Question : My CIBIL score is somewhere between 650 and 700. Is it sufficient to obtain a personal loan?
Answer : A personal loan is one that requires no collateral. Your ability to repay the loan and your income alone determine its availability.
NOTE : You can get your CIBIL score on your phone for FREE.
Your CIBIL credit score is the sole indicator of your capacity to repay a loan.
The lender wants to see a minimum CIBIL score of between 720 and 750 on your credit record. When you fall into this category, your loan application is handled swiftly. Your interest rates will be very aggressively priced.
If your credit score is between 650 and 700, it doesn’t necessarily follow that you won’t be able to receive a personal loan. Even if the lender grants the loan in this situation, the amount will be considerably less than what you originally requested, and the interest rate would be substantially more than what someone with a higher credit score would receive.