Can your CIBIL score ruin your chance of getting loan? Tap here to know

Depending upong the score, banks consider whether the person is loanworthy and the amount be approved.

Can your CIBIL score ruin your chance of getting loan? Tap here to know

A CIBIL score is a number assigned to each person representing their creditworthiness and the number plays a major role in availing a personal loan.

Depending upong the score, banks consider whether the person is loanworthy and the amount be approved.

TransUnion CIBIL Limited, a credit information company, receives information from banks and other financial institutions about the financial behaviour of their customers and aggregates information to produce a score or number which indicate customers’ creditworthiness.

What CIBIL score is required for a personal loan?

According to Bankbazar.com, the minimum CIBIL score for a personal loan is 750. Anything above this would mean that the applicant is creditworthy and applications are processed without hassle.

In general, credit scores range from 300 to 900; 300 being on the lower end of the range and 900 on the higher end.

Personal loans being unsecured, which makes them more risky for banks, a good CIBIL score is main requirement .

A good credit score indicates that the borrower is responsible when it comes to repaying their loans and credit cards.

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