Checking one’s CIBIL Score, also known as Credit Score, was once a time-consuming and costly task. For checking the latest credit score, several institutions charge anywhere from Rs 500 to Rs 1000.
Paytm, on the other hand, is changing that.
Anyone may now check their credit score for free on the Paytm app.
How to Get a Free Credit Score on the Paytm App: A Step-by-Step Guide
Step 1: Open the Paytm app and log in.
Step 2: Select the ‘Show More’ option.
Step 3: Navigate to the Featured Area.
Step 4: Select “Free Credit Score” from the drop-down menu.
Step 5: Enter your PAN Card number as well as your birth date (if asked for)
Step 6: If you’re a new user, Paytm may email you an OTP to confirm your identity.
On the app, you’ll get your most recent CIBIL credit score right away.
You can also view the latest CIBIL Score as well as a credit education section by tapping on “All Loan & Credit Card Accounts.” Users will learn about credit scores, receive ideas and suggestions on how to improve their credit scores, receive a loan application checklist, and more in this area.
Another intriguing feature is the ability to compare your current CIBIL Credit Score to others on a variety of levels, including city, state, and national levels.
Why Is Paytm Giving Away a Free Credit Score?
To begin with, the ability to check one’s credit score for free is a fantastic branding opportunity for Paytm. Paytm will gain a new cult of users, who are most likely involved in trading, investment, and other financial operations because other financial institutions and banks charge for sharing the same.
The second explanation is as follows:
Because the bulk of customers who would use this function to check their credit score are also interested in investing, Paytm may send them to Paytm Money, which has great plans for fintech products.
Paytm Money has already established itself as a prominent player in the mutual fund industry, as well as stockbroking.
Overall, it’s a win-win situation for both Paytm and the user.