A CIBIL score is a credit rating given to each individual based on their financial discipline and behaviour. This score is given by the Credit Bureau of India, which has a record of all the credit-based transactions that you carry out. This includes credit card usage and loans, along with your overall financial health. In order to avail various products and services from banks like Axis Bank, CIBIL score plays a very important role.
Essentially, the CIBIL score determines the repayment capacity and the reliability of the candidate. A low credit score shows that you have defaulted on your repayments in the past, making you a less eligible candidate for any credit. Before you apply for a loan or a credit card, it is best to check the minimum CIBIL score Axis Bank requires to approve your application.
This is the first step before you approach any bank for their products and services. Now that you know what is CIBIL score is, here is everything that you need to know about checking your CIBIL score. We also give you tips on the most important question, “How to increase my CIBIL Score”?
It is best to carry out a complete Axis Bank CIBIL score check. It has many other benefits than just improving your chances of getting approval on your loans and credit cards:
Every individual can get a detailed credit report once a year for free. Some of them also allow you to get 3-6 reports each year if you register with them. This helps you monitor your credit score more regularly.
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There are two options to check your Axis Bank CIBIL score:
With CIBIL and the other three credit information bureaus, namely Equifax, CRIF Mark and Experian, customers are allowed one Axis Bank CIBIL Score check every year for free. For Axis Bank, it is best to check with CIBIL, also known as TransUnion CIBIL.
You have to follow a similar procedure on the websites of the aforementioned credit bureaus as well. Some of them may ask you if the report is for an individual or for a business. Besides that, there is no difference.
To make CIBIL score calculation easier, some fintech companies have developed a CIBIL score calculator. This application allows you to check your CIBIL Score Axis Bank on the go.
These calculators can be accessed on the official website or in the form of a mobile application. In order to check your CIBIL score, follow these simple steps:
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The CIBIL score for home loan with Axis Bank must be 750 or above for you to be considered a low-risk customer. Home loans are long term loans that also have a higher quantum. So, your creditworthiness is very important.
However, if your credit score is lower than 750 but higher than 600, there may be some conditions under which you get approval on your loan:
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Personal loans are unsecured loans and, therefore, require a higher CIBIL score for approval. The CIBIL Score for personal loan must be 750 or above for approval on your loan. However, in rare cases, showing additional sources of income like rent from a property or a letter for increment in salary or an upcoming bonus may help your application get approved.
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The minimum CIBIL score for credit card approval by Axis Bank is 750. The higher the score, the more likely you are to get a credit card with a good limit. You may get a credit card with a slightly lower credit score if you have a good income and debt to income ratio. However, in this case, you will have to compromise on the limit offered on your card.
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Credit score calculation depends on several factors:
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Axis Bank and most major banks mostly rely on TransUnion CIBIL, one of the top credit rating agencies in India. However, they may even check the other operating credit Bureaus, namely Experian, Equifax and CRIF Highmark.
Banks provide all these credit agencies with data about the transactions carried out by customers. However, the credit score may vary from one agency to the other based on the parameters that they prioritize. If you want to carry out an Axis Bank CIBIL score check, TransUnion CIBIL is your best option.
Additional Reading: How to check cibil defaulters list?
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The five factors that affect credit score are:
Your credit can be ruined by:
You can increase your CIBIL score to 800 by following these simple practices:
No. Paying only the minimum balance does not affect your CIBIL score. However, it causes your debt to multiply, making it hard for you to repay in the future and increasing your outstanding debt. This leads to a lower credit score.
The minimum CIBIL score for credit cards with Axis Bank is 750. You may get a credit card with a lower credit score. However, the eligibility criteria will be stricter. You will also not be able to get a higher limit on the credit card.
Ideally, it takes up to 6 months to improve your credit score. However, there are some ways to speed up this process:
The CIBIL score changes based on the data received from lenders by the credit agencies. All the details about your payments or credit availed are shared with the credit agencies every 30-45 days. So you can expect your CIBIL score change every 45 days, ideally. However, if you notice that it has not changed after 45 days, it is advised to wait for 60 days to see any updates.