How to Check CIBIL Score Online With your PAN Card?

Sept 9, 2020CIBIL

A credit score is a three-digit sum arrived at as a result of calculations from credit reports and reflects a person’s creditworthiness i.e. whether the borrower is capable of repaying the amount in the future. According to statistics, approximately 79% of loans are sanctioned to customers with a CIBIL score of 750 or above. You must have a good CIBIL score for getting a loan easily. Your credit score can make the difference between your loan application being accepted or rejected and can determine your ability to negotiate for competitive rates of interest.

Must Read:How to Check CIBIL Score For Personal Loan?

What is the Procedure to Check your Credit Score Without a PAN Card?

It is not possible to know one’s CIBIL score without a PAN Card. This is because the PAN card is used by the government of India to track each and every person’s financial data, primarily for taxation purposes. Thus, in order to calculate a credit score, it is necessary to be able to access one’s income as well as lending history, neither of which is possible without a PAN card. 

Why is it Necessary to Check your CIBIL Score?

Reviewing your credit score regularly can help you understand the factors that might be coming in way of a healthy credit score. Lending institutions regularly forward data following norms set by the Reserve Bank of India. This data received is used to compute your credit score and develop an in-depth credit report. In case of discrepancies or incorrect information in your credit report, have it rectified at the earliest to prevent your score from coming in the way while applying for credit.

Why is it a Good Idea to Check your Scores using your PAN Card Number?

Although it is not mandatory to check your CIBIL score using PAN card number, opting to do so can be advantageous because it is linked to your financial accounts and can help retrieve the score accurately. Alternatively, apply for a PAN Card or check your CIBIL Score by using the unique number mentioned on your Passport, Voters ID, or driving license.

Must Read:5 Smart Ways to Increase Your CIBIL Score Fast

Does Applying for a New PAN Card Impact your CIBIL Score?

In case of theft any other reason that might require you to apply for a new PAN Card, the number remains the same and will not impact your credit score in any way. In case of a new PAN card, surrendering one can prevent discrepancies in your score. This is how your credit score across different ranges may be perceived:

  • A score in the range of 750 to 900 is considered to be extremely attractive and can help you avail of loans at attractive rates and can avail the option of negotiating to avail better rates of interest.
  • A score in the range of 650 to 749 is considered good but does not offer you the option of negotiating rates of interest.
  • A score between 550 to 649 is considered to be moderate, however, based on the terms and conditions laid down by the lender, the borrower might be required to improve his score before making a loan application.
  • A score that lies between 300 to 549 is considered to be extremely low and availing loans would be subject to fulfilling several other conditions.

Checking your scores as often as required can reassure you about your financial habits or reevaluate them and work towards building better health.

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