CIBIL Score - Full Form, Meaning, Login & Registration Process

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Apr 29, 2021CIBIL

If you are considering applying for any kind of loan from a financial institution in the foreseeable future, your CIBIL Score will have a lot of bearing to determine if you are a worthy applicant. As a matter of fact, approximately 90% of loan applications are sanctioned for applicants with a CIBIL score of 750 or more. Therefore, it is fair to say that the higher the CIBIL score, the greater is your chance of getting your loan application request approved.

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However, before we plunge in-depth to understand how to check your CIBIL Score, let’s get the basics out of the way.

What is a CIBIL Score – Full Form & Meaning

The CIBIL full form can be expanded into the Credit Information Bureau (India) Limited which is the authorised credit agency by the Reserve Bank of India (RBI) that can calculate the credit score for an individual. The CIBIL meaning is basically a measurement of your creditworthiness by assigning you with a CIBIL score which is a numeric summary used by financial institutions, be it for a loan, advance or credit card application.

Your CIBIL score is a 3 digit number that appears on your credit report. The usual range is between 300 and 900, where 300 is the lowest and 900 is the highest. Generally, a score between 700 and 749 is considered to be good. Having said that, anything over 750 is deemed to be excellent and increases your chances of getting your loan approved. The score itself is dynamic in nature and keeps changing depending on your financial activity.

The CIBIL score is not limited to banks alone to get an understanding of you as a creditworthy applicant. Credit card companies, mortgage lenders, auto lenders, etc. also use it as a snapshot of your creditworthiness prior to approving any credit request.

CIBIL Score Registration Process

Unquestionably, there is a process involved that helps generate your CIBIL score. Follow these steps to initiate your CIBIL score login and registration.

If you are an individual:

  • Visit the official website of CIBIL at https://cibil.com
  • Simply click on the button that says ‘Get Your CIBIL Score’ button
  • Select the subscription plan you need
  • Proceed towards your CIBIL login registration by creating your account by filling in your personal details such as name, email address, government ID type, ID number, and mobile number in the first tab of the form
  • Click on ‘Accept & Continue’ that helps you to progress to the second part of the online form
  • Proceed towards ‘‘Verifying your Identity’
  • Move on to the ‘Payment’ section to make payment for your chosen subscription plan
  • Upon receipt of payment, you have now successfully registered with the site
  • Log in to your account to access the site’s features and generate your CIBIL score
Must Read: How to Check CIBIL Score Online With your PAN Card?

If you are a company:

  • Visit the URL https://cibilrank.cibil.com/ 
  • Submit all required information, for example, company name, entity type, ID type, ID value, GSTN value, registered office address, state, city, PIN, and the contact details of the authorised signatory
  • Click on the ‘Proceed’ button once you have filled in the details
  • Make the payment of Rs.3,000 through debit or credit card or via net banking
  • A CIBIL login Registration ID that is unique to you and along with the payment transaction ID is shared with you on your registered email account
  • Log in using your unique credentials to access your CIBIL account

Alternatively, you have the option to download the form, fill in all the required details, and send it to their registered email address or postal address.

Calculating Your CIBIL Score

The CIBIL score is calculated taking into account the information that is listed in your credit report. These key parameters are as follows:

  1. Credit History: Your history of repayments, late payments and defaults on loans and/or credit cards is given the highest priority in your CIBIL score calculation. CIBIL collects and collates all the financial information such as bill payments, EMI compliance and other credit related details every month that is then shared with relevant financial institutions.
  2. Credit Utilisation: Your current credit utilisation ratio refers to the credit amount that has been used against your total credit limit. Restricting your credit utilisation to approximately 30% of your limit combined with the downward usage trend of your credit utilization helps boost your CIBIL score.
  3. Credit Mix and Duration: Whilst calculating your CIBIL score calculation, the bureau also runs a check on the type of credit that you have depended on the most. If your debt is of an unsecured nature such as credit cards and personal loans, your CIBIL score will highlight you as a risky borrower. On the other hand, home and car loans which are popular forms of secured loans help to boost your CIBIL score especially if you have made timely payments during the repayment tenure. 
  4. Other Factors: In addition to this, some critical factors that play a role in calculating your CIBIL score include:
  5. The number of hard enquiries that you have made towards acquiring more credit recently
  6. The age of your credit
  7. The types of loans you have taken in the past / are ongoing
Must Read: How to Improve your CIBIL Score?

Getting a Personal Loan Basis your CIBIL Score

Your CIBIL score is a significant part of your getting a personal loan. There are other factors that also play a key role in the approval of your loan application.

Before you apply for the personal loan online, make sure that you have your CIBIL score handy. A high CIBIL score, for example, 750 or more, makes you an ideal candidate for any type of loan. With a medium to a good score, your personal loan will have a good chance of getting sanctioned. On the other hand, a 550 or less CIBIL score for a personal loan may lead to the cancellation of your loan application as you may be considered a ‘high-risk’ candidate. Even if you are offered a personal loan, the interest rates offered may be higher than usual.

How To Apply For Your Personal Loan?

Follow these steps on how to apply for a personal loan online at Fullerton India.

1. Check Your Eligibility

Start the process by using a personal loan eligibility checker on the Fullerton India website to get an assessment of what you need and if can avail of the same at all. To avail of a personal loan, make sure you satisfy the following eligibility criteria:

  • Be a resident of India
  • Be at least 18 years at the time of loan application and a maximum of 65 years before the completion of the loan repayment tenure
  • Be employed with a monthly income of at least Rs. 25,000 if living in Delhi or Mumbai and Rs. 20,000 for the rest of the country
  • Self-employed professionals are required to meet a certain minimum turnover and yearly profit after tax, which varies depending on the nature of the business / industry. 

2. Application

Log on to the Fullerton India website on www.fullertonindia.com to submit all the necessary personal and financial information on the application form. Click on the ‘Submit’ button. An email notification will be sent to your registered email address instantly. Get your paperwork in order and upload soft copies of the same online. Here is a readymade list for your easy reference:

  • Identity proof in the form of Passport, Voter ID, Driving License, PAN Card, Aadhar Card, etc.
  • Address proof in the form of Aadhar Card, Driver’s license, Passport, Voter ID, etc. 
  • Income proof through salary slips or bank statements if salaried or banks statements and profit and loss statements for self-employed individuals or business owners

3. Verification

Upon submission of the application form and the documents, Fullerton India takes some time to verify the information. Meeting all eligibility criteria and a good to high CIBIL score will be the key parameters that will help in Fullerton India’s decision-making process for your personal loan application.

4. Loan Sanction

If Fullerton India has sanctioned your personal loan, you will receive a ‘Sanction Letter’ on your registered email address. Subsequently, a loan agreement will be shared that outlines essential information such as the loan amount, interest rates, tenure of repayment, fees, charges, penalties and general terms and conditions of the personal loan.

5. Disbursal

The personal loan agreement must be signed and emailed back to Fullerton India. This helps to put in motion the disbursal formalities. Generally, it takes around 24 business hours post receipt of the signed agreement for the loan funds to hit the applicant’s bank account.

Final Thoughts

You must make it a habit to check your CIBIL score periodically. This is to give you an idea of how your profile is being perceived by prospective lenders. Monitoring your CIBIL score regularly helps you to build your credit profile.

Having said that, Fullerton India eligibility criteria requires personal loan applicants to have at least a 750 CIBIL score at the time of making their loan application. However, if you still have questions, feel free to reach out to our friendly customer service department on the toll free number (1800 103 6001 ) or email us at [email protected].

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