A personal loan is an unsecured or unprotected loan that does not require the customer to pledge any kind of collateral. The loan is sanctioned after scrutinizing the credit history of the customer. This is where the CIBIL score plays its part. TransUnion CIBIL Limited also referred to as the Credit Bureau of India is an RBI licensed company that maintains records of payments related to loans and credit cards.
A CIBIL credit score for a personal loan is a 3-digit number ranging from 300 to 900 that speaks for the credit history of the customer. At SMFG India Credit, the higher your CIBIL score, the better are your chances of loan approval. Also, the sanctioned loan amount depends greatly on how good your CIBIL score is. Read more to know about the ways to get a personal loan for a low CIBIL score.
At SMFG India Credit, CIBIL score required for a personal loan is usually 750 or above. The credit score for a personal loan plays a vital role in determining your eligibility, rate of interest and loan amount that will be sanctioned to you (apart from other eligibility criteria).
If you have a good, stable income, then there are chances of getting a loan approval. However, please note that at SMFG India Credit, loan approval depends on a multitude of factors, including income and credit score.
Regular payment of taxes gives a good impression of the applicant’s profile
A good bank balance reflects one’s capability to repay the loan which certainly increases the chances of getting a loan.
You can ask a close family member with a good CIBIL score to be the guarantor or co-applicant for your loan.
If your CIBIL score is lower than 750, but lies within a certain range, all hope isn’t lost. You may still be able to get a loan of a slightly lesser amount. However, the rate of interest in such cases may be on the higher side.
Timely repayment of all your EMIs as well as credit card bills can help you build towards a good CIBIL score. At SMFG India Credit, we offer our customers the facility of automatic ECS so that the EMI amount gets automatically debited from your account on a designated day of the month. In this way, you can ensure that you never miss the deadline for an EMI payment. As a result, your CIBIL score improves.
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