A CIBIL score is a three-digit numerical representation of an individual's creditworthiness in India, which helps lenders assess the risk of extending credit. It is a number between 300 and 900. I learned about the CIBIL score for personal loan in Axis bank when I was availing of a home loan there. Axis Bank’s minimum criteria for CIBIL score is quite high so let me share more insights about it here.
What is the CIBIL score for personal loan?
The minimum CIBIL score that Axis Bank requires to approve an applicant’s personal loan is 750. But yes, if you have a 600 CIBIL score and all your documents seem good, they might approve of your loan as well. You can consider 600 as the minimum CIBIL score for home loan in Axis Bank only if all the other criteria are fulfilled. But if you have a CIBIL score of less than 600, the chances of rejection are very high for your home loan. You can try raising your CIBIL score quickly by following some methods, like:
Pay your bills and EMIs on time to establish a consistent payment history.
Reduce credit card balances to below 30% of your credit limit to lower credit utilisation.
Avoid opening multiple new credit accounts in a short period of time to prevent inquiries.
Regularly check your credit report for errors and dispute inaccuracies with the credit bureau.
Maintain a diverse credit mix with a combination of loans, credit cards and others
So visit Axis Bank and ask how you can get your personal loan approved easily.
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How much CIBIL Score Need for Personal Loan in Axis Bank?
Sunita
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1 Year
2023-09-29T11:17:10+00:00 2023-09-29T17:15:37+00:00Comment
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