There is no minimum CIBIL score required for a gold loan. As this is a secured loan, your collateral and its purity are vital in obtaining speedy approval.
Here's why it is important to increase your CIBIL score when considering a gold loan:
Lenders use your CIBIL score as a quick and reliable metric to evaluate the risk associated with lending money.
If you have a high credit score, it is likely that you will be offered lower interest rates on loans, including gold loans. This is because a higher credit score is indicative of a lower risk of default.
A good CIBIL score is likely to positively influence the loan approval process and make you eligible for a higher loan amount.
By having a good CIBIL score of 750+, you may be in a position to discuss and secure more favourable terms. Through this, you can get reduced processing fees or a waiver of certain charges.
If you have a strong credit profile, lenders are more likely to consider you as a reliable and responsible borrower. A positive credit history reflected in a good CIBIL score establishes trust between you and the lender.
To check your CIBIL score, go to the Bajaj Markets website, enter your basic details and check your CIBIL score.
The gold loan has no minimum credit score requirement. Since this is a secured loan, the quality of your collateral determines how quickly your application gets approved.
You can get a gold loan even with a low CIBIL score if you can fulfil the other eligibility criteria set by the lender.