Your CIBIL score is a critical factor that decides your creditworthiness as a borrower when you’re applying for loans and other financial products like credit cards.
Now, an SBI CIBIL score check will only be required when you are applying for a personal loan, home loan, or credit card from SBI, one of the biggest banks in India. SBI will check your eligibility as a borrower before issuing any such loans to you.
As highlighted above, when you’re applying for a loan or a credit card, any lending institution will go through your borrowing history, your repayment schedules, and your credit behavior. All of this is easily monitored by checking your CIBIL score and history.
As one of the biggest banks in India, SBI reserves the right to verify your CIBIL score from one of the largest credit bureaus: TransUnion CIBIL. When you apply for an SBI home loan, a personal loan, or any other financial product from SBI, they request that you input your information.
Once you input them, SBI calculates your eligibility by verifying your CIBIL score. Based on your current CIBIL score status and CIBIL report, SBI will accept or deny your application.
Here is why you should do an SBI CIBIL score check:
Free CIBIL Score Check by SBI: SBI has an association with TransUnion CIBIL by virtue of which it can pull the credit score of any loan applicant for free. You don’t need to pay any charges for this.
Evaluate Loan Eligibility: Banks like SBI use your CIBIL score to assess your loan application. If you have done your CIBIL score check via SBI, you can have a clearer picture of whether you’re eligible for getting loans from banks.
Plan for Better Offers: A higher score improves your chances of lower interest rates. Thus, the free CIBIL score check from SBI would help you plan your personal finances better.
Track Credit Health: Monitoring your score helps maintain a healthy credit profile. The CIBIL score check by SBI is free and can give you a better idea of where you stand in terms of your credit health.
Stay Proactive: Fix any credit discrepancies before applying for loans. Even if your loan application is rejected due to the CIBIL score check by SBI, you can fix your credit history before applying for further loans or credit cards. This CIBIL score will help you in your endeavors.
When you’re applying for any product on the SBI official website, you can get an SBI CIBIL score check-up via the following methods.
You can check your SBI CIBIL score online via the following methods.
The first three are usually reserved for an SBI customer, whereas one without an SBI account can also get their free CIBIL score check via the SBI General Insurance calculator page.
The SBI YONO app is a mobile application for SBI bank account holders or credit card users.
Step 1: You can simply log in to the app using your SBI credentials or m-PIN, and click on the hamburger menu.
Step 2: Once done, click on loans from the range of products on display.
Step 3: Click on Home Loans or your desired product.
Step 4: As part of your eligibility, you will be required to submit your DOB, income source, net monthly income, and details of any other loan.
Step 5: Once you submit this set of information, SBI will pull your credit report and history from TransUnion CIBIL and assess whether you’re eligible to get the loan.
If you enter the SBI official website, you will find the Home Loans page with multiple options like About Us, Contact Us, and Our Products.
Step 1: Click the Our Products section on the top right and navigate to your desired product.
Step 2: Once the relevant page opens, you will find the product features, eligibility criteria, interest rates and fees, and documents required. Click the Apply Now button.
Step 3: A new page will open with a window where you will need to enter your registered phone number, account number, and the relationship with the bank. Then provide your consent-cum-declaration below that you’re authorizing SBI bank to fetch any details of your financial health using third-party data.
Step 4: Once you provide consent, you will be taken to the loan offer calculator page where you will be asked to share more details. This page will show your current CIBIL score and provide the loan amount you are eligible for.
Step 5: Upon acceptance, you can move to the next section to complete your application.
The SBI Net Banking is another feature for SBI bankers or other users to use their banking services online from any browser without using the official website or the mobile app.
Step 1: Go to the SBI Net Banking portal and move to the relevant section like Home Loan.
Step 2: Following this, input your details as directed on the screen before you.
Step 3: SBI will use these details to fetch your CIBIL score from TransUnion CIBIL and assess your loan eligibility.
You will typically receive an SMS on your registered phone number when your CIBIL score check SBI is being done. It is a hard check and has a minimum impact on your CIBIL score which you can recover with timely repayments in the future.
You can also visit the SBI General Insurance website for a free credit score check.
Step 1: Simply input your first and last name in the tab provided against the credit score calculator.
Step 2: Input your registered mobile number, which is linked to your bank account.
Step 3: Enter your email address and your PAN details.
Step 4: Based on the above details, the CIBIL score calculator will immediately fetch your free credit score.
You can visit your nearest SBI bank branch and initiate your application for the required financial product like a personal loan.
Step 1: Provide the necessary documentation for your identity verification.
Step 2: You can request your CIBIL score from the relationship manager or the help desk that’s processing your documents.
SBI not just checks the CIBIL score of the primary applicants, but also co-applicants, if any. Before it moves ahead to grant your loan application, the bank does a thorough check of your credit history.
SBI has not mentioned any cut-off for CIBIL score requirements in loan applications. However, it is implied that a CIBIL score above 750 and closer to 900 will be considered good for loan applications.
The more your CIBIL score is towards 900, the more you’ll be eligible for bigger loan amounts with more flexible repayment periods and the best interest offers.
When you have a better CIBIL score that tends towards 900, SBI will hold you most eligible for getting a loan granted. However, if you have a co-applicant, especially in the case of SBI home loans, you must be both eligible to meet the criteria for loan approval in terms of the CIBIL score check and other parameters.
However, it doesn’t always imply that a person with a better CIBIL score will never default on a loan whereas a person with a poor credit score will. Still, the CIBIL score is the north star in guiding your loan application requests and granting approval as it indicates a trend towards risk minimization for the bank.
You can do your SBI CIBIL score check on the YONO app, the bank’s official website, and the net banking portal, if you’re an SBI customer. However, even those who aren’t SBI customers can do a free CIBIL score check on SBI by visiting the SBI General Insurance free credit score calculator page.
Yes, you can check your CIBIL score yourself on SBI. You can simply input your details on the SBI General Insurance free credit score calculator and get your CIBIL score and credit report.
SBI hasn’t declared the best CIBIL score, as there are multiple financial products that you can apply for including home loans, personal loans, insurance, credit cards, etc. However, a CIBIL score that is above 750 and tends towards 900 is the one that is typically considered healthy for approval.
To get an approved SBI home loan, you must have a minimum CIBIL score of 700. However, a CIBIL score that’s above 750 and tending towards 900 is considered safe for better home loan eligibility.
No, it’s impossible to check anyone else’s CIBIL score using your account.
Thank you. Your feedback is important to us.
