When you apply for a business loan, banks will consult CIBIL for your credit score. Therefore, it is important to know your CIBIL score beforehand. Here is a guide for you to register and log in to CIBIL’s website to know your credit score.

How to register with CIBIL? – Process for individuals

Here is a step-by-step CIBIL registration process:

Step 1: Visit the official website of CIBIL.

Step 2: Click on Subscribe now.

Step 3: The login page will appear. Click on ‘Register now’.

Step 4: Now, you need to select your plan. CIBIL offers three plans – Monthly, 6 months and 12 months. Choose the plan that suits you the best.

Step 5: Enter your personal information including – your name, government ID type, ID number, PIN code, mobile number, etc. Also, you enter your email ID and password. Remember, your email ID will be your username.

Step 6: Click on accept and continue.

Step 7: You will receive an OTP on your mobile number.

Step 8:  Enter the OTP and click on ‘Continue’.

Step 9: Now the second section of the registration form will appear. CIBIL will send you an email to verify the information provided. Complete the process and click on ‘Verify your identity’.

Step 10: Once this section is completed, the payment page will appear. Select your payment method and pay as per the plan you have chosen.

Logging-in for individuals

Now you are successfully, registered. You can log in to explore the features and offerings. Here is a step-by-step guide for you to log in.

Step 1: Visit the CIBIL’s website. Click on Subscribe now.

Step 2: The login page will appear. Use your credentials to log in.

 CIBIL individual’s registration: pricing   

Note: The pricing mentioned above is indicative and it is subject to change periodically. Visit CIBIL’s website to get information on current pricing.

Registering with CIBIL: Process for businesses

CIBIL also allows businesses to register, log in and get their CIBIL score. It is important for obtaining a business loan. Here is a step-by-step guide for you to register your business:

Step 1: Visit the CIBIL’s website to register.

Step 2: Click on ‘Subscribe now’.

Step 3: Select your plan from three available options – monthly, 6 months and 12 months.

Step 4: Once you select the desired plan, you will need to enter your company GSTIN. Click on a checkbox to authorize CIBIL to verify your details with the government. Click on Enter GSTIN and go paperless.

Step 5: A form will appear. Fill in details such as the name of the company, entity type, government ID type, ID value, GSTN value, registered office address, contact information of the authorised signatory, etc. Click on ‘Proceed’

Step 6: Make a payment for the chosen plan.

Step 7: CIBIL will send you an email containing a unique CIBIL Registration ID and payment transaction ID.

Now your registration process is complete. You can log in using your credentials and get your CIBIL score.

CIBIL business registration: pricing

Note: The pricing mentioned above is indicative and it is subject to change periodically. Visit CIBIL’s website to get information on current pricing.

Login process for companies

Step 1: Log in to your account with your credentials on the CIBIL website.

Step 2: On your first login, you will need to submit the KYC documents of the authorised signatory for verification. Hence keep the digital copy of Aadhaar card and PAN card of the authorised signatory handy. These KYC documents are necessary to generate your CIBIL report.

How to check your credit score online

Here is a step-by-step guide for checking your credit score.

Step 1: Visit myscore.cibil.com

Step 2: Click on Member login.

Step 3: Enter your credentials.

Step 4: Once you log in, click on dashboard and you will be able to see your credit score.

Advantages of logging in to CIBIL for businesses

Here are some of the advantages of logging into myCIBIL.

• You have quick access to your CIBIL score.
• Your CIBIL rank and Company Credit Report (CCR) will be updated weekly.
• You will get a monthly GST report till your subscription ends.
• Various discounts and offers can be availed after login to myCIBIL.

Understanding CIBIL score

As mentioned earlier CIBIL score is a three-digit number that denotes your creditworthiness. Let’s understand the score range and its impact.

NA/NH: NA or NH mean Not Applicable or No History. If you have no credit history meaning if you have not used a credit card before or have not obtained a loan previously, your score will be NA/NH.

Score between 350-600: It means your score is not up to the mark and banks will consider you as a high-risk borrower. There are higher chances of loan rejection too.

Score between 600-700: It is a moderate score. The minimum credit score required by many ending institutes is 650. Therefore, lenders may still see you as a high-risk borrower. Even if you get a loan approval, the interest rate might be higher. With a few conscious steps, you will be able to improve your score.

Score above 700: It is an excellent credit score. It indicates a regular loan repayment history. There are higher chances of you getting offers for pre-approved loans. If you apply for a business loan, your loan can get quick approval. Moreover, you can also negotiate with the lender for a better rate of interest.

Final thoughts

Although there are other credit rating agencies, CIBIL is the most widely accepted one. Hence, it is recommended to register and log in to CIBIL’s website. Checking your credit score regularly is essential if you plan to obtain a business loan. It will help you to take the necessary steps to improve your score in case it falls in the low or moderate bracket.