When it comes to the processes that surround the lending ecosystem in the country, there are many rules and regulations, company policies, terms and conditions laid by various lending companies or banks that provide a transparent setup for the loan seekers to view them and apply for loans accordingly.
To state it simply, a CIBIL score is a number that depicts the credit rating and credit history of an individual and reflects their creditworthiness. Typically, the range of a credit/CIBIL score is 300 to 900 – the better the credit score, the better chances you have of getting a loan. CIBIL score is one of the most important criteria considered and analysed by the lending companies/banks for the sanctioning of the loan. The effect on an individual's CIBIL score is brought by certain factors like timely/untimely payment of credit card bills, timely/untimely payment of Equated Monthly installments (EMIs) of any ongoing loans, availing different types of credit cards, etc.
If you want to get a personal loan then generally, your CIBIL score must be more than 700. The lending companies and banks often consider this as a safe credit score to proceed with. As personal loans are categorized as unsecured credit that requires no demand of collateral guarantee against the loan, the only form of security that the banks can rely on is your credit/CIBIL score. If your credit score is more than 750 then the chances of getting a personal loan go up and in the eyes of the banks, you are a reliable loan borrower who would pay back the loan within the decided span of time without any delays or obstructions.
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As mentioned earlier, commonly, the least credit score that might get accepted for a personal loan is 700. But that does not mean that individuals who have a credit score of less than 700 cannot get a personal loan. But with a lesser credit score, the banks or financial companies would have some apprehension in sanctioning a loan, still, they can approve the loan with a higher rate of interest or a lesser loan amount – or both. If you are a loan seeker who has an urgent need for money due to any reason and wants a personal loan in a quick time, you can take a loan at higher interest and satisfy your financial requirements. Here, it is highly advisable for you to make timely loan repayments as this would eventually increase your credit score and in future, you will be able to take a loan with a lesser interest rate.
If you are concerned with the question – how much CIBIL score required for personal loan – then it is highly recommended that you visit Nowofloan.com as they are India's number 1 loan service provider. They are partnered with multiple leading and acclaimed banks and NBFCs (Non-Banking Financial Companies) – and this collaboration gives the loan seekers a fantastic range of loan offers from which they can choose the most convenient offer in terms of the loan amount, rate of interest, loan repayment tenure, EMIs, etc.
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We are much aware of the importance of financial security in our lives. Considering the current scenarios, it can be said that life can throw tough situations at any time and bring a money crunch. From medical emergencies to paying off the pending debts, monetary assistance can be needed at any instance. In cush cases, the best solution is to get a personal loan. Through this, you can meet the urgent financial requirements and pay back the loan through easy installments.
Eligibility Criteria for a Salaried person to get a Personal Loan:
Eligibility Criteria for a Self-Employed person to get a Personal Loan: