How much CIBIL Score Required for Personal Loan?

Hello Lucky, I saw you asking how much CIBIL score required for personal loan. I can tell you that a CIBIL score in the range of 700 to 750 is the minimum which you require to get a personal loan. I shall tell you more about this below.

For Personal Loan How Much CIBIL Score Required?

I took a personal loan recently after improving my credit score. The credit score ranges from 300 to 950, and with the increase in your CIBIL score, the chances of you getting a personal loan improve.

I think it will be helpful if I tell you the impact each CIBIL score value has on your eligibility to secure a personal loan. 

• 550 to 699: This range is considered an average number, and your chances of getting a personal loan are slim. This shows you have defaulted on your previous loans. You’ll have to reduce your credit score to gain a loan at a lower interest rate.

• 700 to 750: This is a good credit score. You have chances of securing a higher loan amount at lower interest rates.

• 751 to 900: This is the highest range you can achieve. Having such a high credit score gives you the ability to negotiate the loan at a lower interest rate while getting all the other features at the same time.

This is all I have to say about how much CIBIL score for personal loan. I hope this helps.

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What is My Personal Loan Eligibility?

Credit score is an important loan eligibility criterion, especially when you want to borrow unsecured personal loan. High CIBIL score help you to secure attractive personal loan interest rate. The range of CIBIL score is between 300-900. Score that is closer to 900 helps you get better deals on loans and credit card. CIBIL score above 750 is considered as ideal by majority of the lenders. The lenders need to make sure that you have the ability to repay the borrowed amount. Few lenders do provide personal loans for a low credit score. However, the interest rates will be high.

I am really fussy about keeping my CIBIL score higher. I really hate it if it goes down for any reason whatsoever. If you haven’t been taking your CIBIL score seriously, it's about time you take a good look at it. After all, if you want to take a loan from any bank or other financial institution, the first factor to determine your loan eligibility is your CIBIL Score. I am assuming you are planning to apply for a personal loan and thus want to know how much CIBIL score required for personal loan, right?

Alright, I will tell you about it from my own experience. Here you go!

I lost my job in July 2020 due to COVID and you can’t imagine how big of a setback it was for me. I had already had so many medical emergencies in my family and above all my unemployment. I was devastated and the only option left was to get a personal loan.

I applied for the personal loan in my bank and the first thing they verified was my CIBIL score. Fortunately enough, I have been regular with my EMI payments. It is because of that my CIBIL score was 826. I got the personal loan. 

I enquired with the bank manager about how much CIBIL score required for loan. She said, “The higher it is the better. We think 750 is the acceptable lower limit. Below that it is difficult for us to approve loans. But it is not impossible. You can still apply for a loan and after careful consideration on various fronts, a personal loan may get approved.”

So, how much CIBIL score required for personal loan? 750 or higher preferably.

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