Loans have become an ideal solution to raise instant funds and fulfil various cash requirements. Most lending institutions have straightforward eligibility conditions and online procedures to make loans easily accessible without hassle. However, when you apply for a loan, your CIBIL score is a crucial parameter that lenders use to determine your creditworthiness. That is why checking your credit score is essential to ensure your eligibility and get the best loan offer. Keeping track of your CIBIL score is also essential to monitor your financial well-being and take the necessary steps in time.
If you plan to apply for credit and want to check your credit score, you must be concerned about the CIBIL report charges. In the following sections, you will learn how much it costs to check your CIBIL score online.
How Much Does it Cost to Check Your CIBIL Score?
The CIBIL score charges you pay depend on the number of reports you require, the features and benefits you want to avail, and the expected frequency of checking credit scores. CIBIL provides one credit report annually for free. However, if you need more credit reports, the credit bureau has various subscription plans to fulfil your needs. You can subscribe for 1, 6, or 12 months to get your reports at regular intervals.
Also Read: What is CIBIL Report - CIBIL Meaning and Calculation
Why Should You Check Your CIBIL Score?
Checking your CIBIL score is crucial to improve your credibility and make better financial decisions. Let’s look at the reasons for reviewing your credit report and checking your credit score regularly:
Learn the Effects of Your Credit Activities on Your Score: Regularly checking your credit score helps you track your financial activities. With this information, you will know if your actions negatively or positively affect your credit score. Once you know what actions bring down your credit score, you can avoid them in the future to get better loan offers when needed.
Ensure Data Accuracy: Sometimes, your low credit score is because of an error or incorrect information in the credit report. If you notice an error, report it immediately to the credit bureau and get it corrected.
Get Better Credit Offers: After you check your credit score, you can know whether you can qualify for a loan and apply accordingly. If the score is low, lending institutions will feel unsafe lending to you, causing them to reject your loan application or charge you a higher interest rate. In such a situation, you must know how to improve your credit score. Adequate steps to improve your credit score include paying off outstanding balances, reducing credit card usage, retaining old accounts, etc.
How Much Does it Cost to Check CIBIL Scores?
You can check your credit score by logging into CIBIL's website and following their on-screen instructions. However, you will need to pay nominal fees for your CIBIL score and report. The credit bureau offers several subscription plans you can subscribe to based on your need. Various charges for different subscription plans are as follows:
1. Single One-Time Report
According to the RBI guidelines, all credit bureaus must deliver one credit report each year to each individual for free. It will be a single, one-time report that you can obtain without paying any CIBIL report charges.
2. 1-Month Subscription (Basic Plan)
The basic 1-month subscription plan is the most popular among individuals. It costs Rs 550, giving unlimited access to the CIBIL dashboard for one month. Other features and benefits include a score simulator that lets you learn what credit activities affect your credit score. The plan also gives you access to personalised loan offers based on your CIBIL score.
3. 6-Months Subscription
The standard CIBIL subscription plan is valid for six months and costs Rs 800. Besides unlimited dashboard access, a score simulator, and personalised loan offers, the standard subscription plan allows 24x7 credit monitoring facilities with CIBIL alerts. It safeguards you against identity theft with SMS alerts and email notifications.
4. 12-Months Subscription
The premium subscription plan costing Rs 1200 is valid for 12 months. Apart from the features available with other subscription plans, the premium plan allows you to save 81%, as it costs just Rs 100 per month.
Using Hero Fincorp Free CIBIL Score Calculator
Alternatively, you can use the Hero FinCorp CIBIL score calculator to get a single CIBIL report for free. Like an EMI calculator, you just need to enter a few necessary details to get your CIBIL score without paying any CIBIL score fees. Based on the results, you can make better credit decisions and ensure taking a loan effectively.
The CIBIL score calculator at Hero FinCorp requires you to enter a few details like your name, PAN number, contact details, date of birth, etc. Click the Submit button to receive your detailed credit report and check your CIBIL score. You can also read tips for improving your credit score on the Hero FinCorp website and apply for instant loans.
Conclusion
Checking your credit score regularly helps you stay updated with your credit behaviour. Pay the applicable CIBIL report charges to subscribe to a CIBIL plan and get your credit report. If you notice a fall, you can immediately identify your weak points and change your credit-related activities to rebuild the score in time. Likewise, if you see an increase in your credit score, you can review the reasons and utilize them to maintain and rebuild it. Also, read about how to improve your credit score on the Hero FinCorp website to learn good financial habits.
FAQs:
How can I get my CIBIL score free of cost?
You will find several online platforms and apps to check your credit score without paying any CIBIL score charges. You just need to provide your PAN and personal details to get your score free of cost.
Can I buy a CIBIL score?
No, the CIBIL score is not something you can buy. The CIBIL report charges you pay are for the report that features your financial transactions, based on which you get the scores. It would be best to build your credit score with consistent loan and card payments and the right credit mix.
