A personal loan is one of the most beneficial loan options for a borrower, especially when a borrower is looking for instant money to solve their money crisis in a few hours. Several banks and financial lenders are providing personal loans. Is taking a personal loan safe? Yes, applying for a personal loan from an NBFC (non-banking finance company) is registered with the RBI (Reserve Bank of India), and these companies are provided an instant personal loan after checking the CIBIL score for personal loan and other documents.
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How To Check Your CIBIL score For Personal Loan:
- The big question is how to check your CIBIL score for personal loan. Checking your CIBIL score is quite beneficial for a borrower to get an instant loan in a few hours and to determine whether they are eligible or not for a loan. Visit the the official CIBIL score website.
- Once you reach the page, fill out the form that requires your personal information, such as your name, contact number, and email address, and click on the next step.
- Make sure that you provide all the details, including your PAN number, correctly to know your CIBIL score.
- The next step is the verification process to ensure that you are not a robot. This is generally asking for an OTP for verification on a mobile phone or answering security questions.
- After the verification process is complete, you can check your CIBIL score along with a credit report.
- CIBIL provides the score and entire report, which refreshes once a year.
What is a Good CIBIL Score in India and Its Range?
The CIBIL score lies between 300 and 900, and a good CIBIL score is more than 750. With this score, anyone can easily get an instant Personal loan in a few hours. A CIBIL score of 700 or above in your credit report is an ideal score. However, if the borrower’s CIBIL score is less than 650, it will be quite tough for a borrower to get a personal loan or any other type of loan. And if you applied for a loan with this CIBIL score, there are high chances that your loan application may be rejected.
- 300-499: Poor
- 500-649: Average
- 650-749: Good
- 750-900: Excellent
What Are The Main Causes That Affect Your CIBIL Score?
It is important for everyone to maintain their CIBIL score for personal loan without any rejections or delays. Here are some points that affect your CIBIL score.
- Borrower’s monthly income.
- Previous loans and debts.
- Past credit repayments.
- Any bank defaults, late EMIs, or lapses in previous credit repayment.
- Reject your previous application that you submitted.
Final Note
Considering your credit score and financial profile, a borrower must maintain a higher CIBIL score. Also, checking your credit score in 3-4 months will be beneficial for you because banks and financial lenders first check your CIBIL score before providing a personal loan. A good CIBIL score indicates the creditworthiness and trustworthy profile of a borrower, and they can easily get a personal loan in India.Â
Disclaimers
The information provided in this blog is for informational purposes only and should not be considered financial or legal advice. Loan terms, interest rates, and eligibility criteria may vary based on the lender’s policies. Readers are advised to verify details with financial institutions before making any decisions. We do not guarantee loan approval or endorse any specific lender.
