What is the minimum CIBIL score required for a personal loan?
Accepted Answer ✓ Accepted
Most banks and NBFCs in India require a minimum CIBIL score of 750 and above for favorable personal loan approval with competitive interest rates (10-15% p.a.). Score ranges and implications: 750-900: Excellent - Easy approval, best rates, pre-approved offers, higher loan amounts. 700-749: Good - Approval likely, standard rates (12-18% p.a.), some negotiation possible. 650-699: Fair - Approval possible but limited options, higher rates (16-24% p.a.), lower loan amounts, stricter terms. 600-649: Poor - Very difficult with banks, NBFCs may consider with 20-30% rates. Below 600: Very Poor - Rejection likely, only specialized NBFCs/digital lenders with very high rates (24-36% p.a.).
Suggested Answers
A CIBIL score of 750 or higher is ideal for easy personal loan approval with good interest rates. Scores between 650-750 may get approval but with higher rates and stricter conditions. Below 650, it becomes very difficult to get approved by traditional lenders.
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