The moment you apply for a loan, it would not be wrong to say that one question which you must have heard many times is none other than what is your cibil score for loan? Right? After all, it is a universal truth that an individual having a credit history may get a hassle-free loan.
If we talk more about the same,it would not be wrong to say that it is a numeric representation of an individual’s credit history and repayment record. Usually, this score ranges from 300 to 900 and a score of 700 or above is preferred by many lenders.
However, talking about the minimum score required for a loan, there is no denying the fact that different loans have different requirement for the same. Hence, it totally depends upon an applicant, which type of credit facility be it a home loan or personal loan he is looking for.
So, let’s just check out the minimum cibil score required for different loans in the article below…
Minimum Credit Score Required for Personal Loan
If you want to avail a personal loan, it is absolutely important that you should have a good credit history along with an attractive income. Talking about the credit score for personal loan, the minimum an applicant required is 750 or above. With the help of this score, you would be able to grab the best deal that comes with a higher loan amount, giving you faster approval and scope of negotiating with a lender for the better rates. However, the requirement of the minimum score varies from lender to lender but generally, it remains the same amongst all. So, it would be better before you apply for this unsecured loan, do check your score so as to grab an ideal deal.
Minimum Credit Score Requirement for Home Loan
When it comes to a home loan, it is a type of secured credit facility whose approval majorly depends on both repayment capacity and credit history of an applicant. As far as a minimum score requirement is concerned, in case of the HL, a score of 650/700 is considered to be healthy enough in grabbing the lucrative deal. However, if an applicant is having a score below than this, he might not get the higher loan amount , attractive rates or even the fastest approval. Thus, it is always advisable for you to maintain a good score so that you can enjoy a hassle-free journey in the future.
Now after knowing about the loan, it is important that you should further know how to check your cibil free score. Yes, in case, you want to check the same, go through the article below…
You can either check the same via PAN Card by giving your details or you can experience India’s one and the only process of checking the score on WhatsApp. Yes, you simply need to give a missed call on +91-8287151151 to know your exact score instantly on WhatsApp.
Hope this article was worth reading for you!