How to Check CIBIL Score by PAN Number: A Step-by-Step Guide

For those planning to secure a home loan to help them facilitate their home purchase, the importance of negotiating a low rate of interest cannot be reiterated enough. A low-interest-rate home loan is easy to repay due to economical loan EMIs and low-interest payout. It also increases one’s chances of winning a high return on investment. To understand how to secure a low-interest-rate home loan, you must understand the factors that affect the home loan interest rates. 

Several factors affect home loan interest rates that one gets and one of the most important of these factors is the CIBIL score. The CIBIL score is the credit score assigned by TransUnion CIBIL, a credit information agency that was established in India in 2000 and currently holds records on over 32 million businesses and 600 million credit users. The CIBIL score provides an accurate representation of your creditworthiness, repayment capacity and ability to repay loan EMIs on time.

 The CIBIL report provides an electronic representation of one’s repayment history and other important things, such as the age of the credit user’s credit history, the type of loans they have, days past due or the number of days that have passed since they missed their last EMI or credit card bill payment. Lenders decide the terms and conditions to be extended to a loan borrower after taking into consideration their CIBIL score, among other factors. 

If a home loan or a loan against property application is imminent, it is recommended that you check cibil score by pan number or any other method and apply for a loan only if you have a good CIBIL score. The ideal credit score range for home loans or any other loan in India is 750 to 900. 

So, how to check the CIBIL score by PAN number? PAN refers to the Permanent Account Number. It is a unique number provided to all Indian taxpayers by the Government of India. The sole reason why using your PAN card is the most reliable way of checking your CIBIL score is that no two people can have the same PAN number and thus, when one uses PAN to check their CIBIL scores, the possibility of their credit information or credit profile getting mixed up is non-existent. 

Here’s how to check the CIBIL score by PAN number

1. If you want the most reliable CIBIL score and CIBIL report, always check your CIBIL score on TransUnion CIBIL’s website. To check your CIBIL score, go to TransUnion CIBIL’s website and select the option ‘Get Your CIBIL Score’. 

2. Once you select this option, you will be redirected to the subscription page where you will be asked to create an account. During the process of creating your account, you will be asked to share your name, address, date of birth, phone number, etc. You will also be sent an OTP on your phone to verify your phone number. 3. During the next step, you will be asked to choose a subscription plan based on how often you want TransUnion CIBIL to send you your CIBIL score. If you want the credit information agency to send you your CIBIL score only once, select the basic subscription plan. If you want the credit information agency to send you your CIBIL score on a bi-weekly or monthly basis, you will have to pay a higher monthly fee. Select your subscription plan and pay the fee and TransUnion CIBIL will send you your CIBIL score and your CIBIL report in your email.

If you do not want to pay a subscription fee, you can check your CIBIL score on one of the websites that offer this service for free. These websites are also safe. However, such websites will only show you your CIBIL score and not provide you with a CIBIL report that will help you understand the areas you must focus on if you want to improve your CIBIL score.

Maintaining a strong CIBIL score for home loan is crucial as it reflects your creditworthiness and can significantly impact the approval process.. It can also give you the power to negotiate for the most beneficial loan terms and conditions. Not being excessively dependent on credit, preserving one’s credit history and having a balance of both secured and unsecured loans will help you maintain a high CIBIL score. What will also help is using your credit cards judiciously and maintaining a low credit utilization ratio?