Your Bajaj CIBIL Score is a three-digit score that is given to you based on your financial health. It is calculated based on how you manage your credit, the repayments that you make, and the credit type you have availed. This is one of the most important factors to determine your creditworthiness. The higher your credit score, the more likely you are to get approval on any loan or credit card that you apply for.
So, what is a good credit score and what are the factors that affect your Bajaj credit score? Let us find out.
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If you are approaching an NBFC or bank for a loan or credit card, check your credit score on priority. Your credit score ranges between 300-900. If your's is a high credit score, you are considered a low-risk customer. This means that they are most likely to make regular and timely repayments towards the loan. However, when the credit score is lower, it shows that the financial health of the individual is poor.
There are many reasons to find your credit score and keep a regular check on it:
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You can check your Bajaj Finance CIBIL Score directly on the website of credit rating agencies:
The next option available for you to check your credit score is using a free credit score calculator. These calculators are available through fintech or finance-related websites. You can access them on the website directly or through a mobile application using these steps:
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A home loan is a secured loan. The house that you build or purchase using the loan is used as a mortgage against your loan amount. The CIBIL Score for home loan for Bajaj Finserv has a minimum cut off of 750. However, there are some cases where you may get a home loan despite a slightly lower credit score:
However, when the CIBIL score is lower than the expected value, the eligibility criteria are stricter, and the terms of repayment may also change. Usually, the interest rate is higher when your CIBIL score is low. You may also have to pay a higher margin towards the loan.
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A personal loan is harder to get if you have a low CIBIL score because it is an unsecured loan. This means that the lender does not get any collateral against your loan. So, they must be sure that you have the repayment capacity for the loan amount that you borrow. The best way to determine this is by checking your credit score and credit report.
The CIBIL Score for personal loan must be higher than 750. So, it is advisable that you take the necessary measures to improve your credit score before applying for a personal loan. Individuals who have a good credit rating have several benefits. They can even get pre-approved personal loans and other credit facilities. Therefore, maintaining a good credit score range is very important.
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The Bajaj Finance credit score required for a credit card is anything above 750. In some cases, a lower credit score may be accepted with the following conditions:
If you already have a low credit score, it is not advisable to apply for a credit card. Missed credit card payments cause maximum damage to your credit score. Only if you are sure that you can make regular repayments should you apply for a credit card.
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There are many factors that affect your Bajaj Finserv credit score:
Additional Reading: How to improve cibil score immediately?
There are four credit rating agencies in India that provide Bajaj CIBIL score. When you are applying for a loan, you can check your TransUnion CIBIL, Equifax, Experian and CRIF credit score. Banks, NBFCs and other lenders send all the data about their customer’s transactions to these credit agencies.
Based on this data, the credit score is calculated. This data is received by the credit agencies every 30-45 days. Therefore, changes in your credit score occur during this period or within a maximum of 60 days.
Additional Reading: Check Credit Bureau of India
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There are a few measures that you can take in order to increase your CIBIL score:
The minimum CIBIL score required for any loans or credit cards with Bajaj Finance is 750. However, exceptions may be made in some cases where the individual is able to provide security against the loan or has a good debt to income ratio.
The five major factors that affect credit score are -
The highest credit score one can have is 900. So the closer you are to this number, the better your credit score. An excellent credit score is anything above 800.
The main factors that affect the credit of an individual are:
Increasing your credit score from 600 to 750 is possible with a few steps:
Regularizing payments towards loans and credit card dues is the fastest way to improve your credit score. However, even this can take up to 6 months. The only way to improve the CIBIL score in 10 days is if there is an error in your credit report and you get it changed.
No. CIBIL score is calculated based on the data provided by lenders to credit agencies. You can only improve your CIBIL score by improving your financial discipline and health.