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Minimum CIBIL Score Required for an Education Loan

An ideal CIBIL score of 750 or above improves your chances of being eligible for an education loan. Even so, banks do accept loan applications with lower CIBIL scores if it is related to a credit card and isn't too serious. On the other hand, a majority of NBFCs operating in India require co-applicants and loan applicants to have a CIBIL score of at least 700.

How Your CIBIL Score Impacts Your Education Loan Eligibility

Here is how your credit score can impact your education loan eligibility:

CIBIL Score Range

Loan Approval Probability

300-599

If your score falls in the 300-599 range, it may be difficult for you to be eligible for the loan. Consider improving your credit score prior to applying for an education loan.

600-749

If your credit score falls between 600-750, you could be eligible for a student loan. However, the lender might charge a higher interest rate or offer a shorter tenure in such cases.

750 and above

A score of 750 and above is considered to be the most favourable and can help you get instant loan approval on advantageous terms.

FAQs on CIBIL Score for Education Loan

What is a good CIBIL score range required for a student loan?

750 and above is the recommended CIBIL score for receiving an education.

How to get an education loan for a low CIBIL score?

If your credit score is less than 650, working on improving your score could be the right move for you. This is because the lower your score, chances are that the interest rates offered by the bank could be higher than the regular interest rates.

Does my CIBIL score affect student loan eligibility?

The likelihood of having your loan accepted increases with credit score, and student loans are no exception to this norm.

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