The core of an effective financial plan is to have an adequate amount to cover all future expenses at a time when you don’t have a primary source of income. One of the best ways to do this is to save as much as you can and invest those savings into a variety of investment instruments. However, you may need funds in the present for significant expenses, such as buying a house or a car. Here, taking a loan is an ideal solution that lets you have adequate funds without using the amount you have saved for future expenses.
However, most lenders need loan applicants to have a specific credit or CIBIL Score, which increases or reduces due to various financial activities, making monitoring and managing your credit score vital. Bajaj Finserv has designed an innovative tool called Credit Pass, which helps you gain valuable insights into your credit health without logging into CIBIL’s website.
What Is the Bajaj Finserv Credit Pass?
When you apply for a loan with a lender such as Bajaj Finserv, the most important thing in the loan eligibility criteria is to have a CIBIL Score of more than 700. CIBIL Score is a score out of 900 assigned by the Credit Information Bureau (India) Limited to showcase the ability of an individual to repay a loan. Hence, to analyse the creditworthiness of individuals, lenders such as Bajaj Finserv require applicants to have a CIBIL Score higher than 700 to approve the loan application.
Bajaj Finserv Credit Pass is a unique and innovative tool for tracking and analysing your credit health. It allows you to review information about all the factors affecting your CIBIL Score. You can sign up for the Bajaj Finserv Credit Pass to access a comprehensive credit dashboard that provides valuable insights into all the credit accounts and factors, such as credit inquiries, repayment history, etc.
When you sign up for Bajaj Finserv Credit Pass, you also get access to other tools, such as Credit Score Simulator, that assist you in determining the impact of a specific factor, such as taking a new loan or applying for a credit card beforehand. You can use this data to ensure that your CIBIL Score remains above 700 at all times.
Key Features of Bajaj Finserv Credit Pass
Here are the key features of Bajaj Finserv Credit Pass:
- Monthly Score Checks: Once you subscribe to the Bajaj Finserv Credit Pass, you can check your updated CIBIL Score every month without a CIBIL login. Furthermore, you also get monthly updates on any change in your CIBIL Score so that you can review and manage the impacting factor.
- Personalised Dashboard: Bajaj Finserv Credit Pass provides you with a personalised credit dashboard that gives you a detailed overview of your current loans, repayments, credit cards, and more. Hence, the dashboard works as a one-stop solution for reviewing all your credit information.
- Interactive Tools: The Credit Pass gives you access to unique Bajaj Finserv tools such as Credit Score Simulator and EMI Calculator. The Credit Card Simulator lets you analyse the impact of specific financial activity on your CIBIL Score. At the same time, the EMI Calculator helps you determine your EMIs before you apply for a loan.
- Real-Time Credit Health report: The Bajaj Finserv Credit Pass gives you a real-time credit health report where you can see all the factors that have impacted your CIBIL Score negatively or positively. Using the information, you can better plan your transactions to ensure your CIBIL Score is maintained.
Subscription Plan For Bajaj Finserv Credit Pass
Here are the subscription plans and their included features for Bajaj Finserv Credit Pass:
| Standard plan | Premium plan |
|---|---|
| Price: Rs. 299 Duration: 6 months | Price: Rs. 499 Duration: 12 months |
| Monthly score checks | Monthly score checks |
| Regular credit score monitoring | Regular credit score monitoring |
| Credit health report | Credit health report |
| Personalised dashboard | Personalised dashboard |
| Customised view of managing CIBIL Score and other credit information | Customised view of managing CIBIL Score and other credit information |
| Credit Score Simulator (predictive tool) |
How To Subscribe To the Bajaj Finserv Credit Pass?
Follow the below process to subscribe to the Bajaj Finserv Credit Pass:
Visit the Bajaj Finserv website and the Credit Pass page
Click the ‘Credit Pass’ button and choose the ‘Sign Up’ option
Enter your mobile number. You will receive an OTP. Enter the OTP to verify your mobile number
Enter your basic details in the next step, such as name, PAN card number, salary range, etc.
Click the ‘Verify Details’ option and choose a Credit Pass subscription plan. You will be redirected to a new page to make the payment
Select a payment method from the methods available and make the payment as per your chosen Credit Pass subscription plan
Once your payment is successful, you can log in to your Bajaj Finserv Credit Pass account and use all the available features
How To Do Aadhaar Update?
An Aadhaar Card is one of the most important documents that you need to furnish at the time of submitting the loan application. However, if your Aadhaar details on the card are incorrect, your loan application will be rejected even if you have a high CIBIL Score. Here is the process for an Aadhaar update, which you can follow to change incorrect details on your Aadhaar Card:
Visit the Aadhaar Self Service Update portal (myAdhaar) and log in by entering your mobile number and the OTP you receive
Select the type of Aadhaar update from name, address, or any other information
Enter the new correct information and upload scanned copies of documents supporting your new updated information
You will be redirected to a payment page where you need to pay the one-time non-refundable Aadhaar update fee using your credit or debit card or net banking
Once you make the payment, you will receive a confirmation with a service request number (SRN). You can use this SRN number to track your Aadhaar update request
After verifying your updated information and the documents, you will receive an SMS confirmation showcasing the successful Aadhaar update.
After you receive the confirmation SMS, you can either get a printout of your Aadhaar Card or download your updated Aadhaar Card.
You can also update your Aadhaar details offline. Visit the nearby Aadhaar Enrolment Centre or Aadhaar Seva Kendra to fill out a correction form and make the required changes.
The Credit Pass is a one-stop solution for all your credit information. You get free CIBIL Score checks every month without a CIBIL login, and you can review all the factors that impact your CIBIL Score. Once you build a good CIBIL Score, ensure that all the information on your Aadhaar Card is correct. If not, follow the Aadhaar update process for correction and apply for a comprehensive loan with Bajaj Finserv to get the most affordable interest rates and flexible loan tenures.
*Terms and conditions apply.
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