How to Check Your CIBIL Score Using Your PAN Card?

Due to the rapid advancement of technology, checking your CIBIL score has become a straightforward task, especially if you are using a PAN card. This unique identification number, linked to your financial transactions, records almost everything related to your credit history. 

The process of CIBIL score check free online by PAN number is not only convenient but also crucial for anyone looking to secure loans or manage their financial health. In a few simple steps, you can gain insights into your creditworthiness, helping you make informed decisions. Whether you’re a first-time loan applicant or a seasoned borrower, understanding how to check credit score using PAN card is an essential financial skill. 

Who are the Credit Score Issuing Authorities in India?

In India, the responsibility of issuing credit scores rests with four main credit bureaus, authorized by the Reserve Bank of India (RBI) under The Credit Information Companies (Regulation) Act, 2005. These reputed credit bureaus are – 

1. Credit Information Bureau India Ltd (CIBIL™)

2. Experian

3. Equifax

4. HighMark™

Among these, CIBIL™ is the first credit information company in India.

Each of these bureaus offers services for individuals to check credit score using PAN card. The process to CIBIL score check free online by PAN number or with other bureaus is designed to be user-friendly and accessible. While CIBIL score is a popular choice, lenders also rely on scores from Experian and Equifax for their credit decision-making. It’s mandatory for all lenders to report credit activities to all four bureaus, ensuring a comprehensive credit profile for individuals. You can also conduct online CIBIL score check by PAN number free if you are a Zype app user.

Reasons Why PAN Card is Important for Checking CIBIL Score?

Your PAN card is linked to all your financial transactions and bank accounts, making it a unique identifier for your financial profile. This is essential for a precise CIBIL score checking.

1. The PAN card number is used to efficiently locate and pull up your credit-related information. This facilitates an accurate online CIBIL score check by PAN number free.

2. PAN card serves as a reliable tool for identity verification, ensuring that the credit score has been accessed is  yours.

3. The requirement to link your PAN with your Aadhaar card helps financial institutions in identifying individuals with loans from multiple banks, making CIBIL score with PAN card checking more comprehensive.

4. When you check credit score using PAN card, it minimises the risk of identity theft, since this government authorized document is unique to each individual.

5. Since the PAN card is a central record of all financial transactions, it simplifies the process of checking your credit score, making services like CIBIL score check free online by PAN number more efficient and user-friendly.

What are the CIBIL Score Ranges?

Understanding CIBIL score ranges is crucial for anyone looking to check credit score using PAN card or through any other means. The CIBIL score, a three-digit number ranging from 300 to 900, is a key indicator of your credit health. Here’s a breakdown of what these scores represent – 

Poor (300-549): This range indicates a high risk to lenders, often resulting from a history of defaults, late payments, or limited credit history. Individuals in this bracket may find it challenging to get credit approvals.

Average (550-649): Scores in this range are considered fair. While you may get credit, it might come with higher interest rates. This range suggests there’s room for improvement in your credit habits.

Good (650-749): A score in this range is viewed favorably by lenders. It reflects responsible credit behavior and a stable repayment history, increasing your chances of loan approval at competitive rates.

Excellent (750-900): This is the good credit score range. It indicates a strong credit history and responsible credit management, leading to the best loan offers and interest rates.

CIBIL Score Range

Rating

300 – 549

Poor

550 – 649

Average

650 – 749

Good

750 – 900

Excellent

Step-by-Step Process to Check CIBIL Score by PAN Card

You can check your CIBIL score with PAN card. Checking your CIBIL score using your PAN card is a straightforward process. Here’s a step-by-step guide to help you through it:

1. First ,go to the official CIBIL website for credit score check free online by PAN number.

2. Find ‘Get your CIBIL Score’ and click on that.

3. Here, you will need to enter some personal info. This includes your name, email address, password along with your ID proof.

4. After you have filled in your details, you will get an OTP on your phone or email for a quick verification step. Just enter the OTP you received to move forward.

5. Once you are verified, you will be directed to a dashboard where your CIBIL score will be displayed.

The score may range from 300 to 900. A score above 750 is generally seen as excellent. If your score is above 750, you are likely to be in a good position when it comes to loans and credit cards. However, this doesn’t mean that if you have lower than that, your loan would be denied. Your lender may check many factors to consider your loan request.

