CIBIL Score for HDFC Personal Loan

It is always recommended to have a good credit score, in order to be able to get the personal loan approved successfully. Keep a regular tab on your credit score so that you know where you stand. It is a misguided notion to presume that if you are not spending much or if you already have a good credit score; it will remain so without any efforts from your end. Your expenditure habits constantly affect your CIBIL score. If you find your credit score dwindling, you can do the following to make sure your credit score is good:

A CIBIL report is basically a credit report of an individual offered Transunion CIBIL that is one of the four credit bureaus offering this service in India. Because it is one of the oldest and most commonly used bureaus, many refer credit score as CIBIL score.

Your credit score is a three digit number calculated on the basis of credit products availed by you in the past. The credit score along with some additional data is combined to produce a credit report. A bureau provides this report to the lender when the latter wishes to check a borrower’s creditworthiness at the time of approving the loan.

At the time of evaluating a loan application, the entity offering the credit, takes upon itself the risk of a possible non-payment by the borrower. The higher the loan, the higher the risk. In order to protect themselves from incurring any such bad debts, lenders prefer to get a detailed credit history of an individual. 

The credit report offered by CIBIL gives an in-depth analysis of a person’s credit history. The lender can then determine whether or not to extend a loan to such a person, based on the credit report.

It is, therefore, very important that a person keeps a good credit score. This will help them get loan approvals easily and possibly at a lesser rate of interest.

Also Know: What are the 6 benefits of having a good credit score?

HDFC personal loan is offered to eligible applicants in very less time and can be applied online through Paisabazaar in paperless format. This means, all you need to do is go online, fill the forms and have your loan approved in as less as 96 hours. However, there are certain prerequisites before the personal loan is approved. One of them is the CIBIL score.

You must have the required CIBIL score before you can apply for a personal loan at HDFC. Since personal loans are of an unsecured nature, most banks ask for a high CIBIL score. Any score of 750+ or as close to 900 is considered good by lenders. The higher the score, the better are the chances of loan approval. Anything below 650 can make it very difficult for you to get your loan approved.

Also Read: How Does CIBIL Score Impact on Your Loan Interest Rate?

Before applying for a personal loan at HDFC, it is better to know what you will be offered. This helps you in making an informed decision. Here are some of the characteristics of the personal loan offered at HDFC: