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Access personal loan up to ₹15 lakh instantly
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Get interest rates starting @ 9.99% p.a.
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Apply with 710+ CIBIL score
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Access personal loan up to ₹15 lakh instantly
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Get interest rates starting @ 9.99% p.a.
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Apply with 710+ CIBIL score
Start your journey to a better credit score
Your credit score, commonly known as CIBIL score, reflects your financial health and creditworthiness. If you have a good credit score while applying for a personal loan or a credit card, you are likely to enjoy favourable terms, such as lower interest rates and more repayment flexibility. Credit bureaus like TransUnion CIBIL, Equifax, Experian and CRIF High Mark calculate your credit score based on factors like your payment history, credit utilisation, credit age, credit mix, and new inquiries. Understand the ways to boost your credit score and take control of your financial future.
What is a CIBIL score?
A CIBIL score is a three-digit number credit score ranging from 300 to 900, issued by TransUnion CIBIL, and reflects your creditworthiness and ability to repay loans or credit card dues. A CIBIL score of 700 or above is usually considered good, improving your chances of loan approvals and favourable interest rates.
CIBIL score vs credit score: are they the same thing?
In everyday usage, the two terms mean the same thing. Technically, a CIBIL score is the credit score issued specifically by TransUnion CIBIL, one of the four RBI-licensed credit bureaus in India. Experian, Equifax, and CRIF High Mark also generate credit scores using their own models, on a 300 to 900 scale. Lenders may check one or multiple bureaus when reviewing your credit card or loan application.
Why is your credit score important?
Your credit score is crucial when applying for a personal loan or credit card. Lenders assess it to determine your repayment ability and eligibility. A higher credit score:
- Lenders tend to approve your loan with greater confidence
- You can negotiate from a position of strength, allowing you to secure lower interst rates and better terms
- You may be able to access higher loan amounts
- A high score reduces the scrutiny your application faces, speeding up approvals
- A strong CIBIL score makes you a preferred borrower, often attracting pre-approved loan offers
- With a score of 710 or above, you unlock instant digital loans like FIRSTmoney, requiring zero paperwork and no branch visits
What is a good credit score?
Credit score/CIBIL score range |
Rating |
What it means |
300-499 |
Poor |
High risk of loan rejection. Urgent credit improvement needed. |
500-649 |
Fair |
Possible loan approvals, but with high interest rates. |
650-699 |
Average |
Eligible for loans, but interest rates aren't yet favourable. |
700-749 |
Good |
Better chances of loan and credit card approvals with reasonable interest rates. |
750-900 |
Excellent |
Easy approvals and best interest rates on loans and credit cards. |
How is your credit score calculated?
Your credit score is a crucial number that lenders use to determine your creditworthiness. It's calculated based on five key factors:
Payment History (35%)
The most significant factor. Lenders check whether you've paid past accounts on time. Late payments, defaults, and bankruptcies can severely hurt your score, while consistent on-time payments will boost it.
Credit Utilization (30%)
This measures what portion of your available credit you're using, calculated by dividing your total credit card balances by your total credit limits. Keeping utilization below 30% usually signals that you're not overly reliant on credit.
Credit Age (15%)
Lenders look at the age of your oldest account, newest account, and the average across all accounts. A longer credit history is seen as more favourable because it gives a clearer picture of your borrowing habits.
Credit Mix (10%)
Having a variety of credit types such as credit cards, mortgages, and auto loans can impact your score positively, as it shows you can manage different kinds of credit responsibly.
New Credit Inquiries (10%)
Every time you apply for new credit, a hard inquiry is recorded on your report. Too many inquiries in a short period can pull your score down, as it may indicate financial difficulties.
Start Your Journey to a Better Credit Score & Easy Loan Approval!
How to check your CIBIL score for free
Checking your own CIBIL/credit score is a soft inquiry and has no impact on your CIBIL rating.
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1
Visit the official CIBIL website or a trusted financial institution’s website.
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2
Click on the option ‘Get your free CIBIL score and report’.
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3
Enter your PAN card number and registered mobile number.
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4
Complete the OTP-based verification.
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5
View your credit score and report.
FREE CIBIL Score & Report is available only once a calendar year via the CIBIL website.
Alternatively, you can use trusted payment apps like Google Pay that also provide a free CIBIL score whenever you need. However, you will not get a detailed report on these apps.
Should you check your credit score regularly?
Yes. Your credit score usually refreshes every month, so staying on top of it means you're never caught off guard when you need a loan or card. Here are some reasons to check it:
- Spot errors or fraud before they become a problem.
- Know where you stand before applying for a loan or credit card.
- Catch a dip early and fix it before it costs you.
- Track what's working and build toward a better score.
- Unlock better interest rates and offers when your score is strong.
What factors lower your credit score?
A low credit score can result from multiple factors. Some of them include:
- Missed or delayed payments: Late EMIs or unpaid credit card bills.
- High credit utilisation ratio: Using more than 30% of your credit limit.
- Too many loan applications: Frequent credit enquiries in a short span of time.
