Written by Rahul Gupta » Updated on: December 07th, 2024
India’s central bank, Reserve Bank of India, has licensed four credit information companies: CIBIL, Experian, Equifax, and Highmark. These companies gather your credit history and credit behavior based on several factors and give you a score based on your performance ranging from 300-900 (900 being the best and 300 the worst). When you ensure CIBIL score check with a PAN card, a good credit score helps you get loan applications approved and can also help you get lower interest rates.
To regulate the transactions for a fair analysis by these companies and the Indian government, the PAN card was introduced under Section 139A of the Income Tax Act of 1961 by the Indian government.
PAN is a Permanent Account Number, and your PAN card is a physical verification card containing this unique number, which is a combination of letters and numbers. Your PAN number is unique to you, and you are its sole proprietor.
PAN cards were introduced to curtail tax evasion and keep track of taxes. The income tax department produces it, and you can obtain it by applying on the official website. You can now perform CIBIL score check with a PAN card.
Children under 18 can possess a PAN card, but it must be processed and approved by their parents. After age 18, every Indian, whether a student or employed, has the right to get a PAN card.
Conditions under which kids must have a PAN card-
Your PAN card is an important photo identification card consisting of your details like Name, Date of Birth, Husband/wife/father’s name, and your passport-size photograph that is required for various purposes, including but not limited to:
Getting a PAN card has become one of the easiest tasks. You can apply for it both online and offline through these pathways-
Online:
Offline:
A credit score is essential for everyone to know how lenders and banks view their applications. Checking credit scores has become easy with many trusted service providers like Stashfin, which provides you with your authentic credit score in minutes. Fortunately, all you need to check your credit score is a PAN card, DOB, registered mobile number, name, and basic KYC details. You can check out Stashfin to get your CIBIL score.
Below, we’ve discussed a few common reasons why a PAN number is important for checking your credit score:
A PAN number creates a safe space for lenders and borrowers to understand each other's needs, which in turn makes the process secure and easy.
Your credit score determines your ability to get a loan. It ranges from 300 to 900. If your score is above 740, lenders will be extremely favorable to your credit history and capacity to repay your loans, whereas if it is below 670, chances are your credit applications might not get approved.
Your credit score can make or break your application, which is why checking it before submitting any loan application is a must. Hope you learned the tips for checking your credit score with just your PAN Number. Easily apply for your PAN card today to start a healthy journey toward credit and growth.
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