If you ever applied or even thought of taking a loan, no matter which one; you most probably heard about the term ‘credit score’. Before you make any assumptions, CIBIL score which is also referred to as credit score is a three-digit number assigned by the credit rating agencies namely FICO and CIBIL.
The number represents an applicant’s eligibility to borrow i.e. their creditworthiness. You need to know what is the cibil score for personal loan if you are planning to get personal loan. Higher eligibility guarantees approval for the loan and vice versa.
From the above paragraph, it is very evident that the CIBIL score is a very crucial factor to consider while applying for a loan. But, it’s important for you to know how a good score can help you.
Your loan application can be rejected if your score isn’t up to the mark.
A good CIBIL score can help you get the best personal loan offers available in the market.
A good score can get you a quick approval for the loan.
Additional read: how to improve cibil score?
What is the Minimum CIBIL Score Requirement for a Personal Loan?
Generally, a credit score of 750 and above is considered as a good score, as per the predefined rules by the RBI. However, there might be instances wherein a lender will reject your loan application even if your score is above 750. If that happens to you, don’t panic! It might be because of your credit history.
Along with a good score, it is very important to maintain an unblemished credit history. Even the smallest financial mistakes get recorded. Hence, make it a habit to check your CIBIL score and history once a year to ensure everything is in perfect condition.
For more details about credit score range, Read this:
