Everything You Need to Know About Credit Scores and CIBIL with Bajaj Finserv

Life comes with numerous expenses. However, the expenses start getting bigger when you have a family and dependents such as your children. You start to consider their comfort and plan for their future. At such a point in life, you may need funds to buy a car or a house or pay for your children’s education or marriage. However, such significant expenses may eat into your savings, leaving you with less funds for other important future expenses.

The ideal solution to have adequate funds without draining your savings is a comprehensive loan. However, most lenders require individuals to have a specific CIBlL or credit score and correct PAN card details for a successful loan application. 

Let us understand CIBIL’s full form and PAN card correction process to ensure you can take a suitable loan from Bajaj Finserv, one of the country’s leading non-banking finance companies. Furthermore, you will also understand the critical role of Bajaj Finserv Credit Pass in managing your CIBIL Score. 

What Is A Credit Score?

When an individual applies for a loan, the lender wants the applicant to be financially able to repay the loan in the future. It is because of the default risk where the lender can incur a huge loss if the borrower fails to repay the loan amount with interest. Here, the financial ability of the individual to repay the loan is known as creditworthiness. 

A credit score is a numerical representation of an individual’s creditworthiness. Every individual with a financial history is reviewed by credit rating agencies and given a score out of 900, which constitutes their credit scores. The higher the credit score, the higher the chances of a lender, such as Bajaj Finserv, approving the loan application. Generally, lenders require individuals to have a credit score above 700 to avail themselves of a loan. 

What Is A CIBIL Score?

The credit score is often referred to as the CIBIL Score. CIBIL’s full form is Credit Information Bureau (India) Limited, which is one of India’s leading credit information companies. It collects and maintains records of more than 600 million individuals and 32 million businesses. Based on this data, CIBIL generates credit reports and scores, which banks and other financial institutions use to determine a loan applicant’s creditworthiness. Most financial institutions have set a specific CIBIL Score for approving the loan application. The CIBIL Score requirement varies for different lenders. 

For example, Bajaj Finserv requires individuals to have a CIBIL Score equal to or higher than 725 to avail of a home loan. If you have a CIBIL Score lower than 725, there is a chance that your home loan application might get rejected. 

Importance of Credit or CIBIL Score 

Here is why a good credit or CIBIL Score is important: 

• Loan Approvals: Most lenders require a credit or CIBIL Score above 700 to approve a loan application. Hence, it is vital to have a credit or CIBIL Score higher than 700 at the time of submitting the loan application. 

• Interest Rates: Lenders such as Bajaj Finserv consider individuals with higher credit or CIBIL Scores creditworthy, and they often receive lower interest rates on loans. 

• Credit Card Approval: Individuals with a higher credit or CIBIL Score are more likely to have their credit card approved without any hassle. Furthermore, they also receive a higher credit limit than individuals with a lower credit or CIBIL Score. 

What Is the Bajaj Finserv Credit Pass?

Bajaj Finserv Credit Pass is a subscription-based tool that allows individuals to monitor their credit health by analysing the factors that impact their CIBIL Score. Those who are looking to maintain or improve their CIBIL Score can subscribe to the Credit Pass to access a detailed credit dashboard that provides all the information about their current loan accounts, credit card bills, repayment histories, credit inquiries, etc., and how each factor is affecting their CIBIL Score. Using the valuable insights that the Credit Pass provides, you can make required adjustments in your financial transactions to ensure your CIBIL Score is always high and doesn’t fall below 700. 

Here are some key features of Bajaj Finserv Credit Pass: 

• Monthly CIBIL Checks: You get free monthly CIBIL Score check that help you determine your current CIBIL Score. 

• Comprehensive Dashboard: The credit dashboard provides a detailed overview of all your credit information, such as repayments, credit cards, current loan accounts, etc, in one place. 

• Innovative Tools: The Credit Pass subscriptions also provide access to tools such as Credit Score Simulator and EMI calculator. You can use the Credit Score Simulator to predict the impact of a specific financial activity on your CIBIL Score, while you can use the EMI calculator to determine your monthly EMIs before applying for a loan.

