CIBIL Score for 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.
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.
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.
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.
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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You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
A credit score of 700 or 750 and above is needed for a personal loan.
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.
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.
Your loan repayment details, existing and past credit and your credit behaviour is recorded in your credit report.
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.
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.
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.
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.
No, when you check your CIBIL score, it is called a soft enquiry. Your CIBIL score would not be affected by this enquiry.
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.
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.
