CIBIL Score for Personal Loan - Check Personal Loan Credit Score | Kotak Mahindra Bank

What is the minimum Credit score required for availing a personal loan?

The minimum credit score depends on the lender from whom you avail of the loan. Usually, for a personal loan credit score of 750 and above while some lenders do offer loans at a score of 650 too.

How does the credit score changes?

The credit score changes depending on your credit behaviour. If you repay your loans on time, utilise your credit wisely and maintain a good credit record, your score would improve. On the other hand, bad credit behaviour would hamper the score.

What is the significance of the credit score range?

The credit score range determines whether you would be able to avail of a loan or not and if you do, it also determines the loan terms and personal loan interest rate.

Can Credit Score delete or change my records?

Your credit report is reviewed regularly depending on your credit behaviour. However, once your credit report is created, it cannot be deleted. It can, however, change depending on your credit behaviour.

How do I improve my CIBIL score?

You can improve your credit score by repaying your loans on time, using your credit wisely, not making too many loan applications and also maintaining a good credit mix in your portfolio.

 

 

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Frequently Asked Questions

What Credit Score Is Needed for a Personal Loan?

A credit score of 700 or 750 and above is needed for a personal loan.

You can plan that dream wedding with the help of Kotak Bank’s marriage loan. Or use our travel loan to rejuvenate at your favourite holiday destination. Renovate your home and transform your living space with a home renovation loan from Kotak Mahindra Bank. You can even take care of unplanned expenses such as medical emergencies with Kotak’s medical emergency loans. No need to dip into your hard-earned savings to meet your financial needs.

What is the difference between Credit Score and CIBIL Score?

The credit score and CIBIL score are the same. The credit score is also called the CIBIL score because it is calculated by TransUnion CIBIL, a credit rating agency.

Interest rates start from 10.75% p.a., and the personal loan charges are also low. You can use the personal loan EMI calculator to make the loan affordable. Moreover, the prepayment facility helps you reduce the loan burden whenever you have additional funds.

How can I check my CIBIL score for free?

Many websites allow you to check your CIBIL score for free. You can search for these websites and then calculate your credit score for free. You can also do a CIBIL score check online through the websites of credit rating agencies.

What type of information is included in my credit report?

Your loan repayment details, existing and past credit and your credit behaviour is recorded in your credit report. 

Does CIBIL Score affect my chances of getting a new personal loan?

Yes, the CIBIL score determines whether you would get a loan or not. A good score is needed to get the loan. If the score is bad, the loan application would be rejected. 

How to get a personal loan with a credit score of 550?

Some lenders allow personal loans with a low credit score. You would have to find such lenders. Alternatively, you can add a co-borrower and opt for a low amount of loan if you have a credit score of 550.

How good or bad is a credit score of 600?

A credit score of 600 is considered average. You might avail of a loan at this score. However, the interest rates might be high and/or the amount might be limited.

How to get a personal loan with a low CIBIL score and bad history?

It is difficult to get a personal loan with a low CIBIL score and bad history. However, if you add a co-borrower, improve your score or look for a limited amount of money you can avail of the loan.

Will checking my CIBIL score repeatedly decrease it?

No, when you check your CIBIL score, it is called a soft enquiry. Your CIBIL score would not be affected by this enquiry. 

What is the CIBIL score and how is it defined and how can I know mine?

The CIBIL score measures your creditworthiness, i.e. your ability to repay loans. You can know your score by checking it on CIBIL’s website. 

How does CIBIL Score work?

The CIBIL score determines whether you can avail of a loan or not. Authorised credit rating agencies calculate the CIBIL score and the score is used by lenders before issuing you the loan.

What is the minimum CIBIL score to get a personal loan?

Usually, you can get a personal loan with a CIBIL score of 650 or 700 and above.