Bajaj Finserv CIBIL Score

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.

Additional Reading: What is credit history? 

Check Bajaj Cibil Score

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:

  • Determine your eligibility: You should only apply for credit if your chances of approval are high. Now, there is a minimum cut off for Bajaj finance credit score. If your score is lower than this, the application will most likely be rejected. Any rejection also goes in your credit report and can bring down your credit score. So, it reduces your chances of getting any loans or credit cards in the future as well. 
  • Understand what measures you need to take: Your credit report gives a detailed account of all your transactions. This includes the payments made towards the loan, existing loans, types of loans and other details. Based on this, credit rating companies determine your credit score. You can identify weak links in your credit report and rectify them in time to improve your credit score.
  • Correct any errors: You should check your entire credit report at least once a year. Credit scores can be checked every 45-60 days. Sometimes, the information may be incomplete or incorrect, affecting your credit score. When you carry out a Bajaj credit score check regularly, you can identify these mistakes and notify the credit rating agency.

Additional Reading: How to read cibil report?

credit score

Steps to Check Bajaj Finance Cibil Score

You can check your Bajaj Finance CIBIL Score directly on the website of credit rating agencies:

  • Log on to the website of the credit rating agency. 
  • Under services or on the homepage, you will be able to find a free annual credit report link. 
  • Click on the link. 
  • If you do not have an account with the bank, you will be prompted to create an account using your email ID, phone number and personal details. 
  • Once your account is created, you can check CIBIL Score by PAN card
  • You will get your credit report via email. 
  • Every year, an individual can get a free CIBIL report once. However, there are some credit agencies that allow up to 6 free credit scores and report checks each year.

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:

  • Open the free calculator on the website or through the mobile application. 
  • Enter your personal details along with your PAN card number. 
  • Then click on ‘Check my score’. 
  • Your score will be displayed on the screen instantly. 

Additional Reading: What is cibil grievance?

CIBIL Score Required for Bajaj Finserv Home Loan

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:

  • When the value of the property is high. 
  • You have a co-applicant for your home loan with a good income and credit score. 
  • There are multiple income sources. 
  • You have a low debt to income ratio.

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. 

Additional Reading: How to check cibil defaulters list?

CIBIL Score Required for Bajaj Personal Loan

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. 

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

CIBIL Score Required for Bajaj Credit Card

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: 

  • A lower credit limit 
  • Higher rate of interest 
  • Limited choices of credit cards that you can opt for 
  • Stricter repayment terms

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. 

Additional Reading: What is commercial cibil score?

What factors affect Bajaj CIBIL score?

There are many factors that affect your Bajaj Finserv credit score:

  • Repayment history: Your Bajaj credit score is determined by how regular your repayments towards your loans are. If there are any missed or delayed repayments in your credit score, it brings down your credit score significantly. The best way to maintain a good credit score range is to make repayments towards your EMIs before or on the due date.
  • Usage of credit cards: Individuals who regularly use the entire credit limit available show poor financial discipline. Ideally, credit usage should not exceed 30% of the available limit. You must also avoid paying only the minimum amount towards your credit card. While it does not affect your credit score directly, it leads to mounting credit card debt which makes it harder to repay over time. Withdrawing cash using your credit card regularly also affects your credit score negatively.
  • A number of credit applications: If you make several credit applications in a short time period, it is a sign of financial distress. Rejection of these applications is very detrimental to your credit score. It is best that you apply for loans that you are certain will get approval. You must also avoid making too many enquiries in a small interval.
  • Loan and credit products availed: Having a mixed bag of credit-related products is the best way to maintain a good credit score. You should have a balance of secured and unsecured loans. This shows that you can handle multiple types of loans. It is even more harmful if you only have unsecured loans. Loans that have been used to acquire any asset reflect well on your credit report, provided you are making regular repayments towards them.
  • Credit duration or age: Having no credit score is just as bad as a poor credit score. It shows that you have no experience with these credit facilities. It is better if an applicant has older credit accounts that are regular, without any defaults in the repayment. For individuals who have still not availed any credit, it is advised that you start with a small loan like a zero-interest loan for purchases or get a credit card with a lower limit. Then, you can build your credit score by making repayments before the due date. 

Additional Reading: How to improve cibil score immediately?

Which credit rating agency provides a CIBIL score of Bajaj?

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

The best offers from India’s most
trusted banks

small_HDFC_Bank_ad50de1859.png
INCRED.png
PaySense.png
IDFC-First.png

Best Rewards Credit Cards

Earn max rewards & redeem for cash back, value back offers, discounts & exclusive deals.

Bajaj Cibil Score FAQs

✅How can I increase my CIBIL score in Bajaj Finserv?

There are a few measures that you can take in order to increase your CIBIL score: 

  • Make repayments towards EMI on or before your due date. 
  • Try to use less than 30% of the limit on your credit card. 
  • Avoid applying for too many loans or credit cards at a time.
  • Take different types of loans, especially ones that let you acquire assets. 
  • Increase the limit of your credit card.  

✅What is the minimum CIBIL score for Bajaj Finance?

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. 

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

The five major factors that affect credit score are - 

  • Repayments made towards loans and credit card dues. 
  • The types of loan an individual has 
  • Usage of credit card 
  • Credit duration or age 
  • The number of applications made for credit products and services. 

✅What is an excellent credit score?

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. 

✅What can ruin your credit?

The main factors that affect the credit of an individual are: 

  • Missed or delayed repayments towards credit cards and loans. 
  • Taking a single type of loan. 
  • Applying for too many credit cards or loans.
  • Use up the complete limit on your credit card.  
  • Make cash withdrawals using your credit card.
  • Rejection of any previous applications for credit facilities.  

✅How can I increase my CIBIL score from 600 to 750?

Increasing your credit score from 600 to 750 is possible with a few steps: 

  • Ensure that you pay your credit dues on time or before 
  • Avoid sending out too many applications in a short duration 
  • Take a loan and repay it on time
  • Increase your credit limit
  • Reduce credit card usage
  • Check your credit report and rectify mistakes, if any

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

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. 

✅Can I buy a CIBIL score?

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.