How to check Cibil Score
For every business man or woman, it is important to know where one stand in terms of finance. Knowing where you stand and how possible is it for you as a business entity to get a loan is not much of a problem. This is because for all business owners, they try to seek for loan from banks and other financial association and a laid down standard will be used to check if you are worth trusting with their money or not.
The CIBIL score is the very first thing to be taken note of NY banks and financial institutions before they can proceed on either rejecting or acceptance of loan files. The economical range used by CIBIL for scoring is between 300 and 900. It is possible for a business to have a cibil score less than 300 and never greater than 900. A business with a cibil score of 900 is considered perfect for loan grants.
To check your Cibil score as a business owner, these are few steps to follow so as to save yourself of stress and time wastage:
- Visit the Cibil site.
- Put in all your details or information on the form provided online. Make sure you input your correct PAN details so as to be able to proceed.
- Answer available questions (about 3 to 5) about the loans and credit cards. This is the basis on which Cibil will calculate your score.
- There will be a display of your Cibil score and report after putting in your correct details.
The various ranges possible for CIBIL scores are as follows:
- Below 300: any business organization with a cibil score less than 300 have no chance of getting a loan from banks. This is because such a business is considered to be very poor in the way it runs. The bank will find such a business owner not credible enough to get an amount.
- 300 to 450: business with such score though not so bad as the other but banks do not find such individual credible. It is important that such a business owner should pay his or her EMI on time so that there will be an increase before such a person applies for loans.
- 450 to 600: business owners with such scores mat be able to get loans from some banks even though the score is neither too good nor bad.
- 600 to 750: this score is pretty good. All banks will be ready to trust your business with their money because they find you more credible and trustworthy.
- 750 to 900: this means that such an individual or business owner has maintained a perfect track record. Such an individual will not only be granted loan but will also get a perfect and great deal.
READ: Multiple bank accounts
It should be noted that the CIBIL scores are usually updated monthly so as to know the current rating of each business from time to time. There is high possibility that a business with low cibil score in a month earlier can have a better CIBIL score in the recent time.