Are you looking for emergency funds? A personal loan can help you get instant funds in a quick and paperless manner, with minimum documentation. While the process of personal loan application is easy, the approval depends on various factors known as eligibility criteria.
While the eligibility criteria have various factors like age, income, employer, experience and many more, the good CIBIL score is an important parameter, which not only determines your eligibility but also helps in finalising your loan terms.
What is the CIBIL score?
A three-digit number that determines your creditworthiness is known as a CIBIL score. It is the summary of a consumer's credit history and a reflection of the person's credit profile. For unsecured loans like getting instant personal loan it plays an important role. If your CIBIL score is:
300-599: The chances of getting a personal loan is low. If you are in this category, you should work on improving your CIBIL score.
600-749: From the lender’s point of view, this is a range where the loan chance is neither high nor low. Based on your other details like income, age, the loan will be approved.
750-900: The lender will be more than willing to give you the loan at this range. It also comes with added benefits like low-interest rates, immediate approval and quick disbursal of the loan.
Conclusion
Whether you are a salaried individual or self-employed, you can get your credit score from various online websites. All you have to do is enter your personal details and submit them. If your CIBIL score is low you can work on improving it by adopting various practises.
Additional Read: 9 Simple Tips to Increase your Cibil Score in India
