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About IIFL CIBIL Score

The deciding factor for any loan eligibility is the Credit Score awarded by the Credit Information Bureau, CIBIL. CIBIL collects information from various financial institutions that are partners with the Company and prepares a Credit Report. Credit Report. The content of the Credit Report includes the history of your past and present secured and unsecured loans, repayments towards loans and credit cards and the number of loans, delayed EMI and credit card payments and applications submitted for loans and credit cards.

The CIBIL Score calculation is based on the above information that is provided by all the financial institutions by default to the Credit Bureau once a month. Some the upward and downward slip of the CIBIL Score is according to the updations made on a monthly basis. CIBIL Score ranges from 300 to 900, wherein 300 is the lowest score, and 900 is the maximum score. The proximity of your Score to 900 enables the financial institutions to draw an inference about your creditworthiness and repayment capacity. However, a CIBIL Score range of 700 and above is considered good, and you will get a loan approval faster.

Check IIFL CIBIL Score

If you want to be on the top of the Score always, then it is compulsory to do an IIFL CIBIL Score check frequently. As discussed earlier, the Credit Report is updated on a monthly basis on the information obtained from various financial institutions once in 30 days. Lots might have happened in these 30 days that could vary your CIBIL Score.

A frequent credit monitoring by way of checking the IIFL CIBIL Score online for free. You can detect any inaccuracies or discrepancies in the Credit Report and get it resolved before it is too late. By doing so, you will maintain a good score at all times and be eligible for credit facility whenever there is a need. The CIBIL Score required for home loan will be 700 and above, and the CIBIL Score required for Personal Loan will be 750 and above. Maintaining your credit score at a level above 750 will make you eligible for both secured as well as unsecured loans.

Additional Reading: What is commercial cibil score?

Steps to Check IIFL CIBIL Score

CIBIL Score is the initial step for verification of the creditworthiness and financial stability of the applicant. If you are planning to fulfil the dream of owning a house and intend to apply for a home loan, it is recommended to check your IIFL CIBIL before you submit the loan application. Otherwise, you will be taken by surprise when you notice that the Score has reduced to a level you have not imagined of. There could be various reasons for the decrease in the Score. Missing out on EMI payments could be one of the reasons, but there are several other factors that could reduce your IIFL CIBIL Score by many points. They are

  • Fraudulent transactions by stealing your credit card and bank details.
  • Lodging of applications for loans and credit cards that you are not aware of by stealing your personal identity.
  • Duplication of loan accounts.
  • Change in your personal details.

You should, as a regular practice to check for these changes in the Credit Report. Your next question would be ‘How to check my Credit Score’ You can either do an IIFL CIBIL check by accessing the CIBIL website or by accessing the IIFL website.

CIBIL provides you with a free Credit Report once a year. But IIFL will enable Isoft enquiry of IIFL CIBIL Score for free any number of times.

Steps for checking IIFL CIBIL Score on the CIBIL website

  • Access the official website of CIBIL
  • If you are checking the CIBIL Score for the first time in the current year, then you can click on the ‘Generate Free Report’ Option. Else, you should click on the ‘Know Your Score’ option.
  • A form will appear on the screen in which you will have to provide details like Name, Contact Address, Date of Birth, Mobile Number and PAN.
  • If it is a free CIBIL Score check, then the Report with the Score will be displayed on the screen. Otherwise, you will be taken to the payments page. On making an online payment, the CIBIL Report will be displayed, which you can download.

Steps for checking IIFL CIBIL Score on IIFL Website

  • Access the IIFL website.
  • A simple application form will be displayed. You will have to provide details like Name, Date of Birth, PAN, Pin Code, Mobile Number and Email ID. Accept the terms and conditions and click on the ‘Generate Report’ button.
  • Your Free Credit Report will appear. IIFL enables soft enquiry that will not affect your CIBIL Score

Additional Reading: How to check cibil defaulters list?

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CIBIL Score Required for IIFL Home Loan

A good CIBIL Score is mandatory for your home loan application to be approved. The amount of trust any financial institution, including IIFL, will have in your in respect of your credibility depending on your CIBIL Score. Normally the required CIBIL Score for home loan is 650 and above. The IIFL CIBIL Score required for an IIFL home loan is 700 and above.

IIFL offers home loans for the purchase of a flat, row house or bungalow. It also offers homes for the construction of a residential property on both leaseholds as well as freehold properties. Simple documentation and approval in just 25 minutes is the attraction. But to be eligible for a quick approval gaining the impression of a responsible borrower with immense creditworthiness is essential. Though 700 is considered a good CIBIL Score for home loan at IIFL, for a better scope of approval with a lower interest rate and other attractive offers, your IIFL CIBIL Score should be closer to 900. With a good IIFL CIBIL Score and the required documents, you can get a loan up to 85% of the project with a repayment period of 25 years and at an interest as low as 8.20% p.a. 
Apply for an IIFL home loan with a very high IIFL CIBIL score and reap the benefit of the lowest interest rate.

Additional Reading: How to raise cibil dispute?

CIBIL Score Required for IIFL Personal Loan

CIBIL is a Credit Rating Agency in India that provides ratings for individuals as well as Companies. The CIBIL Score calculation is based on the credit history of the individuals as provided by various financial institutions across the Country. The credit history collected is compiled into a Credit Report, and the rating is based on the information in the Credit Report. The Credit Report mainly consists of details about the past and existing loans of the individual, the payment history, outstanding balances in loans and credit cards, the number of enquiries made for loans and credit cards in the recent past.

CIBIL Score gradation is 300 to 900 and indicates the financial health, the repayment track and the creditworthiness of the applicant. An IIFL CIBIL Score of 750 and above is considered good, but anything closer to 900 is the most welcome Score. Lenders look forward to loan applications with a credit score closer to 900 so that their investment is at the least risk of default.

The minimum CIBIL Score for Personal Loan at IIFL is 750. IIFL provides personal loans of Rs. 2.00 lakhs for wedding, inland and overseas travel, for the purchase of a vehicle or   
a gadget or even for refurbishing your existing home. With an IIFL CIBL Score, closer to 900 eligibility checks will be done within 2 minutes, and even before you realise, the loan amount will be credited to your account. Do you think now there is any need to keep your dream waiting for longer? Do a regular IIFL Credit Score check, consistently maintain a top IIFL CIBIL Score to walk away with an Rs.2/- lakh within minutes.

Additional Reading: What is cibil grievance?

CIBIL Score Required for IIFL Credit Card

IIFL does not provide Credit Cards. They are at present only providing secured loans like business loans, gold loans, mortgage loans, home loans and unsecured loans like Personal Loan.

However, since Credit Card is nothing but a convenient personal loan, the minimum IIFL CIBIL Score required is 750. Since lenders have become more vigilant while approving credit card applications due to the mounting frauds and defaults, they primarily check for the repayment track and financial ability before conveying a credit decision. It will be a challenge to get approval for either a Credit Card or a loan for low CIBIL Score.

Additional Reading: Check cibil score for credit card 

What factors affect IIFL CIBIL score?

TransUnion CIBIL, the first Credit Information Company in India, rates the financial health of an individual as well Companies that will be commensurate to the credit history of customers provided by financial institutions all over India. The Credit Bureau will first compile a Credit Report based on the information and then give the Score based on the repayment history, the number of loans, credit mix, utilisation of credit and frequency in applying for fresh credit.

Sometimes when you happen to randomly do an IIFL CIBIL Score Check, you will realise that your credit score has come down without your knowledge. You should then draw a Credit Report and check for the following that will impact your credit score.

  • Missed out EMIs or Credit Card Payments: It is not necessary that prompt payment of EMIs and Credit Card dues that are in your name can keep the Credit Score good. You might be a co-obligant or a guarantor for other loans. You should even monitor for regular payment of EMIs of those loans as well if you need to maintain a top IIFL CIBIL Score.
  • Over utilisation of Credit Card Limit: You need to moderate the utilisation of credit card limit to 30%, and less as excessive utilisation of the limit can have a negative impact on the credit score.
  • Balance of loans: You should be very careful while availing of a number of loans. Ensure that there is a good balance between secure and unsecured loans. A higher number of unsecured loans will have a negative impact on the IIFL Credit Score.
  • Frequent Credit Enquiries: Whenever you apply for a fresh loan, the lender will draw an IIFL CIBIL Report, which will be recorded as a hard enquiry in your Credit Report, and the Score can come down by several points. You are considered credit hungry if you apply for fresh loans with too many lenders at the same time.
  • Discrepancies in the Credit Report: Sometimes, there may be some discrepancies like duplication of accounts, fraudulent transactions in your bank account as well as on your credit card, etc., that happen without your knowledge.

