A lending institution carries out various checks before sanctioning a loan, of which, credit score claims the utmost significance. In fact, nearly 90% of loan applications approved in India are from individuals with a 750+ CIBIL score (1). This 3-digit score is pertinent, particularly for unsecured credits like a personal loan.
- 37% of consumers had a CIBIL score above 750, as of May 2020, says a recent report. (2)
- As per a survey, only 52% of the respondents were aware of the significance of credit score (3)
The CIBIL score is essentially a measure of an individual’s creditworthiness, accounting for one’s credit consumption. Individuals can check CIBIL score without login by merely providing a few essential details. Alternatively, one can buy a CIBIL subscription.
How to check credit score without login?
One can check CIBIL score in two ways without logging in are discussed below –
- From TransUnion’s official website
To check your credit score from TransUnion’s official website, you need to:
- Tap through the option that says “Click here to get your Free Annual CIBIL score…”
- Provide your name, phone number, email ID, address, DOB, etc., on the following page.
- Select an ID type and enter the pertinent number. Also, ensure the details you enter are similar to that of the ID.
- Click on “Accept and Continue”
You will have to verify your ID on the following page to view your CIBIL score and report. Note that, RBI requires TransUnion to let consumers check CIBIL score without login, i.e., for free once a year between January and December.
However, it’s a healthy practice to check it routinely since the CIBIL score is crucial for personal lending. This way, you not only stay updated regarding your score throughout but can also adopt adequate measures to improve the same in case it takes a dip.
- Nearly 68% of respondents of a national survey admitted to not knowing their credit score. (3)
Several times, the credit report contains inaccurate or backdated information, which can result in a lower score. When you are regular about checking it, you can initiate a CIBIL report correction at the earliest. If one is to apply without knowing his/her score and report, it can lead to rejection.
- From a lending institution’s website
You can also check credit score without login from a lender’s website. Specific financial institutions like Bajaj Finserv allow prospective borrowers to check their scores for free before applying for a personal loan or any other credit variant.
To do so, you only need to search for “CIBIL score check + the lending institution’s name”. Click on the first organic result with the lender’s URL and tap through the appropriate option. Provide a few details, and the OTP sent to your registered mobile number to view your CIBIL score.
Ensure that you proceed with applying for a personal loan if your score matches the lender-specific criterion. CIBIL score for a personal loan is usually 750 or above. Prospective borrowers can consider a few things to improve their CIBIL score in the months leading up to an application to ascertain approval.
- TransUnion CIBIL check an individual’s credit behaviour over 36 months to compute their respective scores (2)
While at the point of eligibility, note that, you may be privy to pre-approved personal loan offers extended by certain financial institutions. These offers expedite the application process and make loan application significantly easier. You can find these offers on personal loans, business loans, etc. To check your pre-approved offer, you only need to provide your name and phone number.
However, individuals with a poor score but in immediate need of funds may explore other avenues to improve their eligibility. To obtain a personal loan with a bad credit score, one can apply either for a lower loan amount or with a co-applicant or guarantor.
Nevertheless, besides enhanced eligibility for a personal loan, a healthy credit score proffers several other benefits, including –
- Access to premium credit cards – With a 750+ CIBIL score, you get access to best-in-line credit cards with a sizeable limit and several premium benefits like accelerated reward points, access to airport lounges for free, etc.
- Lower interest rate – A creditworthy individual spells low risk for a lending institution, leading them to extend loans at competitive rates of interest.
Hence, check the CIBIL score without login or by subscribing to TransUnion before applying for any credit facility to ensure you get a loan at the best terms and manageable interest rates.
