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  • CIBIL Score for Personal Loan

    A CIBIL score is an important factor that measures your creditworthiness. It is taken into consideration by lenders when you apply for a home loan, personal loan, and other credit products. A personal loan is a type of unsecured loan that has a short- or medium-term period. It can be taken for several reasons such as a for a vacation, paying off debt, medical expenses, and wedding expenses, among others.

    As a personal loan is unsecured in nature, you don’t need to provide any collateral to the lender for availing it. However, lenders need to check your credit health and make sure you have the ability to repay the borrowed sum.

    However, apart from the general eligibility criteria you that you will be required to fulfill, you will also need to have a good CIBIL score for your personal loan application to be approved.

    CIBIL Score For Personal Loan

    How much cibil score required for personal loan?

    A CIBIL score has a range between 300 and 900. You should ideally have a score that is closer to 900 as it helps you get better deals on loans and credit cards. Generally, a CIBIL score of 750 and above is considered as ideal by majority of lenders. You can get a personal loan with a CIBIL of 750 and above. As per CIBIL data (as reported by Economic Times), 80% of loans get approved if the score is more than 750.

    Lenders need to be sure that you have the ability to repay the borrowed sum before they approve your loan application. Your credit score helps assess your risk of default. If you have a high score it suggests you have been a responsible borrower and paid your credit card bills and EMIs on time. A lower score increases your risk for defaulting on the loan.

    There are many factors that affect credit scores, either positively or negatively.

    • Factors that affect credit scores positively
      • Making timely payments towards credit cards.
      • Paying loan EMI’s on time.
      • Paying not just the minimum due but the entire outstanding balance.
    • Factors that affect credit scores negatively
      • Non-payment or late payment of credit card bills and loan EMIs
      • Maxing out credit cards or consistently using more than 75% of the credit limit.
      • Paying only the minimum due on credit cards; the remainder is still considered overdue.
      • Possessing too many lines of credit especially unsecured forms.

    Your Credit Score plays a significant role to play in the approval of your loan application. Let's check your score for free in less than 3 minutes and understand its powers.

    1. Crucial Role
    2. When applying for a loan, your Credit Score is as important as your employment history, salary, and other eligibility factors. Make sure your score is at least above 750. 800 is a great number!

    3. Past Matters
    4. One of the parameters for a loan approval is the repayment history of the applicant. How do they find it? By checking your Credit Score. Good repayment history = good Credit Score.

    5. Loan With No Or Low Credit Score?
    6. This may be possible, but be prepared for a longer processing time as banks will put in some additional checks. Moreover, you might not always get the best deal.

    7. Error-Free Credit Report
    8. Sometimes errors can make their way into a spotless credit report and mar your lovely Credit Score. Give your report a glance before submitting your loan application to rule this out.

      Avoid trouble, you must! So let's check your Experian Credit Score for FREE! You read that right. We don't charge a rupee. Just click the link below and get started!

    3 things you should do before applying for a loan

    • Check your CIBIL score:

      It is important to learn about your credit health before applying for a personal loan. You should check your CIBIL score as it will give you an idea of where you stand in terms of your credit history and repayment. If your CIBIL score is low, you can take time to work on it and gradually increase it by taking the right measures.

    • Get your CIBIL report for free:

      You can visit the official website of CIBIL and claim your free report if you haven’t already this year. The Reserve Bank of India (RBI) made it mandatory for all the credit bureaus in the country to offer one credit report for free per calendar year. In addition, you can also buy your CIBIL report for a one month, six months, and one year.

    • Browse and shortlist lenders:

      Once you have decided to take a personal loan, you will need to look for lenders that are offering good deals on their loans. It is better to browse for deals and select one that is most favourable to you. As a result of high competition, many banks are offering competitive interest rates on personal loans. Look out for the best deal that will offer you maximum benefits in terms of interest rate and tenure and fringe benefits such as processing fee waiver.

    • Apply only with a few lenders:

      After shortlisting lenders that are offering the loan suitable to your needs, you should apply only with a few lenders. You should be careful and avoid making multiple applications at the same time as this will trigger multiple hard inquiries. Several hard inquiries will have a negative effect on your CIBIL score.

