2 weeks ago

Minimum CIBIL Score for Personal Loan Eligibility in India

Minimum CIBIL score to check eligibility for a personal loan in India · livemint.com

A CIBIL score is a number from 300 to 900 that shows how someone has managed credit.

There is no single score that every lender requires for a personal loan.

Scores above 700 are generally considered good.

A score of 750 or more may make an application stronger.

However, lenders also look at income, job stability, existing loans and the ability to repay.

A lower score does not always mean a loan will be rejected.

It may lead to closer checking, a smaller loan or less favourable terms.

Checking your own score does not lower it.

Key facts

CIBIL score range: 300 to 900
Generally good score: Above 700
Strong target score: 750 or above
Preferred example: L&T Finance states that a score of 750 or above is preferred for certain pre-approved personal-loan offers.
Other eligibility factors: Income, repayment capacity, employment stability, existing obligations, age, tenure and overall credit history.
Low-score effect: Approval may be more difficult, and approved loans may have lower amounts or less competitive terms.
Self-check impact: Checking your own CIBIL score is a soft enquiry and does not negatively affect the score.

livemint.com · 2 weeks ago