The Importance of Bajaj Finserv Credit Pass

Most activities in life include expenses that you have to incur at regular intervals. You can cover day-to-day expenses, such as buying groceries, with the cash you have available. However, for big expenses, such as buying a car or a house, most individuals take loans, which is based on the idea of creditworthiness. Lenders provide loans after verifying your credit health and ensuring that you have the financial capability to repay the loan with interest.

 Hence, it becomes crucial that you regularly monitor your credit health to ensure that you can apply for a loan when you want to have the funds for big life expenses. Here, the Bajaj Finserv Credit Pass is an innovative product that helps you track and monitor your ‘credit health’.

 But why should you subscribe to the Bajaj Finserv Credit Pass? Let us understand the features and benefits of this offering by Bajaj Finserv.

What is the Bajaj Finserv Credit Pass?

Credit Pass is an innovative tool designed by Bajaj Finserv to give subscribers valuable insights into their credit health. Credit health is the current ability of an individual to repay the loan they take entirely without default. It is generally showcased through a credit score that ranks individuals on their creditworthiness out of 900. The higher the score, the higher their creditworthiness.

The Bajaj Finserv Credit Pass makes monitoring and managing your credit health easier by letting you know your credit score without logging into the CIBIL website. You must subscribe to a standard or premium plan to access your CIBIL Score (credit score), credit health dashboard, and other tools to analyse and manage your credit health.

Furthermore, you can also utilise other features, such as the EMI calculator and a credit score simulator, to ensure that your credit health remains positive.

The importance of Bajaj Finserv Credit Pass

Bajaj Finserv Credit Pass is an ideal subscription-based plan that can help in numerous ways. Here are some of its benefits:

● Credit score: When you apply for a loan, most lenders see your credit score, which needs to be higher than 750. Hence, you must regularly monitor and maintain your credit score above 750 to qualify for pre-approved loans and offers. You can use the Bajaj Finserv Credit Pass to view your credit score every month without logging onto the CIBIL website.

● Credit factors: Numerous factors, such as bill payments and loan EMIs, affect your credit health. You can easily track and monitor all such factors through Credit Pass to maintain a credit score above 750.

● Account summary: When you subscribe to the Bajaj Finserv Credit Pass, you can view and review your repayment history and financial account summary, including credit card and loan details, in one place.

● Credit score simulator: When you apply for a new credit card or loan, the application affects your credit score and may decrease it by a few points. Using the Bajaj Finserv Credit Pass, you can see how your credit score may be affected because of your new credit card or loan application.

● Credit health report: The Bajaj Finserv Credit Pass provides a detailed credit health report every month. The report summarises your credit history and how your financial transactions have affected your credit score.

How to get the Bajaj Finserv Credit Pass?

Here are the steps to follow to subscribe to the Bajaj Finserv Credit Pass:

● Step 1: Visit the Bajaj Finserv Credit Pass page on the Bajaj Finserv website

● Step 2: Select the ‘Credit Pass’ option and click the ‘Sign Up’ button

● Step 3: Enter your mobile number and verify it by entering the one-time password

● Step 4: Enter basic details such as name, PAN card number, salary range, etc.

● Step 5: Click ‘VERIFY DETAILS’ and choose a subscription plan. You will be redirected to a new page to make the payment

● Step 6: Select a payment method and make the payment as per your chosen subscription plan

● Step 7: Once your payment is successful, you can log in to your Bajaj Finserv Credit Pass account

How to update Aadhaar details?

If you want to take a personal loan, you must submit a copy of your Aadhaar card. However, if your Aadhaar card contains incorrect information, the lender might reject your loan application. For this reason, updating your Aadhaar card with the correct information is vital.

Here is the process of updating your Aadhaar details:

● Step 1: Log in to the Aadhaar Self Service Update portal (myAdhaar) by entering your mobile number and the OTP

● Step 2: Select the type of update required—name, address, or other information

● Step 3: Enter the correct information and upload scanned copies of supporting documents

● Step 4: Pay the one-time non-refundable update fee using net banking or your credit or debit card

● Step 5: Once the payment is done, you will receive a confirmation with the Service Request Number (SRN). You can use the SRN to track your Aadhaar update request

● Step 6: You will receive an SMS confirmation of the successful Aadhaar update after internal verification

● Step 7: Afterwards, you can either download your updated Aadhaar card or get a printout of your Aadhaar card

If you want to update your Aadhaar details offline, you can visit the nearby Aadhaar Enrolment Centre or Aadhaar Seva Kendra to fill out a correction form and make the required changes.

Conclusion

The Bajaj Finserv Credit Pass is an innovative subscription-based service that allows you to easily check your credit score and monitor your credit history to maintain positive credit health. The comprehensive credit dashboard and monthly credit report assist in reviewing your financial history and the factors that have affected your credit score. You can visit the Bajaj Finserv website and choose from a range of subscription plans for the Credit Pass, the lowest being just Rs. 299 for 6 months.

Furthermore, once you subscribe to Credit Pass, it is important to review your Aadhaar card and ensure that all the information is correct for a successful loan application. If not, update your Aadhaar details online or offline to ensure a successful loan application.

*Terms and conditions apply.

Published on: Tuesday, July 16, 2024, 12:12 PM IST