    CIBIL has provided for individuals to get their credit reports online. To apply for your credit score, just follow the following steps.

    • Go to the CIBIL website and open the application form.
    • Fill in the necessary details. These will be identifying information such as your name, ID details, date of birth etc.
    • Enter your contact details i.e. phone numbers and postal address.
    • Pay the nominal charge for the report.

    Once you have completed all the formalities and made the relevant payments, CIBIL will get in touch with you and provide you with the CIBIL Score.

    What if you don’t have a CIBIL score?

    Your CIBIL score works like a report card for your credit status. It is calculated after taking into consideration several factors like credit history, repayment behaviour, and type of credit, among others. A long credit history makes it easier for lenders to take a sound decision about offering you a loan. However, if you don’t have a CIBIL score, the lenders will take into consideration other factors such as age, income, and job stability to evaluate your creditworthiness.

    Having a CIBIL score makes it easier for you to get access to credit products. Here are a couple of ways in which you can start working on building a credit history:

    • You can apply for a secured credit card which is issued against a fixed deposit. You can use it just like a credit card and pay the bills on time to improve your CIBIL score.
    • Generally, companies have partnerships with banks for its employees. You are more likely to get approval on a credit card from a bank that has an existing relationship with the company you are working for. You can then use your credit card for a few months following which you will have a CIBIL score. Make sure you are paying the bills on time to get a good score.

    It is important to note that lenders also look at other factors when approving or rejecting your personal loan application. A good CIBIL score alone isn’t enough to get approval on your loan.

    A simple thing like a CIBIL score is all that could stand between you and your bank while availing a personal loan. Contrary to popular belief, it is not difficult to maintain a good CIBIL score. All you have to do is be responsible with your money and manage your credit cards and loans properly.

    Know More in CIBIL:

    • CIBIL score for Axis Bank Personal Loan

      Member banks of credit information agency, CIBIL, stipulate credit scores as part of their loan eligibility criteria. A good credit rating gets you the best rates on unsecured loans. Do you know CIBIL Score for Axis Bank Personal Loan

    • CIBIL score for ICICI Bank Personal Loan

      If you need funds quickly, ICICI Bank is the place to go. Hassle-free disbursal, attractive interest rates and flexible repayment options all form part of the bank’s loan offerings. Do you have the right CIBIL Score for ICICI Bank Personal Loan

    • CIBIL score for HDFC Bank Personal Loan

      HDFC Bank is the preferred banking partner of thousands of loan seekers all across the country. If you want to a part of its personal loan community, you will need to have the required CIBIL Score for HDFC Bank Personal Loan

    Q. What is the minimum CIBIL score required for personal loan processing?

    Personal loans are granted by different banks based on different types of criteria. Most banks favor customers with a 700+ CIBIL score. However, in case of debt consolidation and balance transfer requests, banks may lower their CIBIL score criteria while compensating it with the interest charged from customer.

    Q. Can I apply for personal loan without having a CIBIL score?

    In case you do not have a CIBIL score then banks will be outright reluctant to entertain your personal loan request. For such customers the only options that remain would be to avail loan from a cooperative bank or a private lender or from some family member or friend. However, it is always advisable to build up a good credit score so that you do not need to go to private lenders and cooperative banks which do not guarantee any safety of your money. Customers with no credit score can also secure loans against any asset like gold jewelry or property.

    Q. How to apply for personal loan if I have a low CIBIL score?

    In case of low CIBIL score either customers can wait and improve their score before applying for credit or they can avail personal loans at a much higher rate of interest. However, the former is a much better choice than getting caught in the vicious circle of large amount of debt.

    CIBIL score looks good? Apply and choose between best Personal Loans in India

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    News About CIBIL Score for Personal Loan

    • How Your Credit Score Determines Your Personal Loan Interest Rate

      If your loan application has been rejected in the past, it could be due to your low credit score. In order to get a personal, you should have a high credit score. Banks and non-banking finance companies (NBFC) generally consider a credit score of 750 and above as ideal.

