What is the minimum CIBIL Score for personal loan?
At the time of repayment, many people think it is only about existing loan. However, if you do not make proper repayments, you create an issue for the existing loan as well as for future loans. So, make sure you maintain a good repayment history to avoid any issues.
The importance of CIBIL score is also different for secured and unsecured loans. When you take a secured loan, you submit a collateral to the lender. But in case of unsecured loans, your income is the only base for the lender to trust you for repayment. Thus, when a credit score holder applies for an unsecured loan such as personal loan, he/she is eligible for a lower rate of interest. But, those who have bad credit history often end up facing the rejection.
How can you check free CIBIL score? The steps you need to follow to check CIBIL score free is given below: 1. 2. 3. 4. 5. 6. 7. 8. 9.
Go to check CIBIL score check website Provide your full name as mentioned on the PAN card Enter your Date of Birth Choose the gender you belong to Mention your PAN card number Enter your contact address Provide the email ID where you want the report Enter your mobile number Submit the form
You have a choice if you want to check your CIBIL in advance before applying for a personal loan. Do you know what is the minimum CIBIL score for personal loan? If not, you can get to know it below.
What is the minimum CIBIL score for personal loan? The minimum CIBIL score for personal loan at most of the lenders is 750. Those who do not have this score or have less than this, you might not get good rate and if your score is poor or less than 550 you might not get approval for your loan. So, if you want approval, you have to maintain minimum CIBIL score for personal loan.
What is the eligibility criteria for personal loans? If you plan to apply for a personal loan, you have to have the same criteria as mentioned by your lender. Different lenders have different age and income criteria but it is almost similar at most of the lenders.
What are the documents required for personal loan? The most important document to get approval for a personal loan is income proof. If you do not have salary slip and bank statements for your salary, maximum lenders will not accept your personal loan applications. Even though you might have a good CIBIL score, if you are unable to submit documents, you will not get approval. So, make sure you have them.
Where can you apply for a personal loan? Almost all banks have given the facility of online application. So, you can apply at your existing bank or any other bank online for a personal loan. If you will be found eligible based on your income, bank executive will contact you for further processing. Otherwise you can contact your nearest bank branch.
By reading the above information on minimum CIBIL score for personal loan, eligibility criteria and documentation, you must have realized where you stand. If you have everything ready, you will get approval for the loan else you have to improve your profile.