Your CIBIL score is a depiction of your creditworthiness as a borrower manifesting from their individual credit history. While at EarlySalary, we do provide personal loans in spite of a low or no CIBIL score, its importance in making any major financial decision can not be dispensed with. It’s why we provide an easy-to-use CIBIL score calculator to know your credit score accurately and instantly. The entire process - from getting your CIBIL score to accessing instant personal loans - is completely online and hassle-free.
The promulgation of the Credit Companies (Regulations) Act in the year 2005 has led to creation of 4 major credit rating agencies such as TransUnion CIBIL, Equifax, Experian and CRIF Highmark. These organisations are designed to evaluate an individual on the basis of their credit history and assign them a number based on their creditworthiness. This number, known as the credit score, plays a very crucial role in making any financial decisions, especially credit related.
While the credit score by all of these organisations are valid, the CIBIL score, calculated by TransUnion CIBIL is the most popular and widely accepted one.
A CIBIL score can essentially be understood as a 3 digit numeric representation of your creditworthiness, ranging from 300 to 900 (check your credit score here) Based upon individual credit history, a CIBIL score closer to 900 shows reliability as a borrower while the converse represents an individual to be not so credible a borrower. On average, a course over 600+ is considered a good score.
To know more about what your credit score says about you here, read here.
A credit score says a lot about an individual. Since the credit score of an individual is associated with his/her credit history, it is important to know the same before making any major financial decision, especially if it involves credit in any form. Plus, the RBI has issued guidelines to the effect that no loan or other forms of credit should be given without evaluation of the individual’s CIBIL score.
Some of the most important uses checking your CIBIL score are:
CIBIL score is an essential metric as far as the creditworthiness of an individual is concerned. It is important to know your CIBIL score before taking up any major financial commitment. It is because of this reason that several portals offer a free credit score check. For instance, you can visit the EarlySalary website or app and check your CIBIL scorefor free.
The CIBIL score is not a static concept; it’s a dynamic one. While certain right steps and make your CIBIL score soar and make your life easier, a bad one can lead to a lot of troubles so far as the credit taking process is concerned. Some of the things that adversely affect your CIBIL score include:
Since there are several factors that affect CIBIL score and owing to the importance of having a healthy CIBIL score, here are a few tips you can use to improve your CIBIL score:
Borrowers can keep in their mind several tips and tricks to preserve their credit score or even improve their credit scores.Check here in detail.
How to Apply for Personal Loan
Not just cash, you can use your EarlySalary limit to do more.
India’s leading Instant Loan App enjoys over a million app downloads, and a rating of 4.2/5 from over 75,000 users.
I do not have words to express my experience with EarlySalary. It has been too fast, I would say it was like lightning.
While applying I thought that they would take the usual time for sanctioning as the banks. But I was surprised to see the speed at which the money was credited.
With EarlySalary, I could not believe that the entire process of applying the loan could be done on my phone that too within 10 minutes.
When I tried it myself, the experience was simply amazing. I got the amount into my account in minutes! EarlySalary is the savior! Highly Recommended!
I have had a very good experience. The process was even more seamless the second time when I had applied for a loan.
I also liked how the team interacted with me. It is the exact solution to month-end cash problems. Also, I can use it to pay off my credit card dues.
The App was very good and the interface was user-friendly. Everything starting from the start to end was just great.
I would recommend it to my friends and family and let them know about its benefits as well.
What all I can say about this App is WOW. It is a seriously amazing and hassle-free system.
I got the amount directly in my bank account just after my digital KYC. It is a trustable and secure system. Just go for it.
Here what people are saying about EarlySalary
They say the concept of credit is as old as humanity itself; coming into existence even before the concept of money did. The concept of formal credit, however, is a little more recent. On the occasion of the Indian Republic turning 71, we trace the history of the Indian credit sector, and see how it […]
Why is investing important? It is a question with an obvious but prudent answer. If you are already struggling to manage a monthly budget and repaying debts, you might wonder why should you add another financial task to your to-do list. But, investing might be the most important expenditure of all. Investing is crucial as […]
While pay equity as a concept is fairly old, its context has continued to evolve with time. Originally leveraged as a tool to combat the adverse impact of unequal pay between people of varying social classes and backgrounds, it is now the de facto term to address gender pay disparity. India has had a good […]