CIBIL Score for Personal Loan: Minimum CIBIL Score for Personal Loan

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CIBIL Score Required for a Personal Loan

The CIBIL score ideally required to acquire a personal loan usually ranges between 720-750. If you have a CIBIL score of 750 or above, the lender will consider you to be a creditworthy individual who can pay off their loan obligations on time.

If you have a CIBIL score that is within a range of 651-750, you may still get a loan, but chances are that it may attract a higher interest rate and you may have to repay it over a shorter repayment tenure. Meanwhile, If your score is lower than 650, it may prove difficult for you to get a personal loan.

How Your Credit Score Impacts Your Personal Loan Eligibility

Your CIBIL score unquestionably impacts your personal loan approval the most. Several things in connection to your personal loan depend on the range your CIBIL score is in.

CIBIL Score Range	Loan Approval Probability
750-900	A score of 750 and above is considered to be ideal and can help your loan application get approved instantly on favourable terms.
600-750	When the credit score falls between 600-750 you remain eligible to get a personal loan. However, the lender may charge a higher interest rate or offer a shorter tenure.
300-599	If your credit score falls under the range of 300-599, it may be difficult for you to get the required loan. You can consider improving your credit score before applying for a personal loan.

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Why is a CIBIL Score important for a personal loan?

In simple terms, having a good CIBIL score is essential to secure a loan. This is because it determines your repayment ability, which the lenders assess before approving your application. This score helps:

Assess your creditworthiness
Determine the maximum amount you can borrow
Determine the interest rate of your loan

However, you can still avail an instant personal loan with a low CIBIL score. Here, the lender may charge a higher interest rate and provide a lower sum than requested.

How to get a personal loan with a low CIBIL score?

Some lenders offer personal loans to individuals with low CIBIL scores. You can check the minimum requirement on the official websites of financial institutions to find a lender that is willing to offer a deal. However, do note that the loan terms may not be as favourable.

Does CIBIL score affect your personal loan eligibility?

Yes, your CIBIL score affects your personal loan eligibility. A higher CIBIL score increases your chances of availing an affordable credit easily and vice-versa. If your CIBIL score is 750 or above, chances are that you will be granted a personal loan instantly.