The 3-digit CIBIL score determines one’s creditworthiness and standing as a borrower. It helps financial institutions assess a borrower’s default risk and allows loan applicants to understand their chances of availing of a loan.
This makes it imperative for individuals to check their CIBIL score before applying for any financial products like loans or credit cards.
To streamline the process, better customers of Bajaj Finserv can follow a few simple steps to check their Bajaj Finserv CIBIL score online and better understand their creditworthiness as and when required. They can visit the official website of Bajaj Finserv to access such details.
Similarly, HDFC customers can check their credit score by visiting the bank’s website and getting a full picture of HDFC CIBIL score.
On that note, let’s find out more about CIBIL scores and how to find them from the two respective banks.
Details required to get a CIBIL score from an HDFC bank
Customers need the following information to get the HDFC CIBIL score:
- Full name
- Contact details
- Email ID
- PAN
- Credit card history
Based on these details customer’s identity will be verified. Accordingly, their credit history and credit report will be generated with the provided information, and they will be able to access their 3-digit credit score.
What is HDFC bank’s CIBIL score requirement?
Here’s the required HDFC CIBIL score requirement for loan approval:
- For personal loans:
CIBIL score between 700 and 750 is ideal for a personal loan. A score closer to 750 is beneficial for speedy loan approval and availing of lucrative features such as a relaxed repayment period and low-interest rate.
- For home loans
The bank prefers an HDFC CIBIL score between 720 and 750 to provide home loan approval. Typically, a higher score is better for the borrower and helps avail a greater part of the property value sanctioned.
- For car loans
A minimum HDFC CIBIL score of 700 is required to get a car loan approved from HDFC. Since a higher score fares customers better, they should strive to improve their CIBIL score and claim loan benefits accordingly.
- For credit cards
The preferred CIBIL score for HDFC credit cards is between 700 and 750 and helps avail quicker loan approval than those with a lower credit score. It also helps avail a credit card at a low-interest rate, making repayment easier and more convenient.
Besides knowing the credit score range for different loan products, it is crucial to understand how to check them online.
Steps to Check HDFC CIBIL Score
Follow these steps to check your HDFC free CIBIL score for free:
Step 1: Visit HDFC’s official website
Step 2: Click on the ‘Get a free credit score’ option available at the bottom of the ‘Park page
Step 3: Log in with your email ID and password
Step 4: Enter personal data such as name, date of birth, ID, mobile number
Step 5: Select address type, occupation, and other required details to proceed
Step 5: Submit identity proof such as PAN, passport, and other key documents
Once all the necessary details are filled in, the bank will run a CIBIL check to determine your CIBIL score.
How to check Bajaj CIBIL Score?
Customers of Bajaj Finserv can check their Bajaj Finserv CIBIL Score online before taking out a loan or a credit card. One can check their credit score by visiting the official website of any credit rating agency.
For instance, follow these steps to check Bajaj Finserv CIBIL score:
Step 1: Log on to a credit rating bureau’s website
Step 2: Navigate to the homepage
Step 3: Click on the free annual credit report link
Step 4: Enter PAN to check the CIBIL score
Once these steps are followed, your credit report will be shared via email.
Besides this, one can use the credit score calculator to check their credit score. Such a calculator can be accessed through the fintech website or the Bajaj Finserv app.
Bajaj Finserv customers can check their CIBIL score from the NBFC’s official website in these steps:
Step 1: Visit the official page of Bajaj Finserv
Step 2: Look for the link Check Bajaj Finsev CIBIL score on the home page
Step 3: Click on the link
Step 4: Provide necessary customer and financial details
Once followed, the Bajaj Finserv CIBIL score can be checked for free.
However, after finding your Bajaj Finserv CIBIL score and before applying for a loan with the NBFC, it is crucial to check its credit score requirement for various financial products.
Required CIBIL score for Bajaj Finserv Home Loan
Typically, the Bajaj Finserv CIBIL score for a home loan comes is 750. However, customers can avail of a home loan despite having a lower than the required credit score only under certain conditions.
These are the cases where a lower credit score can still help avail a loan:
- High property value
- You co-apply for the loan with someone who has a strong credit score and a stable income
- You have more than one source of income
- You have a low credit utilization ratio
Notably, applicants with a low CIBIL score are often subject to stricter eligibility criteria and terms of repayment. For instance, they may be required to pay a higher margin toward a loan or pay a high-interest rate against the outstanding amount.
CIBIL Score for Bajaj Personal Loan
To avail of a Bajaj Finserv personal loan, applicants must have a credit score that’s higher than 750. This is because a personal loan is an unsecured credit option, so there’s an increased risk of default. Applicants must check their loan eligibility, including the required credit score for the loan product, before applying for it.
Notably, financial institutions, including HDFC and Bajaj Finserv, weigh other factors besides CIBIL score before approving a financial product. For instance, they check applicants’ income flow, financial standing, active loan accounts, and others to approve a loan. This makes checking HDFC, Bajaj Finserv CIBIL score, and eligibility criteria mandatory before applying to these financial institutions or any others.