Whenever you apply for a personal loan or credit card, HDFC checks CIBIL score to decide your eligibility. An excellent CIBIL credit rating, along with stable employment makes you eligible for all HDFC Bank financial products. HDFC and all other banks, however, deny loans to defaulters in CIBIL list even if they have a good salary or decent IT returns. Therefore its ideal to check and update your CIBIL profile before approaching the bank for any requirement. Thankfully, the HDFC and CIBIL provide free options for the customers to check their CIBIL score online and netbanking.
HDFC CIBIL score : Check free report online
HDFC Bank has a link in the netbanking for customers wanting to check their CIBIL credit report and score quickly. Unfortunately, getting a CIBIL score through netbanking is not free when you proceed in the usual way. It is just a connection from HDFC Bank to CIBIL website where they charge 500 RS for the credit score.
However, most people don’t know about an alternative option HDFC Bank provides. Customers of other banks may also access free CIBIL score with this facility if they follow the steps given here.
Step 1: Open HDFC Bank website, and scroll down to the section “Products & Services Launched.” Locate the banner for CIBIL Score Check, and click on it. It will take you to the HDFC CIBIL enrollment page, as shown below. Now fill the form with your personal information.
Step 2: The CIBIL portal may request for additional data when they cannot match your profile with their records. As you can see, here they are asking for my alternate contact number.
Step 3: Next, verify and match your ID proofs and financial records against the data CIBIL provides. Take the right answer from the four options and continue.
Step 4: Click on the go to dashboard button when you see “Successfully Enrolled” message.
Step 5: Now view your CIBIL score (if available) and report on the HDFC website, as shown in the screenshot.
The above one is my wife’s Score- its NH as she doesn’t have any credit history on CIBIL.
Check CIBIL score using HDFC netbanking
The only advantage of using HDFC banking for accessing the CIBIL score is that they pre-fill some data in the registration form. It may also be useful HDFC bank customers who are new this CIBIL status and application process. Check below for details, if you wish to use HDFC netbanking for checking CIBIL score.
- Login to HDFC Bank netbanking site: Click Here.
- When you are in the Accounts tab, find the link for Request CIBIL TU Score, in the left side.
- Verify your PAN card number, DOB, and email address.
- Agree and Confirm the details shown on the HDFC Bank website.
- Now it will take you the CIBIL website for completing the rest of the formalities.
- You have to complete a form, make payment, and answer a few questions about your financial history before CIBIL displays your score.
Is it the right way to use netbanking for checking your CIBIL score? I would say no. CIBIL charges 500 INR when you go through the link on HDFC netbanking. Many people fall for it, because, they don’t know that CIBIL gives one free credit report, every year, for free. Hence, its a waste of money if you apply for the CIBIL score through the option inside HDFC netbanking website; here they act only like a broker.
Related: How to check HDFC Credit Card bill
Alternative: check CIBIL Score free through HDFC Life
HDFC Life, the insurance arm of the HDFC group provides an online webpage to check your CIBIL score without any fee. This is probably the easiest way to access to CIBIL score online, far better the official website. Do the following to check CIBIL score through HDFC Life.
- Open the creditmart (HDFC Life) website, here.
- Enter your First and Last name and click on the Red “Lets Start” button.
- Select your Gender and click Next.
- Now, enter your email and mobile number. Give the same that you have in the bank and financial records.
- Provide the DOB as per official records.
- Enter PIN code, State, and District.
- In the next page, choose an ID of verification, preferably PAN card. Apart from this, Voters ID, PAN Card, Driving License, Ration Card, Passport Number are also available as options.
- Now it will take to the result page where you could see the CIBIL score as shown in the screenshot.
My credit as per the HDFC Life and CIBIL Creditmart is 822, and is excellent as per the indicator. Similarly, you could also check your latest CIBIL in this way without paying a penny. Check our video on two methods for CIBIL score generation through HDFC for more information.
CIBIL score for HDFC Credit Cards, Car, Home, and Personal Loans
As said earlier, a good CIBIL score is a must for applying many of the HDFC Bank products. It is important decision factor for approving unsecured instruments like HDFC Credit Cards and Personal loan.
When you open the CIBIL score page, you can find sections like “Reports” and “Inquiry.” It displays companies which ask your CIBIL score and report. Since I hold an HDFC credit card from 2011, I can show you how it looks like.
Following is the screenshot is taken from Creditmart portal, where you can see HDFC inquiring about my CIBIL score in 2011, before sanctioning me a credit card. If I’m remembering it correct at that time, I had a CIBIL score around 780.
So what’s the ideal CIBIL Score for HDFC Credit Card or Personal loan? In my experience, it is more than enough if you have a CIBIL score above 750. HDFC Bank usually sanctions pre-approved credit cards and loans for customer with high CIBIL score (above 800), without further background checks.
However, CIBIL score requirement is low for HDFC’s secured loan products such as Home Loan, and Car Loan. I have seen HDFC accepting Home loan applications from customers when they CIBIL score as low as 680. However, having a low CIBIL score will reflect on the time taken for approvals, and HDFC often charges an additional processing fee for applications, also, sometimes, more interest rate.
How to update your CIBIL score with HDFC Bank
I don’t think you can directly contact the HDFC customer care for updating CIBIL score and do corrections. If you have a default on your HDFC credit card, or loan you better approach the bank itself at your home branch. Consult with HDFC Bank for knowing the factors affecting your Credit score, and request solutions. On your request, they consult with the internal CIBIL department and possibly provide the option to extend your repayment time and reduce the EMI. Do not take the trap to settle the defaults with a lower amount as it reflects in CIBIL report.
HDFC Bank takes 3-6 weeks to update your CIBIL score after clearing all current dues or revising the payment schedule. You can make a direct complaint to CIBIL if HDFC is denying update requests even after settling all dues in full.