What is a Credit/CIBIL Score?

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Your credit/CIBIL score is a three-digit figure that gives creditors and lenders an insight into your financial health. This score shows lenders how financially stable or creditworthy you are. It gives them a glimpse into your credit history, i.e., how you have managed your past debts – whether you have repaid them on time or defaulted on payments. Essentially, your credit score is a vital eligibility parameter based on which your loans and credit card applications are accepted or rejected.

At SBI General Insurance, we enable you to run a free CIBIL score check through our website Once you get your free credit/CIBIL score report, you can apply for a range of SBI General insurance products and services and manage your personal finances effectively.

Credit Score Companies in India

In India, credit scores are calculated by four major credit bureaus, also known as Credit Information Companies.

Licensed or appointed by the Reserve Bank of India, these companies are

1. The TransUnion Credit Information Bureau (India) Limited (CIBIL)

2. The Centre of Research in International Finance (CRIF) High Mark

3. Equifax

4. Experian

What is Credit/CIBIL Score Range and What It Means

Most Credit Information companies in India typically rank your CIBIL score report on a range of 300-900 points, except for Experian, which measures the score on a range of 300-850 points.

However, all Credit Information Bureaus consider a CIBIL score of 750+ as excellent, which essentially means that the average score remains the same for all credit score checkers. Here’s where you vis-à-vis stand your credit/CIBIL score report.

Credit/CIBIL Score Range	Meaning
NA/NH	A score of NA (Not Applicable) or NH (No History) simply means that you do not have any existing credit history. You typically get this score if you do not have any active credit cards or ongoing loans to repay.
350-549	A credit score in this range indicates that you have a poor track record of repaying your outstanding dues, making creditors hesitant about approving your loan/credit card applications. You may also face difficulty finding good insurance products.
550-649	This CIBIL score range is usually deemed fair or average. While you may be eligible for credit and insurance facilities, lenders/service providers may quote higher rates since they may interpret the average score as difficulty on your part to manage your finances effectively.
650-749	A credit score in this range indicates good credit handling behaviour, but you could do better. So, while you may procure funds on credit, you may have little room to negotiate terms like interest rates, loan amounts, tenures, premiums, etc.
750-900	A CIBIL score in this range indicates excellent credit history. It makes you an ideal candidate for loans, credit cards and top-rated insurance products. You may even be preapproved for the same, and be able to negotiate better interest and premium rates.

Steps To Get Your Free Credit/CIBIL Score from SBI General

At SBI General, we give you the opportunity to get a free CIBIL report at no extra cost. You just need to provide your basic data in these five simple steps to run an online credit score check on our website.

Step 1: Enter your first name in the first tab of the credit score calculator.
Step 2: Enter your last name/surname in the second tab of the CIBIL score calculator.
Step 3: Input your 10 digit mobile number, preferably the one linked to your bank account.
Step 4: Input your e-mail address.
Step 5: Enter your PAN number. This is an optional step, and you may need to enter your PAN details only if this tab is not automatically populated based on your above responses.
The moment you enter the above details, our CIBIL score calculator will compute your current CIBIL score. Based on the score, SBI General will handpick some of the best insurance products on offer and share the details of the same on the registered mobile number and e-mail address provided by you. You can then shortlist and compare the insurance products, research about their coverage features and buy your preferred insurance plans effortlessly.

Check Your Credit Score

Why Should I check my CIBIL Score?

There are several reasons why you should check your credit score periodically, but the top ones are as follows:

Checking your CIBIL score allows you to spot any existing errors in your CIBIL report.
Once you spot the errors, you can fix them before sending out your loan/credit card/insurance applications and enhance your loan, credit and insurance-procuring chances.
You can spot potential financial fraud, including unauthorised credit card activities and credit card/loan applications sent under your name, although you may not have initiated them.
You can check if loan EMI repayments and credit card bills paid by you are reported by your lenders/credit card service provider, resulting in positive credit scores.
You can have better control over your current financial activities and financial prospects.
By frequently monitoring and improving your credit score, you can get a head-start on your future financial plans, like buying properties or vehicles through loans and insurance products to safeguard your health, life, and assets.

Check Your Credit Score

Why is SBIG Giving me my Credit Score for Free?

At SBI General Insurance, we believe that you should always have complete command over your personal finances. To help you achieve this lofty goal, we provide the free credit report facility, allowing you to determine your score and see where you stand with regards to obtaining credit and insurance products and services.

We also provide a free CIBIL report to enable you to undertake a credit risk analysis or self-assessment of your credibility, so that you can determine your credit health. Based on your score, we provide recommendations for ideal insurance coverage to safeguard your financial health and prepare for unprecedented life situations leading to financial losses.

*Disclaimer: SBIG provides free CIBIL reports in affiliation with CRIF High Mark. As someone utilising the free credit score check facility, you must acknowledge that you shall not raise any claim or hold CRIF High Mark liable.

Benefits of a good Credit/CIBIL Score

Whether you wish to borrow money, apply for a credit card, or purchase insurance policies, having a good CIBIL score proves beneficial in many ways:

You can borrow money at cheaper rates and negotiate your preferred terms like lower interest rates, longer repayment tenures, higher loan amounts, etc.
Lenders and insurers will reach out to you to offer credit facilities and insurance products respectively, instead of you having to find such service providers. This way, you can choose from various offers and settle for the one that best suits you.
You may be deemed eligible for credit facilities like housing loans, vehicle loans, personal loans, and credit cards from different issuers, and be preapproved for the same.
With a good CIBIL score report, many lenders offer Personal Loans without asking you to provide any collateral.
In many cases, landlords and property managers ask for your credit score while renting their properties. A high credit/CIBIL score makes it easy for you to rent out apartments, flats, villas, etc.
A good credit score report may also result in you obtaining offers for insurance products like life, home, and vehicle insurance at lower premium rates.
A consistently good CIBIL score enables you to instantly procure funds during sudden medical or financial emergencies, without elaborate documentation processes or other hassles.
Good credit scores give you the upper hand in getting the best, lower-interest credit cards, loaded with various perks and rewards, including invitations for special or privileged cards, and those with insurance coverage benefits.
You may also be able to negotiate a higher credit limit than the one offered by your credit card issuer.
While applying for jobs, some companies run a background check, wherein they may assess your CIBIL score. If your CIBIL score is good, you may be deemed reliable, thus enhancing your chances of being considered for the job.

How to Improve your Credit/CIBIL Score?

If your credit score is not optimal, fret not. You can employ various strategies to turn your score around and get a better credit score report in months.

Pay off your outstanding loan EMIs and credit card bills on time, without defaulting. You can set reminders for payments.
Repay the entire credit card bill instead of making partial payments or just paying off the minimum amount due.
Avoid taking on any more funds on credit until you have entirely repaid your existing debts.
Do not borrow more money than you can repay as you may end up in a debt trap.
Choose loans with longer repayment tenures as they typically convert to pocket-friendly EMIs, which can reduce your chances of defaulting.
Ensure you maintain a healthy mix of credit products but do not fail to repay the dues on time.
Steer clear from making multiple hard inquiries for credit products within a short span of time.
Avoid utilising more than 30% of the credit limit on your credit cards.
Apply for a credit card and start building your credit history as soon as possible, to gradually get to a good CIBIL score.