In the Indian financial system, credit scores play a crucial role in determining an individual's creditworthiness. Whether you are applying for a loan or a credit card, your credit score is a key factor that lenders consider before approving your application. It represents your creditworthiness and helps lenders assess the risk associated with lending money to you. Checking your credit score regularly is essential for maintaining good financial health and ensuring there are no errors or discrepancies in your credit report. In this article, we will guide you on how to check your credit score with a PAN number.
At Shriram Finance, we provide several loan solutions for simple and responsible borrowing. The loan offerings include commercial vehicle loans, two-wheeler loans, car loans, home loans, gold loans, personal finance options, and support for small businesses.
Steps to Check Credit Score Using Your PAN Card
To check your credit score by PAN card, follow these simple steps:
- Visit the official Shriram Finance Credit Score page.
- Click on “Discover Shriram” in the top menu and select “Credit Score”.
- Enter your 10-digit mobile number and click “Check Now” for OTP verification.
- Enter your PAN card number, date of birth, and full name.
- Click “Verify".
- Provide your email ID and PIN code.
- Click “Continue” to view your credit score.
Usage of Your PAN Card in Checking Credit Score
Your PAN card details are required to check your credit score because it serves as a unique identifier for individuals in India. Additionally, PAN cards are associated with financial and bank accounts, making it easier for credit bureaus to locate and authenticate your credit information.
Rest assured that when you use your PAN card number to view your credit score online, it is solely used to locate your credit information and verify its authenticity.
Effect of PAN Card Change on Your Credit Score
Losing or misplacing your PAN card does not impact your credit score as long as you request a duplicate card using the same PAN number. However, it is advisable to surrender one of your PAN cards if you possess multiple cards to avoid any complications.
Applying for a new PAN card might lower your credit rating because your credit history is linked to your current PAN card. Requesting a new PAN could lead to a red alert being displayed on your account by the TransUnion, CIBIL™ database.
Factors That Affect Your Credit Score
Several factors influence your credit score, including:
- Payment History: Timely payment of bills and EMIs have a positive impact on your credit score by demonstrating responsible financial behaviour. Maintaining a good payment history is crucial for a healthy credit score.
- Credit Utilisation Ratio: The credit utilisation ratio is the percentage of available credit that you are utilising. Keeping this ratio below 30% indicates responsible credit management and positively affects your credit score.
- Length of Credit History: The length of your credit history plays a role in determining your creditworthiness. It is advisable to maintain old credit accounts and avoid closing them abruptly, as longer credit histories often result in higher credit scores.
Applying for a Loan After Checking Your Credit Score
Before applying for any loan or credit card, it is essential to check your credit score for a few reasons:
- Increased Chances of Approval: Lenders are more likely to approve loan applications from individuals with good credit scores.
- Favourable Interest Rates: A good credit score increases the likelihood of being offered favourable interest rates on loans or credit cards
Key Highlights:
- Follow the step-by-step guide to check your credit score using your PAN card.
- Maintain a good payment history and low credit utilisation ratio to improve your credit score.
- Requesting a duplicate PAN card does not affect your credit score, but applying for a new one may lower it.
- Factors such as payment history, credit utilisation ratio, and length of credit history affect your credit score.
Conclusion
Regularly checking your credit score by PAN card is essential for maintaining good financial health and ensuring that there are no errors or discrepancies in your credit report. By following the steps mentioned earlier, you can easily access your credit score on the Shriram Finance website.
At Shriram Finance, we offer a comprehensive range of loan solutions to help individuals secure financing at competitive interest rates. We encourage you to regularly check your credit score by PAN card in India and take the necessary steps to maintain or improve your financial standing. For more information and personalised assistance, visit our website or reach out to your nearest Shriram Finance branch today to check your credit score by PAN card without OTP.
Remember, taking control of your creditworthiness starts with checking your credit score!
