To help you out with how much CIBIL required for car loan, I will need to know from which bank you are planning to avail it. For example, in Axis Bank, the minimum Credit score you need to have to avail a car loan is 750 plus. If you have a CIBIL score below 750, you need to persuade the officials to approve the loan lot, and if it is under 650, your loan will not be approved.
For Car Loan How Much CIBIL Score Required?
Different banks ask for different CIBIL scores to avail of a car loan. It is usually between 700-750+ in most banks. Here are some banks and their CIBIL score requirements to avail of a car loan:
Bank |
CIBIL Score Required to Avail Car Loan |
Axis Bank |
750 or more |
ICICI Bank |
700 or more |
HDFC |
750 or more |
Bank of Baroda |
701 or more |
These are some of the popular banks and their required CIBIL scores to avail of a car loan. You, however, must enquire about it again from the bank official and persuade them to approve your loan if needed.
Avail Personal Loan up to Rs 10 Lakh Instantly with Minimal Documentation via NoBroker Read More:Can I Use a Personal Loan to Buy a Car?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Your Feedback Matters! How was this Answer?
Whenever we talk about loans CIBIL is the first concern anyone puts up in front of us. But what exactly is CIBIL? Why is it of so much importance? If you have these concerns let me tell you CIBIL is a credit information company which gives bank updates on your credit worthiness to determine whether or not you are eligible for a loan. Now that you know what CIBIL Score is and its importance let us understand how much CIBIL Score required for car loan.
How much CIBIL score is required for car loan?The three digit number that we call CIBIL score is a determining factor of how much car loan will be given to you. Banks and financial institutions work on a rule of thumb which states that a CIBIL score above 750 is likely to get credit easily. A CIBIL score which is less than 650 is less likely to get a car loan as it shows low credit worthiness.
Here is a guide for you to understand better about CIBIL score criteria:
| Score | Criteria |
300-599 |
Low |
600-749 |
Average |
750 and above |
Good - excellent |
Now that you know
how much CIBIL score required for car loan, let us see how you can improve this score for better loan eligibility.
Consolidate loans and reduce EMIs
Pay off credit card bill
Clear small debts and loans
Go for loans of longer tenure
Read more about
How to increase CIBIL Score from 600 to 750 How to remove settled status from CIBIL How to check CIBIL ScoreYour Feedback Matters! How was this Answer?
Authors Of The Question
How much CIBIL score required for car loan?
Reshma
144 Views
3
3 Year
2021-10-06T13:21:45+00:00 2021-10-06T16:38:03+00:00Comment
Share