Paytm is a popular digital payment app that does many things like mobile recharge, bill payment, train ticket, bus ticket booking, etc. It also works like an electronic wallet i.e. you can save your money. You can add Paytm to Paytm and do many things like mobile recharge, bill payment, bus and train ticket booking, online payment, etc. Now in this, users also get the option of Paytm Bank payment, so that users can have a bank account in Paytm. You can open and for this you do not have to go to any branch or center, but you can open a payment bank account online in a few minutes through your Aadhar card and PAN card.
And the option of BHIM Upi is also available in this app. UPI (Unified Payment Interface) is a very fast and secure way of digital payment, so that you can transfer money to anyone in seconds and can also receive money, apart from this Paytm has Have also added the feature of Paytm Credit Score in your app, but what is this credit score?
If most of the people do not know, then I would like to tell that whenever you apply for a loan, first of all your credit score is checked, if your credit score is good then there are more chances of getting your loan approved. Due to adverse bad credit score, many times the loan request of most of the people is also rejected.
What is credit score? What is CIBIL Score
Credit score is a numerical expression that is based on an analysis of the level of credit files of an individual to represent the creditworthiness of an individual, in simple words, the credit score shows which companies you have borrowed from. All this information is known by the credit score which is also called cibil score, any bank and company before giving loan to any person its CIBIL score. Checks it is between 300 to 900, CIBIL between 300 and 550 is considered the worst.
And a score between 550 to 650 is considered average and 650 to 750 is considered good and CIBIL between 750 and 900 is considered very good, but what is the reason due to which CIBIL score is bad or good So it depends on your credit i.e. you borrow money from someone and pay on time and take loan for a longer period.
So your credit score remains good, on the contrary, if you do not pay on time when you take a loan from someone, then it has a negative effect on your CIBIL, and even if you take a loan from any loan app and sites on the internet, that site and The app also checks your CIBIL score and even after that accepts and rejects your loan application.
What is Paytm Credit Score?
In Paytm, users get the option of credit score, as I told that your creditability is a numerical expression that shows your credit history, but now many people will have a question that what Credit Score can be increased further. If yes then it is possible anyone can check their CIBIL score on CIBIL website.
But for this, you have to take membership in it, which is charged, but now you can check your credit score from Paytm for free, for this you have to verify your number and check your Paytm Credit Score by giving PAN card details. This is a good way by which any frame can check its CiBIL Score
And users also get some tips to increase their credit score, if your credit score is very good then you can also apply for paytm credit card, apart from this, here you can see the loan taken by you. That is, from which company you have taken loan and which account is open, here you can also check in this view detail status that due to which loan you have read low and high impact on your credit score,
This is a good feature of Paytm so that you can find out your cibil score for free, although you have to take membership for this, but now you can find out without membership whether you are eligible for any big loan or not and many people If loan requests get rejected time and again and they do not know the reason behind it, then it can also happen because of CIBIL score.
How to know your CIBIL score for free?
If you are searching about how to know your credit score, then you are in the right place, Paytm has also added a credit score option for the users in its app which anyone can use easily, for this you have to use any other option. You will not have to download the app in your device, but by following a few steps, you can find out your Paytm Credit Score, apart from this you can also check Payment History, Age Of Account, Total Account etc., so that you can check your CIBIL Score. Here you can also get an idea of what factors have had a negative impact on your score.
How to check Paytm credit score?
- First of all, open Paytm app in your mobile, then here Balance & Passbook, paytm bank will show some options, out of which by clicking on all services, then many options will be shown here, out of which click on the option of loan.
- After this, the option with paytm credit score will show you, click on this option, after that a form type will show, follow the steps given below to realize it.
- First Name – Enter your name in this option.
- Last Name – Enter your surname here (Note – Enter your same name in first and last name which is in your PAN card)
- You have to enter your 10 digit mobile number in the mobile number and here you have to enter your same number which is registered in the loan account.
- You have to enter your PAN card number in Permanent Account Number.
- Enter your date of birth in Date Of Birth.
- After this click on the option with term & condition and tick it
- Submit after filling all the options correctly
- Then the number you have entered, an OTP code will come on that number, after entering that code, click on Submit Otp & View Paytm Credit Score.
- Now you will see your credit score and along with it the options of View Detail Report or All Loan & Credit Cards Account will also be shown, by clicking on the option with View Detail Report, you can check age of accounts, total accounts, payment history, credit inquiries etc. You can do this and because of which you have read low, medium and high on your paytm credit score, similarly in the option of All Loan, you can see all the accounts from which the loan has been taken and here you have to be active and closed. The account also shows.
How to increase credit score?
As I told that when a person’s CIBIL score is not good then most of his loan application gets rejected but is there any way by which CIBIL can be increased, then for this we can do it by following some methods.
1. Payment History
Payment history has a lot of importance in CIBIL Score, if you repay the loan taken by you on time, then it has a good effect on your payment history, which also has more chances of increasing your credit score and vice versa. If you do not pay the loan on time, then there is a bad effect on your payment history, so whatever company or bank you have taken loan from, pay it on time.
2. Age Of Accounts
How many years you have taken the loan, it is also an important factor for credit score, some people take loan for 1 or 2 months which is a good thing but it does not affect your credit score much and has a medium effect but If you take a loan for 1 or 2 years, then it has a good effect on your CIBIL, so whenever you take a loan from any company, take it for 1 or 2 years or more years, this will increase the age of your account. And it will have a good effect.
3. Credit inquiries
Credit enquiry also has a lot of importance in credit score, it is of 2 types, 1st which is done for loan and 2nd to credit card. Loan inquiries have a medium effect on your credit score, on the contrary credit card There is no effect of inquiries.
4. Total Accounts
How many accounts you have active and the total number of accounts opened is also important but it does not have much effect on your credit score, total account keeps a list of your accounts in which you have a list of all the accounts opened and closed.
This is an easy way to know your CIBIL score, and it is also very important because CIBIL check is also done in applying for credit card and many payment banks also offer you credit card only when your CIBIL The score is very good.