How to Check CIBIL Score?

There are multiple way to check CIBIL Score. Everyone who want to take Loan from bank should check CIBIL Score before applying to bank. Now a day you can get CIBIL Score for free of cost.

You should note one thing whenever bank check your CIBILit effect your CIBIL score. So never apply for Loan if you don’t need the Loan. Many Bank / Financial Organisation share credit score with customer. Many people apply for Loan whenever they want to know their CIBIL. Never do this again. It can ruin your score very badly. If you want to know your CIBIL Score apply directly to

  1. https://www.cibil.com/freecibilscore
  2. https://www.paisabazaar.com/cibil-credit-report/  (Experian Credit Report)

You need to feed some detail to organisation to check your credit history. Once you submit your detail like PAN, Aadhar , Voter Id etc. It take few minutes to generate your report.

Being a Loan Guarantor affect your CIBIL Score

Being a Loan Guarantor affect your CIBIL ?

Yes, it does. When you sign a Guarantee, you are liable for making payment in case applicant defaults. You can find the Loan account for which you have signed as Guarantor in your CIBIL. If borrow default the loan it is your liability to pay the Loan else your CIBIL score may hampered very hardly. Never become guarantor of anyone who is not genuine(in term of financial condition).

Effects of Being a Loan Guarantor :

  • It will reduce your Loan-taking amount eligibility.  Suppose Mr. X last year average income is Rs.5,00,000/-. Then his Home loan eligibility is 6 time of his annual income. i.e. Rs. 30,00,000/-. Mr.X was is Guarantor of Mr.Y Home Loan of Rs.20,00,000/-. So Mr. X Loan taking eligibility is only Rs.10,00,000/-. Now Mr.X can increase his eligibility by introducing Mr. Y as Guarantor and increase his Loan Eligibility.
  • There is also some advantage of being a Loan Guarantor on CIBIL. If your CIBIL has no record. Then you can create your CIBIL by being a Loan Guarantor.
  • Being a Loan Guarantor put your CIBIL record on stake. So only sign as guarantor if you are 100% sure about repayment capability of Borrower.