Frequent generation of Credit reports to check for the above will help you to resolve the issues at the earliest and upgrade your scores.

Additional Reading: How to improve cibil score immediately?

Which credit rating agency provides a Credit score for IIFL?

There are 4 Credit Rating Agencies in India that provide a Credit Score of IIFL. They are TransUnion CIBIL, CRIF, Experian, and Equifax. Of the lot, the credit score of TransUnion CIBIL is held on high priority.  

By default, like any other financial institution, IIFL has to provide the credit history of its customers to all the four Credit Bureau once in 30 days. Based on the information provided by IIFL and other financial institutions, the four Credit Bureaus will award a score to every individual and Company having a credit profile.

The efficacy of CIBIL is more relied upon, and like all other financial institutions, IIFL prefers to check CIBIL Score for all loan application appraisals.

Additional Reading: Cibil score check free online by pan number

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IIFL Cibil Score FAQs

✅Can I check my CIBIL Score without a PAN card?

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Yes, you can check the CIBIL Score without a PAN Card. You will need a Passport, Driving Licence or an Aadhar Card in the absence of a PAN. You can use the ID number on any of these valid Identity Proofs to check the IIFL CIBIL Score.

✅How can I get 900 CIBIL scores?

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You can get an IIFL CIBIL Score of 900 if you are financially disciplined and manage your finances with prudence. You should be focused on the following factors to reach the maximum score of 900.

  • Pay your EMIs and credit card dues promptly within the due date.
  • Never opt for revolving payment of Credit Card dues. Aim at clearing the entire credit card liability instead of paying the minimum amount due.
  • Use Credit Card limit in moderation.
  • Reduce the number of loan and credit card enquiries.
  • Keep a watch on the repayment of loans for which are a guarantor or co-obligate.
  • Try to keep unsecured loans at a minimum. Maintain a good balance of secured and unsecured loans.
  • Go for debt consolidation and reduce the number of loans.
  • Keep a watch on your debt to income ratio.

✅How can I check my CIBIL Score directly?

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You can check your CIBIL Score by logging in to the official website of CIBIL and filling up a simple form by providing basic details like name, address, date of birth, email address, mobile number, and PAN

✅How can I know my CIBIL Score on the Aadhar card?

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You can know your CIBIL Score by logging into the official website of CIBIL and filling up a simple form with details like name, contact number and address, date of birth, email address, and Aadhar Number.

✅How can I increase my CIBIL Score from 0 to 750?

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If you have no credit history, then your CIBIL Score will be 0 if the credit information about you is available only for a period of 6 months, with which the lender will not be able to gauge your repayment track and financial health. You will have to avail of a new loan to create a history beyond six months and make regular repayments to bring your Score up to 750.

But the challenge is getting a loan without sufficient credit information. You can avail of a credit card against a fixed deposit and gear up the Score to 750 by making regular repayments of the credit card.

✅Why is my credit score not increasing?

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For your Score to increase, you will have to reform your financial habits. It could be for any of the following reasons.

  • You might be using the credit card limit extensively and beyond the 30% level.
  • May have several EMIs on various dates and forget to make payment of some of these within the due dates.
  • The loan for which you are either a guarantor or a co-obligant is not being repaid promptly.
  • There are transactions using a credit card of which you might not be aware. In this sense, your credit card details might have been stolen and fraudulent transactions being added to your credit report.

✅How can I raise my credit score in 30 days?

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Many times the concern of every individual will be how to increase credit score?. The answer is you can increase your credit score as fast as possible and even in 30 days by following some good financial practices like:

  • Prompt repayment of credit card dues and loan EMIs.
  • Ensuring prompt repayment of other loans for which you are a surety.
  • Limiting unsecured loans.
  • Using credit card limit in moderation.
  • Keep track of any report of fraudulent transactions in your credit history.