When applying for a personal loan, lenders look for various factors like your current income, your age, existing credit liabilities, nature of the job (e.g. salaried or self-employed) etc. One of these factors is your CIBIL Score. CIBIL score is the most sought-after credit score and thus keeping it high is a good practice if you’re serious about getting a personal loan.
What is the Minimum CIBIL Score Required for Personal Loan?
There is no fixed number that can be marked as a minimum CIBIL Score to get a personal loan approved. However, a CIBIL score of 750 or above is a good score and can open multiple loan options for you. