{"id":10939,"date":"2023-08-29T03:52:14","date_gmt":"2023-08-29T03:52:14","guid":{"rendered":"\/blog\/?p=10939"},"modified":"2024-11-15T20:03:14","modified_gmt":"2024-11-15T14:33:14","slug":"how-to-calculate-cibil-score-for-personal-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/how-to-calculate-cibil-score-for-personal-loan\/","title":{"rendered":"How to calculate CIBIL score for personal loan?"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>CIBIL is one of the authorized bureaus in the country that calculates the credit score of each individual. Other authorized bureaus being Equifax, Experian and Highmark. A CIBIL score is a three-digit number ranging between 300 and 900 that acts as a benchmark for lenders to assess your credit health.<\/p>\n\n\n\n<p>When you apply for <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\" target=\"_blank\" rel=\"noreferrer noopener\">personal loan<\/a>, the CIBIL score becomes the most significant factor that determines your&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\" target=\"_blank\" rel=\"noreferrer noopener\">personal loan eligibility<\/a>.&nbsp;<\/p>\n\n\n\n<p>A <a href=\"https:\/\/tata-blog.osian.dev\/check-credit-score.html\" target=\"_blank\" rel=\"noreferrer noopener\">CIBIL score<\/a> is derived from a combination of details relevant to your credit profile like your account\u2019s outstanding balance and credit card payments. If you have been able to maintain a record of timely payments without any instances of default, your CIBIL score would be high. Alternatively, if you have missed a few monthly EMIs, it would hamper your credit score.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-does-a-cibil-score-impact-your-personal-loan-eligibility\/\">How Does a CIBIL Score\nImpact Your Personal Loan Eligibility?<\/a><\/p>\n\n\n\n<p>As\na preliminary step, lenders look for a minimum CIBIL score of 750 before a loan\napplication is approved or rejected.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Calculating personal loan CIBIL score<\/strong><\/h2>\n\n\n\n<p>The\ncalculation of CIBIL score is done using a complex mathematical formula that\nincludes several factors. Below are some of the most important of them that\ntogether lead to the CIBIL score being arrived at:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1.&nbsp;Credit History<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"400\" src=\"\/wp-content\/uploads\/2020\/08\/how-to-calculate-cibil-score-for-personal-loan-2.jpg\" alt=\"Personal Loan Credit History\n\" class=\"wp-image-10941\" srcset=\"https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/08\/how-to-calculate-cibil-score-for-personal-loan-2.jpg 770w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/08\/how-to-calculate-cibil-score-for-personal-loan-2-300x156.jpg 300w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/08\/how-to-calculate-cibil-score-for-personal-loan-2-768x399.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<p>Carrying the highest weightage of\nabout 30%, your credit score is calculated based on your credit history. Banks\nand other financial institutions send their credit-related information to the\nauthorized credit bureaus in the country. Subsequently, the bureau compiles the\ninformation in the form of a detailed credit report and calculates your credit\nscore. They have a month-on-month record of the previous three years of your\nmonthly payments towards EMIs and credit card bills. It also includes all past\nrecords of EMI default, if any.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2.&nbsp;Credit&nbsp;Utilization<\/strong><\/h3>\n\n\n\n<p>This is another essential factor that has a weightage of 25% in your overall <a href=\"https:\/\/tata-blog.osian.dev\/check-credit-score.html\">credit score.<\/a> It is essentially the amount of money you owe to a lender as a percentage of the total\u00a0personal loan amount you are entitled to taking. To arrive at this number, you need to divide the total outstanding loan with your total credit limit. A rising credit utilization over a period lends a negative impression on your credit score.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/top-5-myths-about-cibil-score\/\">Top 5 Myths About Cibil Score for Personal Loan<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3.&nbsp;Credit Mix<\/strong><\/h3>\n\n\n\n<p>Your\nCIBIL score is also dependent on the composition of your loan portfolio. In\nsimple words, it depends on how your total loans are distributed between\nsecured and unsecured loans. A credit mix also has a significant weightage of\naround 25% in your personal loan CIBIL score.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4.&nbsp;No. of Credit Applications<\/strong><\/h3>\n\n\n\n<p>The\nnumber of credit applications you have made in the past account for the\nremaining 20% of the CIBIL score calculation. A large number of credit\napplications makes a wrong impression with the credit bureau.&nbsp;<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read<\/strong>: <a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-much-cibil-score-required-for-personal-loan\/\">How much CIBIL Score Required for Personal Loan?<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>These four factors contribute to the calculation of CIBIL score. Though you can&#8217;t calculate your CIBIL score yourself; keeping an eye on it ensures a good score that lets yoAdditional Read: How much CIBIL Score Required for Personal Loan?u borrow money from genuine lenders, such as Tata Capital. If you need a personal loan and boast a high CIBIL score, Tata Capital has a lot to offer. Reach out to them today!<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\" target=\"_blank\" rel=\"noreferrer noopener\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CIBIL is one of the authorized bureaus in the country that calculates the credit score of each individual.  <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-to-calculate-cibil-score-for-personal-loan\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-10939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Calculate CIBIL score for Personal Loan? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Learn how to calculate CIBIL score for availing a Personal Loan and the factors affecting your personal loan credit score. 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