Know Your CIBIL Score for Free Before Applying For A Marriage Loan

The cost of a wedding is rising fast. Booking of the venue, catering, decoration and photography can easily go into multiple lakhs. The majority of couples require economic support to meet these expenses without having to empty their bank accounts. Marriage loans are the ideal solution towards the easy management of wedding costs.

But mindlessly applying without taking into account whether you are a good credit or not is time wasting and worsening your credit score. Before applications are submitted, it is best to check your CIBIL score so as to know your chances of approval, as well as, negotiate better interests. Many people don’t realize they can find cibil score for free through multiple legitimate platforms without paying anything.

Marriage loans normally have a minimum score of 700 to be passed easily. A low score does not necessarily mean that you are disqualified but you have little or no bargaining strength at all. Understanding marriage loan eligibility criteria before applying saves you from unnecessary rejections that further damage your credit profile.

Authority check CIBIL Score Free.

CIBIL provides a free credit report once in a year on their official site. Open cibilscore.com and create an account with the simplest information such as name, date of birth and PAN card number. The verification of a user can be completed in several minutes. You get your in-depth credit report with your score, account history and records of payments.

Other credit bureaus such as Equifax, Experian and CRIF High Mark are also offering free annual reports. This is because by visiting all the four bureaus, you have the overall picture of your credit health. There are instances where mistakes or anomalies are manifested in one bureau and not the rest.

Companies that offer free checks on a third-party platform.

There are a number of fintech applications that offer free unlimited checks of CIBIL scores. Paisabazaar, BankBazaar and OneScore provide this service and without the charges at all. These sites receive profits based on loan applications and credit card sponsorships. They do not charge users to check their scores, making  it literally free.

Enhancement of Score Pre-Application.

When you get a score that is lower than 700 then wait to take marriage loans. Devote attention to its enhancement in three to six months. Pay all outstanding EMIs and credit card bills on time and do not default on due dates. Minimize the use of credit of less than 30 percent of the limit in all cards.

Getting to know Marriage Loan Requirements.

Beyond credit scores, lenders evaluate several factors for marriage loan eligibility approval. The proposed EMI and the current financial obligations must be comfortably covered by your monthly income. Banks usually accept EMI of not more than half month earnings. Stability of employment is as important as most lenders would prefer at least a year of employment.

Conclusion

Before taking marriage loans, it is important to check your CIBIL score to increase your chance of success. This can be done at no cost and without any hassle in the form of free checking offers by official bureaus and third-party websites.