Bajaj Finserv Limited has partnered with TransUnion Cibil to launch a credit pass. This is a unique new subscription, which lets users check their credit scores and monitor their credit health. The service is available at an annual fee of Rs 99.
Lenders, both banks as well as non-banking financial companies (NBFCs) typically verify credit scores before extending secured and unsecured credit, including loans and credit cards. A high credit score is seen as a sign of credit worthiness and vice versa.
Users will have to log in to the Bajaj Finserv website and click on the credit pass button. They will be directed to input their mobile number to generate a one-time password, and proceed with the registration by filling in their name and permanent account number (PAN). Lastly, they will have to pay the fee.
Once the registration is complete, subscribers will get their unique credit pass number. They can then log in to their accounts to check their credit score on the dashboard. The dashboard will have their credit health report, account summary, calculators, and offers, among others.
Bajaj Finserv announced in a press statement that the annual subscription will come with the following benefits.
Unlimited credit score checks: Consumers can check their credit scores whenever they want, without any impact on their score. Checking the credit score regularly is a healthy practice and it would help the subscribers to take corrective action to improve their credit score.
Summary of factors that impact credit score: The credit pass would help consumers track their loan repayment, credit history, loan enquiries, and more.
Access to interactive tools: Consumers also get access to tools, such as the credit score simulator that would help them to understand the potential impact of taking a loan or a credit card.
Personalised dashboard: One can also get access to their personalised dashboard – a one-stop overview of their ongoing credit cards and loans, repayment history, and other important details.
Latest offers: Consumers also get access to ready offers on loans and credit cards from Bajaj Finance.
Bajaj Finserv is the financial services arm of the Bajaj Group. TransUnion Cibil is India’s leading credit information company.