- Lack of credit history: Having no credit history can also result in a lower score.
- Poor credit mix: Only unsecured loans or too many of one type of credit.
- Partial loan settlements: Settling the loan for less than the full due amount signals financial distress.
- Defaults on co-signed or guaranteed loans: A defaulted loan you co-signed or guaranteed impacts your score too, even if the debt wasn’t yours.
8 proven steps to boost your credit score
Pay your emis and credit card bills on time
Set up automatic payments or reminders to make sure you never miss a due date. Payment history has the greatest influence on your score, so consistency here matters most.
Maintain a Low Credit Utilization Ratio
Keep your credit utilization below 30% of your total available limit. This shows lenders you manage credit responsibly and aren't overly reliant on borrowing.
Avoid applying for multiple loans simultaneously
Space out your credit applications to minimise the impact on your credit score. Every new application triggers a hard inquiry, which can lower your score.
Keep older credit accounts active
Use old cards occasionally for small purchases to keep the accounts active. A longer credit history gives lenders more confidence in your borrowing behaviour. However, do so only if you are not incurring hefty maintenance charges for the cards.
Regularly check your credit report for errors
Review your credit report regularly and raise any dispute with the credit bureau promptly. Errors like incorrect account details or fraudulent activity can unfairly drag down your score.
Request or accept a higher credit limit when offered
Raising your limit while keeping spending the same automatically lowers your utilisation ratio. This improves your score without taking on any additional debt.
How long does it take to improve your CIBIL score?
The time it takes depends on where you are starting from. Scores around 700 can climb to 750 within 30 to 60 days with timely payments and reduced utilisation. If your score sits near 650, consistent financial discipline over 3 to 6 months should show meaningful progress. For scores below 600, especially after a default or settlement, the recovery path is longer and usually takes 12 to 24 months. The sooner you begin, the sooner the numbers move in your favour.
What CIBIL score do you need for a personal loan?
Most banks and Non-Banking Financial Companies in India set a minimum CIBIL score requirement of 700 to 750 for unsecured personal loans. The stronger your score, the better your chances of approval and getting favourable interest rates.
For IDFC FIRST Bank's FIRSTmoney personal loan specifically, you need a minimum CIBIL score of 710 for salaried and 760 or above for self-employed individuals. Applicants who meet this criterion can qualify for loan amounts up to ₹15 lakhs, with interest rates starting at 9.99% p.a. and disbursals completed in as little as 10 minutes. Final offer and approval depends on your overall profile and lender policies.
Get a personal loan with a credit score of 710 or more
With a credit score of 710 or above, you can avail exclusive personal loan benefits with FIRSTmoney from IDFC FIRST Bank. Enjoy competitive interest rates, instant approval, and seamless digital processing.
• Loan amounts up to ₹15 lakh
• Attractive interest rates starting at just 9.99% p.a.
• Instant disbursal with no documentation
• Flexible repayment tenures from 9 to 60 months
• Access multiple loans anytime, anywhere
• Quick disbursal in as low as 10 minutes
• Close your loan early with zero foreclosure charges
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How does your credit score impact loan and credit card eligibility?
Your credit/CIBIL score directly impacts the types of financial products you can access:
Bank Loan and credit card approvals
Below 650, most unsecured personal loans are declined or offered high interest rates. Unsecured credit card applications often face rejection too. A score of 750 and above usually gets faster loan and credit card approvals.Interest rates and loan terms
A score above 750 helps unlock rates lower than what a 650-score applicant would be offered.Credit card limits and offers
Below 700, credit card limits tend to be modest with little room for offers or upgrades. Above 750, banks are more likely to extend higher limits, better reward programs and pre-approved deals. Though actual offer depends on your overall profile
Access to various types of loans
Below 700, home and car loans are difficult to secure. At 700 and above, most loan types become accessible.No guarantor loans
Below 700, lenders may require a guarantor. Cross that threshold and guarantor-free approvals become available.
List of credit information bureaus in India
TransUnion CIBIL
The most widely checked bureau in India; most lenders start and often stop here.
Experian
Known for its strong fraud detection and analytical capabilities; lenders occasionally pull an Experian report alongside CIBIL for a second perspective.
Equifax
Covers both consumers and businesses, giving lenders a broader view of creditworthiness across segments.
CRIF High Mark
Built around microfinance and rural lending; it captures credit profiles that traditional bureaus tend to overlook.
Frequently Asked Questions
What is a CIBIL score and why is it important?
A CIBIL score is a 3-digit score that reflects your creditworthiness and affects your ability to get loans and credit cards with favourable terms.
How can I get my CIBIL score for free?
You can check your CIBIL score for free from the official website of CIBIL or any leading financial institution’s website or trusted payment apps like Google Pay.
How often should I check my CIBIL score?
It’s recommended to check your CIBIL score every month to monitor your financial status.
Can I check my CIBIL score without affecting it?
Yes, checking your CIBIL score is a soft inquiry and will not affect your score.
Why is PAN card required for checking the credit score?
A PAN number is used to verify your identity and retrieve your accurate credit report.
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