Check Your CIBIL Score by PAN Card Number Online

Financial transactions are now more formalised and digitalised – every borrower’s credit history is collected, stored, analysed and used in future financial transactions. The credit report summarises all the financial activities we have undertaken since we first obtained credit up to the time we last paid the credit.

A CIBIL score ranges between 300 and 900; any score above 700 is considered good enough to apply for a credit card or a loan. The CIBIL score is the first and foremost aspect considered by financial institutions before approving any form of a loan.

In order to check your CIBIL score by PAN card online, a valid PAN card is a must. Many facilities are available online to check CIBIL scores for free by PAN card.

Which are the credit bureaus in India that offer credit scores?

The following credit bureaus offer credit scores in India:

• CIBIL
• Experian
• Equifax
• CRIF Highmark

As per the Credit Information Act, once a year, every credit bureau provides the facility to check CIBIL scores online by PAN card free of cost. So we do not have to pay to pull our credit report.

What are the benefits of having a good CIBIL score when applying for collateral-free business loans?

• Quick loan approval
• Easy documentation
• Low-interest rates
• Flexible repayment tenure
• Flexibility to negotiate the loan’s terms and conditions

Why check CIBIL score by PAN card online?

The credit bureau can quickly obtain an individual’s financial details through a PAN card. But whenever you share your PAN card details, ensure that the credit bureau does not share your details with anyone.

What is the impact of a PAN card on the CIBIL score?

PAN card refers to Permanent Account Number; it is different from the CIBIL score. PAN card is connected to financial behaviour. Following disciplined financial behaviour boosts the CIBIL score.

What are the different types of CIBIL errors you should check before applying for any unsecured business loans?

• Identity errors: These errors are related to identity, addresses, or PAN details.
• Duplication errors: Sometimes, duplicate financial transactions reflect in the CIBIL report.
• Fraudulent account transactions: Sometimes, wrong transactions are recorded in the CIBIL report.
• Account errors: Any account that is closed, but still reflected in the report as open, showing late payment in your report, or reflecting wrong dates of payments.

How to check my CIBIL score by PAN card?

• Log in to the official website of the credit bureau or any of the financial institutions from which you wish to check the CIBIL score.
• Once you log in, click on the option ‘Online Check CIBIL Score by PAN Card Free’.
• Enter details like date of birth, gender, name, etc.
• The next option that will appear on the screen is to provide the TAX ID number.
• After entering the TAX ID number, share the PAN details. It will list out the details of all of your financial transactions.
• Click on ‘Submit’ to get your CIBIL score.

What are the other ways to check and get a CIBIL report?

Free CIBIL score by PAN card facility is available at a bank’s website. We can also use a third-party app to check the same. They offer a free CIBIL score check facility using a PAN card. All nationalised banks and private banks provide the facility.

How is CIBIL calculated?

The CIBIL is calculated based on the last 6 months’ financial transactions that took place in your name. The data is calculated considering your repayments, credit card dues, length of credit history, and your credit mix. You can fetch your CIBIL data using your PAN card details and determine where you stand financially.

What factors affect my CIBIL score whenever you apply for an MSME or business loan?

Repayment history

If you are making late payments or defaults, then it will negatively affect your CIBIL score.

Multiple hard inquiries

If you are applying for credit frequently, it will impact your credit score. Every time you apply for a credit card, the financial institution will review your credit report, which is counted as a hard inquiry.

Higher credit card utilisation

If your credit card utilisation exceeds 30%, your CIBIL score gets impacted.

Right credit mix

Make sure your credit mix is a combination of secured and unsecured loans to leave a positive impact on your CIBIL score.

How can I improve my CIBIL score?

• Always pay your bills and loan EMIs on time whenever you have taken any loan, like a business loan or MSME loan.
• If you are a frequent credit card user, it is wise to increase your credit card limit because spending above your limit will also hamper your credit score.
• Keep credit utilisation ratio to a maximum of 30%.
• Avoid revolving your credit account and paying the minimum amount of dues. Try to pay in full. Keep your credit utilisation ratio max to 30%.
• Check your credit report regularly to avoid any errors in the report.
• Opt for both secured and unsecured loans.
• Do not apply for credit cards frequently.

Conclusion

The credit report has a summary of all credit activities. If we follow good financial habits, the CIBIL score will always be good, i.e., above 700. To stay financially fit and healthy, always follow healthy financial habits.

FAQs

1. Is holding two PAN cards a punishable offense?

Yes, per the Government of India, every individual must have only one PAN card. Only then can you check your CIBIL score with a PAN card online.

2. If my PAN card got misplaced, will it impact my CIBIL score?

No, losing the PAN card has no impact on the CIBIL score. You can apply for a duplicate PAN card.

3. How to check CIBIL score without a PAN card?

Besides a PAN card, one can check the CIBIL score online using an Aadhaar card or passport.

4. What will be the CIBIL score in case of a new PAN card?

The CIBIL report will show a red flag in your financial transactions if you recently applied for a new PAN card.

5. What happens if you are added to the defaulter’s list?

Being added to the defaulter’s list will have a negative impact on the credit history. Always make payments on time. You can set reminders for yourself to avoid missing out on payments.