Also Read: How to Get a Perfect 900 Credit/CIBIL Score?

Does Change of PAN Card Affect Your CIBIL Score?

Changing or updating your PAN card does not directly impact your CIBIL score, as long as the PAN number remains the same. For instance, if you request a duplicate PAN card due to loss or theft, your CIBIL score with PAN card remains unaffected because the PAN number, which is crucial for credit score check free online by PAN number, does not change.

4 Essential Factors that Determines You Overall CIBIL Score

If you’re conducting a CIBIL score check by PAN number free of cost, it’s essential to be aware of the primary factors that impact your score:

Payment History : Maintaining a perfect record of timely payments is vital for a healthy CIBIL score since a single late payment can reduce it.

Credit Utilization Ratio: Ideally, you should use less than 30% of your available credit limit since high utilization can reduce it. So, if your credit limit is ₹1 lakh, try to keep your usage below ₹30,000.

Length of Credit History : A longer credit history provides a more comprehensive view of your financial behavior. According to CIBIL, borrowers with a credit history of over 7 years generally have higher scores.

Credit Mix and New Credit : A balanced mix of secured and unsecured loans is beneficial. However, too many new credit applications in a short period show dependence, affecting your credit score.

Also ReadSecured vs. Unsecured Loan: What is the Difference?

Applying for a Loan After Checking Your CIBIL Score

Getting Ready for a Loan Application After Checking CIBIL Score With PAN Card (H2) Once you’ve checked your CIBIL score through a credit score check free online by PAN number, your next step would be to apply for a loan. Your CIBIL score plays a pivotal role in this process. A score above 750 is generally considered excellent, increasing your chances of loan approval with favourable terms. On the other hand, a score below 700 might indicate financial instability, making lenders cautious.

If you want to apply for a personal loan, you can download Zype App. By signing up in Zype you can receive personal loans up to ₹5 lakhs with competitive interest rates starting at just 1.5% and flexible tenures. A higher score can lead to better loan offers, possibly with lower interest rates and more flexible repayment options. Zype, with its user-friendly interface, allows for a streamlined loan application process, making it a viable option for those with a strong credit history as reflected in their CIBIL score.

Conclusion:

In today’s credit-driven world, having a keen eye on your CIBIL score is a wise strategy. By doing a credit score check free online by PAN number, you gain valuable insights into your creditworthiness. This knowledge not only empowers you in managing your finances but also get high value loans when you need it . Remember, a high CIBIL score can be your golden ticket to securing loans on favourable terms.

Frequently Asked Question

What is the CIBIL Score for a New PAN Card?

For individuals with a newly PAN card, the CIBIL score is classified as “New to Credit. As credit activities begin and are reported, the score gradually develops based on those credit behaviors and transactions.

Is it Okay to Have Two PAN Cards?

No. In India, it is illegal to have more than one PAN card. If you do, it could cause legal problems since it is seen as trying to avoid taxes. If you accidentally have two, it is best to give up the extra one.

Will My CIBIL Score Get Affected When I Update My PAN Card?

Updating your PAN card details, like address or name, doesn’t impact your CIBIL score as the PAN number remains unchanged.

What if I Don't Have a PAN Card? Can I still check my CIBIL score?

No, you cannot check your CIBIL score if you don’t have a PAN card. 

Does Checking Your CIBIL Ccore with Your PAN Card Affect It Negatively?

No, checking your CIBIL score using your PAN card is considered a soft inquiry and does not negatively impact your score.

I have Lost My PAN Card. Will it Affect my CIBIL Score?

Losing your PAN card does not directly affect your CIBIL score, but you should reissue it promptly to prevent potential misuse.

Is it safe to check my CIBIL score online through a PAN card?

Yes, it is safe to check your CIBIL score online using your PAN card,on secure and reputable platforms. Visit the CIBIL website and then choose ‘Get your CIBIL Score’. Enter your personal details and ID proof. Once you receive an OTP in your registered mobile number or email, use it to get verified. Your credit score will be displayed on the screen.

How do I know if there is a loan on my PAN card?

Review your credit report to see all loans and credit facilities linked to your PAN card; it lists all your financial details.

Can my PAN card be blocked by the lending company?

No, a lending company cannot block your PAN card. Only the Income Tax Department has the authority to manage PAN card issues.

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