What is Cibil Score Range for Personal Loan
When it comes to applying for a personal loan , one of the most important factors that lenders consider is the borrower’s credit score. A credit score, also known as a CIBIL score in India, is a numerical representation of a borrower’s creditworthiness based on their credit history. CIBIL is the Credit Information Bureau (India) Limited, which collects and maintains credit information of individuals and businesses. CIBIL score ranges from 300 to 900, and the higher the score, the better the chances of getting approved for a loan with favorable terms and interest rates. Let’s take a closer look at the different CIBIL score ranges and what they mean for borrowers looking to apply for a personal loan. 300-579: Poor A CIBIL score in this range is considered poor, and borrowers with such a score may face difficulties in getting approved for a personal loan. Lenders may perceive them as high-risk borrowers due to their history of missed payments, defaults, or collection accounts. However