08 May 2019 | 5 min read
Personal Loans are simple loans……Yes, it is but you need to pass some basic criteria.
Banks and financial institutions have specific parameters; the applicants need to meet so that they can get their personal loan approved. Amongst the various conditions implied today, a good credit score is one of the most critical factors. It is the credit score that grades your financial health and lets the bank know whether you have can repay the loan or not. It showed the previous track record of the applicant and based on it; the bank decides whether or not to approve the loan.
Various credit rating agencies will let you know your credit score. You can also check the score online or speak to your bank about it. Fitch Ratings, Moody's investor services, and S&P are some of the popular credit rating agencies that will help you find out your credit score.
What is the minimum credit score for personal loan eligibility?
Usually, banks look into job stability, monthly income, and other debts to decide whether the applicant would be able to repay the loan or not. A good credit score is a key to winning loan application. It helps in easy processing of the loan application. Let's have a look at the credit score ranges:
As far as the minimum credit score for Personal loan is concerned, then the banks usually ask you to maintain a good credit score which should lie in the range of 650-750. If it is above this range then it is exceptionally well, but it is advisable to have a minimum score of 650 for you to have hassle-free loan approval.
However, in case even if your CIBIL is very poor, you can come to Afinoz. We will help you avail the best personal loan from Vintage Finance. We don’t charge from a customer and even offer them 1% cash back on the disbursed loan amount. T& C Applied.