CIBIL vs Experian – Which Gets More Preference for a Loan or Credit Card Approval?

Highlights

  • Which Gets More Weightage CIBIL or Experian
  • CIBIL & Experian Score Falls in the Range of 300-900

The gateway to a rewarding future often hinges on loans and credit cards because of their innate ability to accomplish different financial needs. While a home loan can help one buy a dream property in the buzzing streets of metro cities such as Delhi and Mumbai, credit cards would help shop out the brand new smartphone from the retail shelves. But before you apply for a fresh debt, make sure to know your credit score in advance to get an idea of whether or not you deserve the credit.

Check Your CIBIL Score Free

You can check your credit scores free at Wishfin, a premier online loan marketplace which is now an official partner of two of the most prolific credit information Bureaus in India, CIBIL and Experian. Both these bureaus provide credit scores to individuals having serviced the debt earlier or are servicing the same. It must be tempting you to introspect both CIBIL and Experian, isn’t it? So, let’s begin the journey of comparison between the two.

Whose Credit Score is Viewed More Reliable – CIBIL or Experian?

The reason why CIBIL holds an edge over Experian is due to the fact that around 85%-90% of the financial institutions in India, including banks and non-banking financial companies (NBFCs), are tied up with CIBIL. Further, banks and NBFCs give preference to CIBIL score over Experian before approving a loan or credit card application in India. Even though these institutions may be tied up with Experian, they will prefer CIBIL score more. Globally, though, Experian is preferred more than CIBIL.

People Also Look For  All About CIBIL 2.0 - What's New

What’s Common Between CIBIL and Experian Score?

Both CIBIL and Experian provide scores in the range of 300-900. Anything above 700 is viewed good by the lenders who often approve the case of those having such scores. Scores above 750 are viewed excellent and can most likely result in loans at attractive interest rates and top-selling credit cards with maximum credit limit.

CIBIL and Experian Score Required for Different Loans and Credit Cards

Banks and NBFCs rate credit scores according to the type of debt one seeks. There are unsecured and secured credits available at one’s disposal. While an approval for unsecured debts would require a score of 700 and above, the secured ones can get approved with a score of 650 and more. Unsecured loans can be personal loans, credit cards, etc. On the other side, home loan, loan against property and other mortgage loans come under the category of secured loans.

How to Check CIBIL and Experian Score at Wishfin?

At Wishfin, you can check your CIBIL and Experian score multiple times in a year without having to pay any fee. The process of checking both the scores differs and so you should glance at the below paragraph to understand the same.

Checking CIBIL score is more or less a 2-step process compared to about 4 steps of Experian. For CIBIL score, you need to fill personal details and enter the One Time Password (OTP) sent to your mobile number. On the other hand, checking Experian score requires one to fill personal details, enter OTP, fill user details as well as Q&A form, making it lengthier than CIBIL.

People Also Look For  How to Check CIBIL Score on WhatsApp?

Personal Loan Interest Rates November 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates November 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.60%
Bank of Baroda8.65% - 9.65%
LIC Housing8.70% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.00% - 9.25%
Axis Bank8.80% - 9.05%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%