing their reach, CIBIL will be able to provide better solutions, information and insights so as to help increase their reach.

      The President of Microfinance Institutions Network, Manoj Kumar Nambiar believes that the foundation of all lending based decisions is credit information and CIBIL’s decision will help drive micro and small lenders forward and to reach greater heights. Availability of solutions and insights from CIBIL has contributed significantly to growth in credit segment which increasing penetration of credit and inclusion of finances. According to CIBIL Insights, retail loans have increased at an average CAGR of 28 percent over the previous three years.

      29 June 2016

    CIBIL- Sitemap

    CIBIL Reviews

  • Page 1 of 19 1 2 3 4 5
    • Bank Bazaar All Products
      "Nice experience in the bank bazaar "
      ALL BANKS
      0.5 3.5/5 "Pretty good"
      Best company in the world Bank bazaar company has been the best thing ever so much for the first time in the world Good experience in bank bazaar. Com cibil score important in our life so payment plan to do with the same time and the rest of my life
      Was this review helpful? 0
      ,
      Reviewed on Feb 19, 2018
    • Bank Bazaar Credit Card
      "Good Experience"
      HSBC BANK
      0.5 4.0/5 "Great!"
      The Bankbazaar team has been a good one until now. Their customer care called me properly and informed me all the details in a good manner. Their website and application is pretty user friendly. I was able to check my CIBIL score for free very easily.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jan 05, 2018
    • Bank Bazaar Car Loan
      "GOOD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      it was a good customer service i received form the bank bazaar end .as after i registered for the loan process the Call came within 2 days . Website of bankbazaar is really easy to use and helpful . Cibil score i checked on the bankbazaar website an it was so easy i did not even pay for it . really a great experience with bankbazaar .
      Was this review helpful? 0
      , noida
      Reviewed on Nov 30, 2017
    • Bank Bazaar Credit Card
      "Good value"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I have been using Bankbazaar website for over a month now and have already got a Credit Card using them. Their process is very effective, you would get a call from them for sure. Apart from this I was able to check my CIBIL score and also the EMI calculator is pretty effective.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 23, 2017
    • Bank Bazaar Personal Loan
      "User friendly app,best app for financial requirements to all"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      This is the first time, I am using this app, it is more helpful to me,with the help of this app we can take right decision regarding. I must share this to my friends as well.if we want the cibil score from bank ,they will charge us 300 rs,but with in one minute we can get our cibil score without paying any thing.Thanks to bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • HDFC Bank Credit Card
      "Good card to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I applied a credit card with HDFC bank and they approved it and I took it from them. I used their HDFC Platinum Plus credit card from 2012 to 2013 . There are no annual fees applicable to this credit card. I couldn't apply a new credit card now because my cibil score is low and I will apply a new credit card once my cibil score is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • Bank Bazaar Credit Card
      "Experience"
      SBI CARDS
      0.5 4.5/5 "Excellent!"
      Superb application for personal financial record updation and to explore the market availability in terms of personal CIBIL score. Happy to be a part of Bankbazaar customer.Thanks and stay in touch and keep contacting for future. Enjoyed
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • Bank Bazaar Car Loan
      "Better service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      It was a great experience I got with bank bazaar in regards to my car loan application. I got to know about my cibil score, without any charges. The customer support is prompt with bank bazaar. I know bank bazaar for more than 4 years. I used bank bazaar website which is easy to use and customer friendly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • Citibank Personal Loan
      "Needs to improve"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from Citi bank, my loan application was closed because there was an issue with my CIBIL score. When it comes to customer service, they just called once and there was no further follow up done, they did not respond. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Good service"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was closed because i had an issue with my CIBIL score. The customer service was good and they responded on time, there was no issue from the bank side and they followed up regularly. The rate of interest was high when compared to others in market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • Bank Bazaar Personal Loan
      "OK OK EXPERIENCE"
      FULLERTON
      0.5 3.0/5 "Satisfactory"
      It was a OK OK experience with Bank Bazaar i received while i applied for the personal loan . The website is helpful and user friendly as i am first time user . I checked the cibil score on the website without paying any fees that is so cool . The call came from the bank bazaar executive once after I registered for the loan process also their customer service is cool only.
      Was this review helpful? 0
      , goa
      Reviewed on Nov 15, 2017
    • ICICI Bank Personal Loan
      "Below Average service"
      ICICI BANK
      0.5 2.0/5 "Expected more"
      ICICI bank executives told that my cibil score is low but I know that I have enough cibil score to go with the personal loan and I got the personal loan from other bank. The customer support haven't gave any response in regards to my personal loan application.The response need to be improved with ICICI bank.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 15, 2017
    • Bank Bazaar Personal Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I got a promotional mail from bank bazaar and that's how I came to know about bank bazaar.com. I have applied personal loan via the promotional mail. The website is easy to use and customer friendly. It is also helpful to check the cibil score.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Nov 15, 2017
    • RBL Bank Credit Card
      "FRAUDULENT BANK...PATHETIC SERVICE"
      RATNAKAR BANK
      0.5 0.5/5 "Unacceptable"
      Not providing NOC for account which I asked to close a year ago on 13nov2016 I am a happy customer of Citibank and SBI Cards. Previous year i fell in the trap of RBL.They kept on calling whole day for a mere amount of Rs. 400+ so I cleared the balance and asked me to close my service through call and mail on 13Nov2016. They blocked my account and on 15oct2017 when I tried to get a car loan... my CIBIL score was low due to this bank which says I have not paid their balance. So I went through their customer care. They apologized and said they will clear all charges and will provide me NOC so that I can get a loan but no response from their side. My loan was stuck so I was on the phone and after an hour or more i got Mr. Ravi Shukla (Supervisor) on the call and he promised me that everything will be done within three working days. Three working days all are over. I got a NOC and I was called by the ''adament'' supervisor.He tried to blame me for the whole situation.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 13, 2017
    • Bank Bazaar Personal Loan
      "Lots of advantages"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has so many advantages. The whole application is pretty neat and easy to use. I could see my CIBIL score and also applied for both my Credit Card and Loan. The concept of the whole idea of comparing various Bank in a single page is pretty novel.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2017
    • Bank Bazaar Personal Loan
      "Very Very good"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      As i am hope less that no bank is giving me loan because of low cibil score but you consider my application and gave me hope that i pay back my debt. feeling very helpful dont know about the result but who ever is giving you the hope is a farista thanks
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 26, 2017
    • Bank Bazaar Car Loan
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have been using the website for last one year they give prompt information pertaining to loan offer or card offers.They sound helpful and willingness to give the right offer as per the need.website gives multiple information especially the cibil score.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 24, 2017
    • Bank Bazaar Car Loan
      "Better options"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I am user of bank bazaar for last few months. I liked the website so much it has got required information pertaining to loan,cibil score etc.I get an immediate response from them,continue to be the same.keep up the good work and all the best for the future projects.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 23, 2017
    • Bank Bazaar Car Loan
      "Good website"
      CAPITAL FIRST
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 6 months, the services provided by bankbazaar is good when compared to all other banking websites. The customer service is good and prompt. I am using mobile application, it is easy to access and it is user friendly. I also check my CIBIL score in the mobile app.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 21, 2017
    • HDFC Bank Saving Account
      "Average service"
      HDFC BANK
      0.5 1.0/5 "Really Bad"
      I am holding HDFC savings account from last 10 years, i had a good experience with HDFC bank. The banking services are also good, the only problem i had is they are not giving any loans from last 10 years because my CIBIL score is less. I use HDFC net banking for all the services i require. I also do online transfers through NEFT and there are no additional charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 21, 2017
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