When applying for a personal loan, you have to fulfil the eligibility criteria of the lenders. Lenders check your profile based on your age, current income, job type and more. On top of that, they will also look at your credit score. The credit score is especially vital for a personal loan because it is unsecured. It means there is no collateral if the loan is not paid back.

How Much CIBIL Score is Needed to Get a Personal Loan?

A credit score is a number based on information in your credit report that lenders use to decide whether to lend you money and how much they will charge you to borrow it. In other words, lenders use your CIBIL score for loan to help evaluate your overall creditworthiness.

Usually, it ranges between 300-900. A higher CIBIL score will get you a personal loan at lower interest rates. Conversely, a lower CIBIL score means higher personal loan rates. 

• A CIBIL score of 800-900 is considered excellent
• A score of 750-800 is rated as good 
• CIBIL score of 625-750 is average 
• Below 625 is considered a bad score.

To get a personal loan with Fullerton India, your CIBIL score should be at least 750. 

CIBIL score for loan plays a vital role in deciding the borrower’s eligibility, personal loan rates, and the loan amount sanctioned.

Getting a loan is an essential part of improving one’s financial health. It can help with many things such as fixing up the house, starting a business or paying for college or a wedding. A credit score is used by lenders to determine whether or not to grant you a loan and how much of a loan you might receive.

Must Read: 10 Advantages of Taking a Personal Loan Over other Types of Credits