Checking CIBIL score before getting any financial assistance is essential, especially before applying for personal loans, car loans, credit cards and others, and now it has become easy ever since UPIs like Paytm and Phone Pay are facilitating this service for free. So, if you are thinking about how to check CIBIL score in Paytm then here we are introducing the complete guide for the CIBIL score. It will help you get the way how to check it for free and what are the ways to enhance the CIBIL score. Let’s know the steps that how to check the CIBIL score in Paytm easily.
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ToggleSteps to Check the CIBIL Score in Paytm app
- First of all, install the Paytm App on your mobile if you are not using Paytm right now.
- Register install and log in to the App using your registered number which is linked to your bank account.
- Open the App, scroll down, and find the section of the “free CIBIL Score”.
- Click there and check the score through the PAN number.
- Once entering the PAN number, you will get the current CIBIL score including the existing loan and EMIs.
Significance of Good CIBIL score.
The CIBIL score is your financial creditworthiness that proves your reliability about the previous and existing loans. It decides the chances of approval and affordable interest on your loan so that you can get fair personal loan services easily or you can apply for a credit card.
Once you have crossed the higher range of CIBIL score like 750 and above, your chances of loan approval become higher, especially when your income is also good as per the eligibility criteria of lenders.
The borrower with a higher CIBIL score can also get the loan on affordable interest, and you will get the chance to negotiate for the lower interest or affordable tenure.
Way to Increase the CIBIL Score
- Borrow the short-term loan: If you are borrowing a personal loan with a lower amount, you can easily enhance the score.
- Repay the loan on time: You must be punctual on the repayment, especially for the credit bills and personal loans. Because your delayed repayment can affect the score.
- Never exceed the limit of credit card: The credit card users must follow the limit and they must be careful while using the card.
- Don’t check the CIBIL score again and again: You get the option to check the CIBIL score for free, but you must not check it repeatedly. Because it may decrease your credit score, especially when checking the score in the same month.