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Get answers to commonly asked questions related to credit bureaus
The minimum CIBIL™ Score for a personal loan in India is 750. The CIBIL™ Score has a great role to play in ascertaining your eligibility for a personal loan, the interest rate, loan amount and tenure. Having a score of 750 and above entails you to better personal loan terms and the amount sanctioned.
Loans, whether a personal loan, business loan or any other kinds of loan are required at some point to meet our financial contingencies. A personal loan is an unsecured loan that is normally taken for a short-term or medium-term period for meeting various financial needs like marriage, education, medical expenses etc.
When granting any loan, including personal loan, CIBIL™ score is a key factor taken into consideration by lenders for approving such a loan, to measure your creditworthiness and potential debt repaying capacity. The general eligibility criteria for a personal loan coupled with a good CIBIL™ score ensures that you can get your personal loan approved easily and hassle-free.
Additional Reading: Personal Loan For Low Credit Score
A personal loan, being an unsecured loan, comes without any collateral but your credit health is very important for lenders to ensure you will not default on loan repayments. A personal loan gets approved only after careful scrutiny of your credit history by the lenders.
As such, the CIBIL™ score provided by TransUnion CIBIL™ Limited (CIBIL™), one of the key authorized credit bureaus in India, is a very vital consideration for lenders in the whole lending framework. CIBIL™ has a record of your credit history pertaining to loans and credit cards, on the basis of which, it generates a CIBIL™ score. This score helps lenders in evaluating your creditworthiness and future loan repayment capacity, ensuring that they do not end up with high-risk borrower category.
CIBIL™ score is a three-digit numeric component that forms part of the main credit report depicting your overall creditworthiness for availing debt. It is in the range of 300-900 and is evaluated based on your past credit history.
The higher the CIBIL™ score, the greater are your chances of availing of debt in the best possible and hassle-free manner.
Though lenders prefer borrowers with a good CIBIL™ Score for granting personal loans, still there are ways in which you can get a personal on a low CIBIL™ Score. Here are other ways to secure a personal loan when your credit score is low.
Steady Income
Ensure that you have a steady and good income at all times so as to improve your chances of getting a personal loan approved. However, one should not forget that the final loan approval process by lenders consider many factors, including credit score before granting a loan.
Regular Payment of Taxes
Ensure that you pay your tax on a regular basis so as to have a good impression on your loan application profile. Banks and other financial institutions normally look at your income returns for the past two years to evaluate your income, before granting approval to personal loans, subject to fulfilment of other loan eligibility criteria.
Bank Balance
A good bank balance assures a lender of your financial soundness to repay debts on time, thus increasing your chances of getting a personal loan approved faster.
Guarantor / Co-applicant
A family member with a good CIBIL™ Score can also be made as a guarantor or co-applicant for your personal loan, so as to improve your chance of getting the loan approved by lenders.
Go for a smaller Loan Amount
With a CIBIL™ Score less than 750, if you have fulfilled the other eligibility criteria then lenders may provide you with a personal loan but maybe a lower amount may get sanctioned or at a higher rate of interest than originally applicable.
Timely repayment of Debt
Even with a low CIBIL™ Score ( which could be due to various other reasons), if you have been doing repayment of loans or credit card dues on a timely basis, then this will help you to improve your CIBIL™ Score. This in turn would ensure that lenders consider you for a potential personal loan.
1. How much CIBIL™ score is necessary for a personal loan?
Usually, a CIBIL™ score of 750 and above is considered as ideal by the majority of lenders. According to CIBIL data as reported by the Economic Times, 80% of loans with a credit score of 750 and above get sanctioned. A CIBIL™ score ranges between 300 to 900. A score closer to 900 is considered very good and helps you get better offers on loans and credit cards.
2. What are 3 things that you need to do before applying for a personal loan?
The following are some of the things that you need to do before you apply for a personal Loan.
3. What will happen when you do not have a CIBIL™ score?
The CIBIL™ score is calculated based on multiple parameters such as credit history, repayment behaviour, and type of credit. If you have a lengthy credit history, lenders will find it easier to evaluate your credit behaviour. Otherwise, if you do not have a CIBIL™ score, then lenders will consider other parameters, such as age, income, job stability, and so on.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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