{"id":6697,"date":"2020-01-20T10:15:35","date_gmt":"2020-01-20T10:15:35","guid":{"rendered":"\/blog\/?p=6697"},"modified":"2023-06-27T10:18:23","modified_gmt":"2023-06-27T10:18:23","slug":"top-4-things-you-should-know-about-cibil-score-to-get-a-personal-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/top-4-things-you-should-know-about-cibil-score-to-get-a-personal-loan\/","title":{"rendered":"Top 4 Things You Should Know About CIBIL Score to Get a Personal Loan"},"content":{"rendered":"\n

<\/p>\n\n\n\n

You will hear \u2018CIBIL scores\u2019 a lot in the finance world. For borrowers, in particular, the CIBIL score is significant. Whether you are looking to get a personal loan or a home loan, your lender will for sure first consider your CIBIL score before sanctioning or rejecting your loan request.<\/p>\n\n\n\n

If you\u2019re planning to apply for a personal loan, here are four things about CIBIL score<\/a> that you must know:<\/p>\n\n\n\n

How much should your CIBIL score be?<\/strong><\/p>\n\n\n\n

For personal loans or any other\ntype of loan, you must have a healthy CIBIL score. A CIBIL score ranges from\n300 to 900. Anyone with a score of 900 is usually considered to be an ideal\ncandidate. However, if you have a score of above 750, you still have excellent\nchances of getting a personal loan sanctioned.<\/p>\n\n\n\n

What affects your CIBIL score?<\/strong><\/p>\n\n\n\n

There are numerous factors that\npositively and negatively affect your CIBIL score, and subsequently, your\nchances of getting a personal loan. For instance, if you pay your EMIs or repay\nloans on time, your score is boosted. However, if you delay credit card and\nother EMI payments or max out your credit card limit, your CIBIL score comes\ndown. Therefore, before taking a personal loan, be sure to check how your other\nloans and credit history are affecting your CIBIL score.<\/p>\n\n\n\n

Be aware of your CIBIL score before you apply for a personal loan<\/strong><\/p>\n\n\n\n

This might seem like a practical\nthing to do, but a lot of people are unaware of their credit score before\napplying for a personal loan. You can obtain your credit report for free; the\nReserve Bank of India has mandated credit bureaus to provide the credit score\nfree of cost on a yearly basis to every individual. Understanding your\ncreditworthiness before you apply for personal loan will give you an idea about\nyour eligibility, and, if need be, you can then work on your credit health.<\/p>\n\n\n\n

Other factors to consider in case you don\u2019t have a CIBIL score<\/strong><\/p>\n\n\n\n

Your CIBIL score depends on your\ncredit history. This score helps lenders to decide if it\u2019s a prudent idea to\nextend a personal loan or any other type of loan to you. Usually, most people\ntend to have some credit history, which determines their credit scores. <\/p>\n\n\n\n

To build your score, you can get a secured credit card and maintain it to build your CIBIL score within just a few months. In case you\u2019re in urgent need of a personal loan<\/a> and don\u2019t have a credit score, your loan provider will then examine other factors, such as income and job stability, age, etc.<\/p>\n\n\n\n

A personal loan from Tata Capital is an instant source of funds. Even if you might not need one right now, it\u2019s wise to start building your CIBIL score<\/a> to increase your chances of loan approval when needed.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

You will hear \u2018CIBIL scores\u2019 a lot in the finance world. For borrowers, in particular, the CIBIL score is significant. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6698,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-6697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"\nTop 4 Things You Should Know About CIBIL Score to Get a Personal Loan - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 4 Things You Should Know About CIBIL Score to Get a Personal Loan - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"You will hear \u2018CIBIL scores\u2019 a lot in the finance world. For borrowers, in particular, the CIBIL score is significant. 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