How does my CIBIL score affect personal loan eligibility?
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CIBIL score impacts every aspect of your loan: Interest rates - 750+: 10-12% p.a., 700-749: 12-16% p.a., 650-699: 16-24% p.a., Below 650: 24-36% p.a. or rejection. Loan amount - High score: Up to 30x monthly salary, Moderate score: 10-15x monthly salary, Low score: Significantly reduced. Approval probability - 750+: 80-90% approval, 700-749: 60-70%, 650-699: 30-50%, Below 650: <20%. Processing time - High score: 24-48 hours, Low score: 5-7 days with extensive verification. Processing fees - High score: Often waived or minimal, Low score: Full charges apply. Pre-approved offers - Only available for 750+ scores. Documentation - High score: Minimal, Low score: Extensive verification required.
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Your CIBIL score determines your interest rate, loan amount, and approval chances. A high score (750+) gets you the best rates and quick approval. A lower score means higher interest rates, smaller loan amounts, longer processing, and possibly rejection.
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