For a long time, checking one’s CIBIL Score, also known as Credit Score was a time taking and expensive task. Some banks charged anything between Rs 500 to Rs 1000 for checking the updated credit score.
But Paytm is changing that.
Anyone can check their credit score on Paytm app now, for free.
Free Credit Score On Paytm App: Step By Step Process
Step 1: Login to Paytm app
Step 2: Tap on ‘Show More’ icon
Step 3: Go to the Feature Section
Step 4: Tap on Free Credit Score
Step 5: Enter your PAN Card number, date of birth (if asked for)
Step 6: If you are a new user, then Paytm can send you an OTP for more verification
You will instantly get your latest CIBIL credit score on the app.
Besides, you can also tap on “All Loan & Credit Card Accounts” to access the latest CIBIL Score along with credit education section. In this section, users will be educated about credit score, provided with tips and suggestions to improve credit score, get checklist for loan application and more.
Another very interesting feature: You can compare your latest CIBIL Credit Score with others on various levels: comparison can be done on city level, state level and even national level.
Why Paytm Is Offering Free Credit Score?
First of all, getting to check one’s credit score for free is a great branding exercise for Paytm. Since other financial institutions and banks charge for sharing the same, Paytm will get a new cult of users, who are most probably into trading, investment and other financial activities.
And this, is the second reason.
Since majority of the users who will be using this feature to get their credit score are active into investing, Paytm can redirect them/ inform them about Paytm Money, which has some big plans related to offering fintech products.
Paytm Money has already become a major player for selling mutual funds, and they have also started stockbroking.
Overall, a win-win for both Paytm, and their users.
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