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How Much CIBIL Score is Required For Personal Loan

What is CIBIL Score and how much score is required for Personal Loan

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CIBIL Score changes according to different banks. Basically it ranges between 300 to 900 and if your score is between 750 to 900 then it is considered a good CIBIL Score to get a Personal Loan.
CIBIL score is basically a number which denotes your creditworthiness.

CIBIL Score depends on the money flow in your account. So If your CIBIL Score is not enough then you can't apply directly for a loan. In this case applicant have to follow some protocols to apply for a personal loan with bad CIBIL Score.

Posted on Apr 24, 2017

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Posted on Jan 02, 2017

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What are requirements of personal loan in Chandigarh?


You must know the requirements for personal loan in Chandigarh before applying. There are couple of main factors that are inseparable from a personal loan are a high CIBIL score above 750 and a higher rate of interest that you need to pay to the lender.

The eligibility criteria associated with a personal loan are generally more in banks as compared to any NBFC. So, to avoid the lengthy documentation part and to experience a hassle-free application procedure, you must try any NBFC.

a.) You should be an Indian citizen
b.) Your age should be minimum 21 years
c.) You should be a salaried professional or a self-employed individual

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Can I take a Personal loan in Delhi For Personal Expences


Indeed, you can take a Personal Loan in Delhi for Personal finances, since you can use the funds garnered from the personal loan as per your own needs. All that matters is whether you are eligible in terms of your monthly salary, nature of employment, age and CIBIL score. Once you provide all documents including bank statements.

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What is CIBIL TransUnion Score 2.0 ?


In India almost every bank and NBFC consider CIBIL score as a major component. CIBIL score is basically a three digit number which vary between 300 to 900. This number or score show your creditworthiness.

Usually Banks and NBFCs consider 750 and above as a good CIBIL score. If your credit score/ CIBIL score is below the 750 you will face difficulties in approval process.

Now after a long time Transunion Company come up with a new criteria for CIBIL score 2.0 CIBIL TransUnion Score 2.0 is the advanced version of FICO assessment. The Biggest distinctive is, it is for the new borrower with no Record of loan repayment. in this CIBIL Score 2.0 any individual who has no record as a consumer will get a state of 1 to 5 in these time of 6 months time.

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How much credit score is needed to get a Home Loan in Madurai?


Usually Banks and NBFCs demand for a CIBIL Score between 750 to 900 but in case of Home Loan CIBIL score is not the deciding factor for your loan approval.

Home loans are secured Loans and Lenders have different mortgage programs which allows an applicant to apply for a Home Loaneven with low credit score. In this case interest rate of Home Loans goes high.

So you can easily apply for Home Loan in Madurai and you Credit Score will not affect the chances of Home Loan Approval.

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What is a good cibil score to get a personal loan?


A good CIBIL rating varies from 750-900. If you have a score of 750 and also above, banks and also other NBFC's consider you to be credit healthy. However if you have a rating less compared to 750, banks feel it is as a risk to offer you a loan or credit card. Financial institutions and various other NBFC's are comfortable with approving lendings to customers that have a score of 750 as well as above. Excellent Credit: 750+
Good Credit: 700-749
Fair Credit: 650-699
Poor Credit: 600-649
Bad Credit: below 600
A good CIBIL score is one of the main requirements for a business loan because business loans are essentially unsecured loans which makes them more risky for banks. A good credit score indicates that the borrower is responsible when it comes to repaying their loans and credit cards.

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Based on the lender, but for an average lender, your credit rating can be as low as 640.

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What kind of the requirements for a personal loan?


There are lots of requirement for personal loan, first you need to know are you eligible for taking a loan or not! Eligibility criterion keeps on varying across different lenders. However, certain parameters have been set to maintain a generic outline.·

For working professionals·
  • Loan availability limit:
    • Usually it ranges between 1- 18 lakhs
    • Highest limit is 25 lakhs, generally
  • Loan tenure:
    • Minimum- 24 months
    • Maximum- 60 months
  • Age limit:
    • Minimum- 21 years
    • Maximum- 60 years (ultimate age limit till the loan gets repaid)
  • Salary structure:
    • People having Rs.10000 or Rs.15000 salary are eligible of getting personal loan
    • Residents of top cities need to earn Rs.30000 or above to avail the loan
  • Work experience:
    • Total job experience must be minimum 2 years
    • Work experience in the current organization must be minimum 1 year
  • Certain points need to be considered:
    • Any other loans that are running
    • Current EMI details
    • Loan repayment history
    • Credit history of the consumer
    • CIBIL score must be 750 and above
To know more details about the eligibility for the personal loan and check whether you are eligible for it or not

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