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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