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CIBIL Score for Personal Loan
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What is a CIBIL Score for a Personal Loan?
A CIBIL score is a three-digit credit rating (300-900) that determines your creditworthiness. Personal Loan lenders usually want to see a CIBIL score of 700+ (it suggests the borrower has been responsible in repayment). The higher the CIBIL score, the more likely it is that the loan will get approved with a better interest rate and favourable terms.
What should the CIBIL score be for a Personal Loan?
The CIBIL score should be 700 or above for a Personal Loan. A 700+ CIBIL score denotes good creditworthiness, which generally increases your chances of having a Personal Loan approved with better terms. In some situations, Hero FinCorp may consider Personal Loan applications with a lower CIBIL score, if the applicant's income, employment stability, and eligibility criteria are sufficient.
How to get a Personal Loan for an applicant with a CIBIL score under 550?
In general, it is not impossible to get a Personal Loan with a CIBIL score of less than 550. You could improve your chances by applying with a co-applicant, providing proof of stable monthly income, or ideally, offering security or collateral assets. Hero FinCorp has approved low CIBIL score borrowers for Personal Loans based on their income levels and professional stability. Any existing loans or debts should ideally be reduced. If the applicant presents an established history of repayment behaviour, lenders are more likely to trust them, even with a low CIBIL score.Ways to Check Your CIBIL Score for a Personal Loan
Before applying, it is important to check your CIBIL score for a Personal Loan, as this affects your eligibility and loan terms. These are the steps to follow:Once verified successfully, you will be able to view your CIBIL credit score and report.
You may choose between free and paid services. You can select either the free credit report, which provides one free access to your credit report per year, or you may choose a paid subscription that helps you to access regular updates and personalised credit monitoring tools.
Personal Loan for CIBIL Score Range
Your CIBIL score plays a crucial role in determining your personal loan eligibility. Ranging from 300 to 900, it reflects your creditworthiness. Here’s how different score ranges affect your chances of getting approved and the terms offered.
| Score | Meaning | Impact |
|---|---|---|
| 300 – 549 | Very Poor Credit | Personal Loan approval is extremely difficult in this range. Most traditional lenders will reject the application. Your best option is to focus on improving your CIBIL score through timely repayments, clearing dues, and using credit responsibly before reapplying. |
| 550 – 649 | Poor Credit | Lenders see this range as risky, so approvals are tough. You might need a guarantor or collateral to qualify. NBFCs and digital lenders may offer small Personal Loans at higher rates. Improving repayment behaviour and reducing outstanding debts can help rebuild your credit profile. |
| 650 – 699 | Fair Credit | You may qualify for a Personal Loan, but lenders may charge higher interest rates or offer lower loan amounts. To improve chances, provide additional documents, show proof of stable income, or apply with a co-applicant. |
| 700 – 749 | Good Credit | Applicants in this range still enjoy good approval chances. While interest rates may be slightly higher, many lenders will offer favourable terms. A steady income, minimal existing debts, and consistent repayment behaviour can strengthen your loan application and help you negotiate better loan terms. |
| 750 – 900 | Excellent Credit | This is the ideal score range for Personal Loans. Lenders consider you a low-risk borrower, offering quick approvals, lower interest rates, and higher loan amounts. You may receive the best terms, flexible tenures, and premium offers from top financial institutions like Hero FinCorp. |
Main Influences on Your Personal Loan CIBIL score and How to Increase it
Your CIBIL score significantly influences whether you will get a Personal Loan or not. It reflects how reliable you are as a borrower and affects how much loan amount you will receive and at what percentage. Here are some of the most important things that can affect your CIBIL score:
Repayment History
Not paying your bills or not paying on time will negatively impact your score. It is important to make timely payments of your EMIs and credit cards.
Credit Utilisation Ratio
Exceeding 30-40% of your credit limit will reduce your score. Keep your usage ratio low to show you are responsible with credit.
Enquiries
More loan applications or a credit check can indicate financial stress and lower your CIBIL score. Apply for personal loans only when necessary.
Credit Mix
Maintaining a balance of secured and unsecured loans helps build your CIBIL score over time.
Length of Credit History
A longer, clean credit history suggests financial stability. Do not close old credit cards with good repayment records.
Ways to Enhance Your CIBIL Score
Improving your CIBIL score takes time, but with disciplined financial habits, you will be better positioned to secure a Personal Loan on better terms and reduced interest rates.
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Frequently Asked Questions
A score of 700 or more is desirable; lenders may approve Personal Loans with CIBIL scores in the range of 650-750.
You can, but you will likely pay higher fees and/or interest, get lower amounts, or you may need a co-applicant or collateral.
Scores above the minimum typically qualify for standard unsecured loans, while lower scores often qualify for secured loans.
Higher scores will increase the chances of approval not only for a higher amount, but also for lower fees and/or interest, as well as additional features such as top-up facilities or preferential rate offers.
Options may include secured loans, loans from NBFCs, or peer-to-peer (P2P) lending platforms. The latter two may come with stricter eligibility criteria and higher interest rates.
Check for free on the CIBIL website, fill in your details, verify via OTP (text message), and access your free CIBIL credit report up to once a year.
Yes, lenders use your CIBIL score to evaluate risk, determine loan eligibility, interest rates, and repayment flexibility.
The range from 300 to 900 reflects your creditworthiness. Higher scores mean better approval chances and more favourable loan terms and rates.