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Q.

How much CIBIL score required for car loan?

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0 2024-11-25T09:13:15+00:00

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. 

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Can I Use a Personal Loan to Buy a Car?

0 2022-01-29T16:46:13+00:00
A car is considered as a luxury commodity. Having a good credit score which 750 or above can be important when you are looking for a car loan. Higher your credit score, higher are the chances of getting a car loan approved. Bad credit score is one of the reasons bank reject your car loan application. Late payments, overdue credit cards, defaulting on payments, rejected loans, too many car loan application, etc are some of the reasons for a poor credit rating. Check the vehicle loan interest rate and eligibility before applying to see the car loan amount you are eligible for.
0 2021-10-06T16:37:28+00:00

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

How can you improve CIBIL score?

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 Score

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