      What is a credit score

      A credit score is a 3 digit number between 300-900 that represents your creditworthiness. A higher CIBIL score suggests good credit history and responsible repayment behavior. It also increases your chances for loan approval as banks and NBFC will believe that you have the ability to repay the loan.

      Why is credit score important for loan

      If you have a higher credit score, lenders will consider you as a responsible debtor and approve your loan or credit card application. Banks look at your credit score when they are determining your eligibility to before granting you loans.

      Ranges of credit score

      0 or -1: If you have no credit history, your credit score is 0. This is the right time to start building your credit history by getting a secured credit card.

      350 – 550: A score in this range is considered as poor and you need to pull up your sock to work on increasing it. A poor credit score suggests, you have been you have been defaulting on payments. The chances of getting the approval of loan and credit card application is minimal in case your credit score falls in this range.

      550 – 650: If your cibil score in somewhere between this range, you are in a position to get a loan or credit card. This indicates you are fairly regular with your payments and can be trusted with new loans and cards.

      650 – 750: This is an ideal score and you may easily get credit without facing too many problems. Just continue paying debts on time and you will keep maintaining your credit score. should you stick to your current habits, you could reach the best CIBIL scores too.

      750 – 900: This is the best range to get instant approvals on your credit card or loan application. You are This indicates you are regular with credit payments.

      How to improve your credit score

        • Limit Credit Usage: It is advised to not exhaust your entire credit limit and not spend over 50% of your credit card limit.

        • Make timely payments: Make sure to make all the bills and dues on time and avoid any type of delays in order to maintain a good credit score.

        • Review your credit report: In addition to CIBIL Score, it is advised to check your credit report as it might have errors. It is better to review your credit report regularly.

        • Credit Utilization – It is another major factor that is considered while calculating the credit score. The amount of credit that is available to you versus how much of it you are using shows your dependency on credit money. It is advisable that people keep their credit utilization below 30%. So, if you have multiple credit cards, keep a check on how much money you are using on credit. Also, try to find a credit card issuer who will accept multiple payments in a month.

      24 July 2018

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Credit Report Reviews

    • Experian Credit Report
      "nice"
      0.5 5.0/5 "Blown Away!"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 63
      ,
      Reviewed on Aug 21, 2019
    • Experian
      Experian Credit Report
      "Good place to take personal loans and credit card"
      0.5 2.5/5 "Just OK"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 61
      ,
      Reviewed on Aug 14, 2019
    • Experian Credit Report
      "CT"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 101
      ,
      Reviewed on Jul 11, 2019
    • Experian Credit Report
      "Test Review For CT"
      0.5 4.5/5 "Excellent!"
      OEJHPNETVIWEVVHZFYBHEFWQZAUGPYNLVKXOHPEMZTXMAFHKVUFHMPSEKUFQRIWHKEUVYPFMHCKHQGOSJXJXQPVGYOJRCCKRRSNWLGVLRJBSRLIJLJVZTOWCGGFLBBXJWDUDWATLCKBNABXLPGDZGSTTIXIUVWUTPZQBMWFMPUQPQRGZQGLBDJHYEGQHACNJEJKHQNRGQBGEKYPQQC
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      Reviewed on Jul 04, 2019
    • Experian Credit Report
      "Need to provide reward points and cash back"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 122
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    • Experian Credit Report
      "Good card"
      0.5 5.0/5 "Blown Away!"
      In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
      Was this review helpful? 114
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      Reviewed on Jun 24, 2019
    • Experian Credit Report
      "SBI bank Credit card"
      0.5 4.5/5 "Excellent!"
      I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
      Was this review helpful? 133
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    • Experian Credit Report
      "CREDIT REPAIR "
      0.5 5.0/5 "Blown Away!"
      I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
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      Reviewed on May 10, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 169
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    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 165
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      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
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    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
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    • Experian Credit Report
      "Credit Report"
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      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
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      " My credit card is not show my security is very good"
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      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
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    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 158
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      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 183
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      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
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      "Credit Score Tracking"
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      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 194
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      Reviewed on Mar 02, 2019
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