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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.
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 "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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