• Detailed Health Report: The Credit Pass provides a detailed credit health report, letting you review the factors that have negatively or positively impacted your CIBIL Score. This helps ensure that you maintain a high CIBIL Score. 

How To Subscribe to the Bajaj Finserv Credit Pass?

Here is the process you can follow to subscribe to the Bajaj Finserv Credit Pass: 

1. Visit the Bajaj Finserv website and the Bajaj Finserv Credit Pass page
2. Select ‘Credit Pass’ and then the ‘Sign Up’ button
3. Enter your mobile number and verify it by entering the one-time password received on your mobile number 
4. Enter basic details such as name, PAN card number, salary range, etc.
5. Click ‘Verify Details’ button and choose a Credit Pass subscription plan. You will be redirected to a new page to make the payment
6. Select a payment method and make the payment
7. Once your payment is successful, you can log in to your Bajaj Finserv Credit Pass account

PAN Card Correction Process For A Successful Loan Application

Apart from a credit or CIBIL Score higher than 700, every lender requires the loan applicants to furnish their PAN card for the KYC process. However, if the information on the PAN card is incorrect, lenders will reject the loan application even if you have a high credit or CIBIL Score. If you are looking to apply for a loan with Bajaj Finserv but have incorrect PAN card details, you can follow the below PAN card correction process to ensure your loan KYC is successful: 

• Visit the NSDL e-GOV portal, navigate to the ‘Services’ tab, and click ‘PAN’ from the dropdown menu. 
• Click ‘Change/Correction in PAN Data’ and then the ‘Apply’ button.
• Enter all the required details, such as title, first name, last name, date of birth, etc., and select the relevant category from the drop-down menu. Once the form is filled, type in the captcha code and click ‘Submit.’
• Now, click the ‘Continue with PAN Application Form’ and complete your KYC online through Aadhaar OTP by selecting the ‘Submit digitally through e-KYC & e-Sign’ option. 
• Select ‘Yes’ if you need a physical PAN copy. Afterwards, scroll down and enter the last four digits of your Aadhaar number. 
• Update the required PAN card correction details and click ‘Next.’
• Enter the updated mobile number or the new address email ID. 
• Based on the type of PAN card correction, attach the proof document and a copy of the existing PAN card. 
• Fill out the declaration and attach a copy of your photo and signature. Once done, click ‘Submit.’
• Enter the first eight digits of your Aadhaar number and submit the form. Pay the relevant fee mentioned and click ‘Continue.’ Enter the Aadhaar OTP and click ‘Continue.’
• Accept the terms and conditions and submit the form. 
• Furthermore, you can also visit the UTIITSL portal for PAN card correction or do it offline by visiting your nearest NSDL collection centre or PAN centre. 

How To Apply For A Loan with Bajaj Finserv?

You can follow these steps to apply for a Bajaj Finserv Personal Loan: 

Visit the Bajaj Finserv website and click the ‘Loans’ button. Choose the relevant loan type from the list of loans and click ‘Apply’

• Enter your full name and mobile number and select employment type 
• Generate and submit the OTP received on your mobile number
• Enter additional details such as monthly income, property type, and required loan amount
• Next, enter details such as date of birth, PAN number, etc. 
• Click the ‘Submit’ button, and a Bajaj Finserv representative will connect with you and guide you through the next steps

Conclusion 

A credit score is a number assigned to individuals out of 900 to depict their ability to repay a loan if taken. Furthermore, when the agency CIBIL reviews an individual’s financial ability to assign a credit score, it is known as a CIBIL Score. Every lender requires loan applicants to have a credit or CIBIL Score higher than 700, along with correct PAN card details, to approve the loan application. Hence, it is important that you manage your financial activities to ensure they don’t negatively affect your CIBIL Score. The Bajaj Finserv Credit Pass helps you manage your credit health extensively by analysing factors that impact your CIBIL Score. 

When applying for a comprehensive loan with Bajaj Finserv, ensure you have a credit or CIBIL Score higher than 700 (ideally 725) and correct PAN card details. Now that you know CIBIL’s full form and meaning, along with the process of PAN card correction, you are closer to getting your loan application approved.