What is the CIBIL Score Required for Personal Loans?
Posted on Friday, April 28th, 2017 | By IndusInd Bank
One can’t predict when a sudden need for funds might arise. It is, therefore, advisable to keep your credit record spotless. A bad credit/CIBIL score, arising from late payment or non-payment of credit card bills, can severely hamper your attempt to procure a personal loan. However, having a good CIBIL score will considerably improve your chances for the same. This would also offer you some degree of control with regards to your loan terms and interest rates. As personal loans are unsecured and risky for banks, credit history plays a vital role in determining the repayment capability of the potential borrower.
- What is Meant by Personal Loans?
Personal loans are unsecured loans, which means they are advanced without any collateral or guarantor. The money thus procured can be used flexibly, for a number of reasons such as, medical emergencies, travel, weddings and house renovations.
- What is a CIBIL Score?
The Credit Information Bureau India Limited provides the CIBIL score which is a measure of the credit worthiness of an individual. Having a favourable CIBIL score is crucial for getting approval on personal loans.
- What is a Good CIBIL Score?
When applying for a personal loan, a CIBIL score of 750 will make your case more compelling and provide you with a higher bargaining power.
- What Should Be the CIBIL Score for Home Loans?
A CIBIL score of 750 or more is generally required to gain a home loan.
- What Should Be the Minimum CIBIL Score to Get Personal Loans?
Applicants with a CIBIL score of 750 or more are given quick loan approvals.
- What is Meant by Foreclosure Charges?
If you prepay or foreclose your loan balance in one shot, there is a certain penalty the borrower is asked to pay. This is termed as foreclosure charge.
- How Long Does It Take to Get a Personal Loan From a Bank?
Personal loans are usually disbursed within 4-7 working days, after the required documents have been received.