Get a free credit score report online for an instant personal loan
Nowadays, anyone can experience a financial emergency that would necessitate the availability of an instant personal loan that could end up covering most of the borrower’s financial liabilities. But before taking a loan, it is necessary to know your credit score, which would determine the amount of loan that you could avail of.
Credit score is the reflection of an individual’s ability to repay any borrowed amount. Credit score determines the applicant’s creditworthiness in regard to any previous loan that they may have acquired. Credit scores are valued between 300 to 900, with the latter being the highest rating of creditworthiness.
Such credit scores are checked by credit bureaus online, which take into consideration a number of factors such as repayment records, length of credit taken, credit inquiries, etc.
When applying for an instant personal loan from a bank or NBFC, having a favourable credit score enables you to obtain a higher loan amount with low rates of interest with tenure of your choice to pay back the principal amount.
Range of credit scores
The credit score is measured between 300 to 900 in India, with 900 being the highest. The closer is your credit score to 900, the more favourable you are to get loans, credit cards, etc.
These are the ranges of CIBIL score in India:
● N/H
If you have never applied for a loan or credit card, you will have no credit history. N/H means no history and that you do not have any CIBIL score.
● 300–550
If the CIBIL score is in 330 to 550 range, it means that you have not paid your dues in the past from a loan or credit card. Most banks and NBFCs would turn down this range of CIBIL score due to the high risk of default.
● 551–650
This is a decent CIBIL score. However, it still reflects untimely payment of dues, which may lead to a higher rate of interest charged by the lender for your personal loan.
● 651–750
This is a good CIBIL score, and borrower’s in this range would be entitled to some discount on the rate of interest.
● 751–900
This is considered as an excellent CIBIL score and should fetch you instant personal loans without any hassle. Individuals in this range of CIBIL scores will enjoy the lowest interest rates.
How to check credit score online
You can easily check credit score online by following the below-mentioned steps:
● Visit a website where inquiries about an individual’s credit score is done
● Enter your credentials: full name, contact number and email address.
● An OTP will be sent to the mobile number for verification
● Mention PAN number in the box
● Your credit score report will be displayed.
Get instant personal loans
After checking the credit score, you can apply for instant personal loans with a good or excellent credit score online on any bank or NBFCs website.
Many banks and NBFCs offer personal loans instantly without any undue delay. Below are the steps to apply for a personal loan online:
● Visit the website of a lender like a bank or NBFC and click on ‘instant personal loans’
● Fill the application form by entering details like name, address, income details, etc. You will also need to submit an ITR form and last 6 months bank statement.
● You can use an online EMI calculator to determine the estimated EMI and total borrowing cost that you will incur.
● Once you submit, the lender will verify all your documents and creditworthiness. They will then inform you regarding the terms, loan amount, interest rate and payback time.
● Upon agreement, the amount will be transferred to your bank account instantly.
Personal loans are easy and are processed instantly, typically within the next 24 hours. The documentation process is easy, and personal loans are disbursed quicker than other types of loans. The application process is also easy and hassle-free, which enables you to get instant personal loans in just a few clicks.
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