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About Axis Bank CIBIL Score

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”? 

Check Axis Bank 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:

  • You get an idea about your credit position: It is a good idea to check your credit score from time to time so that you know what options you have to get financial assistance. Make sure you check your credit score as well as report. These are two different things entirely.
  • You reduce the chance of rejection when you apply: Axis Bank credit score check helps you see yourself through the eyes of your lender. In addition to a lot of data like your personal information, income, employment status, banks and other lenders check your credit report to assess your creditworthiness.  
    The credit score gives them an idea, while the credit report helps them get into greater detail. These reports include information about past and current credit accounts and your payment history. If your application is rejected when you apply for credit, this is also reflected in the credit report. It tends to lower your credit score.
  • You can notify the credit bureau of any mistake or inaccuracy: This is one of the main reasons for checking your credit report regularly. In case you notice any incomplete or inaccurate information that is harming your credit score, you must notify the bureau immediately.

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. 

Additional Reading: How to get urgent loans for bad credit?

Steps to Check Axis Bank Cibil Score

There are two options to check your Axis Bank CIBIL score:

On the CIBIL Website: 

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.

Follow these steps to get your credit score: 

  • Visit the official CIBIL website.
  • Search for the link which offers a free credit report. 
  • If you are a first time user, you will have to create an account by entering your email ID, gender and date of birth. 
  • The next step is to provide the necessary ID verification. You can check CIBIL score by PAN card, passport number, Aadhaar details or license number. 
  • Once you have accepted all the terms and conditions, you will receive your report and credit score via email.

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.

Using a CIBIL Score Calculator

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: 

  • Open the CIBIL score calculator on the website of your choice or on the mobile application.
  • You will have to give some personal details. This varies from one application to the other. 
  • You must provide your PAN card details. 
  • Once you enter the necessary information, the application calculates and displays your credit score instantly. 

Additional Reading: How to read cibil report?

Cibil Score Required for Axis Home Loan

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: 

  • The LTV of your property is high. Since the property that you build or purchase with the loan is taken as security, you may still get the loan. 
  • The interest rate is increased to give you approval on a loan. 
  • You may have to pay a higher margin in order to avail of the loan. 
  • You can take a joint loan with a co-applicant, considering that the latter has a good credit score and income.

Additional Reading: What is credit score range?

Cibil Score Required for Axis Personal Loan

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. 

Additional Reading: What is cibil grievance?

Cibil Score Required for Axis Bank Credit Card

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. 

Additional Reading: How to raise cibil dispute?

What factors affect Axis CIBIL score?

Credit score calculation depends on several factors:

  • Missed or delayed payments: This is the primary factor that affects your Axis Bank CIBIL score. If you make several delayed payments towards EMIs or credit card dues or have missed some payments, your credit points drop significantly. It is also not advisable to pay only the minimum balance on your credit card regularly as it affects your score.
  • Credit card usage: Maxing out your credit card frequently is a sign of financial distress. It is a good idea to limit your credit card use for essentials or some high-value purchases. Ideally, the usage of your card should be 30% or less than the available limit. Using a credit card to withdraw cash can also affect your credit score. Lowering your credit limit is also considered poor financial behaviour. 
  • Number of applications for credit-related products: If you have made multiple applications for a loan or credit card, it reflects poorly on your credit score. It shows that you need additional financial assistance to manage your expenses. If these applications have been rejected, then it is even more harmful to your credit score.
  • The duration of your credit accounts: Age of credit is a factor that determines 15% of your credit score. If you have loans that have been repaid or have been availed some time ago, then you will have a better credit score. This essentially shows that the applicant has some experience handling credit and is a reliable candidate for approval.
  • The types of outstanding loans: You need to have a good mix of secured and unsecured loans. If you only have unsecured loans, it is worse for your credit score Axis Bank. When you have a good mix of different types of loans, it shows that you can handle all types of credit. Having loans that have helped you acquire assets like a home or a car is even better for you.

Additional Reading: What is commercial cibil score?

Which credit rating agency provides a CIBIL score of Axis Bank?

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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Axis Bank Cibil Score FAQs

✅What are the five factors that affect your credit score?

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The five factors that affect credit score are: 

  • Payment history 
  • Age of credit 
  • Types of loans 
  • Credit usage 
  • Number of credit card and loan applications

✅What can ruin your credit?

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Your credit can be ruined by: 

  • Delaying or missing credit repayments
  • Excessive usage of credit card 
  • Opting for a single type of loan, like personal loans or business loans. 
  • Making multiple applications for a credit card or loan in a short period of time. 
  • Having a very low age of credit, meaning your oldest account is relatively new.

✅How can I increase my CIBIL score to 800?

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You can increase your CIBIL score to 800 by following these simple practices: 

  • Repaying EMIs on time or before the due date. 
  • Taking loans to acquire assets. 
  • Making full payments towards credit cards instead of only paying the minimum balance. 
  • Only apply for loans when you are sure that they will get approved. 
  • Avoid using more than 30% of your credit limit each month.

✅Does paying minimum due affect CIBIL?

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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. 

✅What is the CIBIL score for Axis Bank Credit Card?

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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. 

✅How can I improve my CIBIL score in 10 days?

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Ideally, it takes up to 6 months to improve your credit score. However, there are some ways to speed up this process: 

  • Pay all your revolving credit card balances. 
  • Increase the limit of your credit card. 
  • Check your credit report for any errors and get the inaccurate or incomplete entries rectified. 

✅Does the CIBIL score change every month?

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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.