When you apply for a personal loan, lender will check your credit score or CIBIL score, first. CIBIL score is a necessary factor for all loans as it reveals your creditworthiness. But, it is all the more important for an unsecured loan, because here lenders do not get any assurance of getting the loan amount back. Lenders can make an estimate by studying the past of the applicant, that he/she will repay the loan on time and won’t become a defaulter. This guarantee is given by the credit score.
A CIBIL score is a three-digit score ranging from 300 to 900 and it indicates loan repayment history. The higher is your score, the better will be the chances of you to get a good personal loan offer. If you have a low score, it will suggest there are chances of delay or default of repayment. So, you need to keep a close eye on your credit score.
Before you apply for a personal loan, remember, you must have a score of 750 or more, then only you will get a great personal loan offer. The facilities that you can enjoy are higher loan amount up to Rs. 25 lakhs, money in your bank account within 24 hours, and many pre-approved offers.
Addition More: Personal Loan Lowest Interest Rate
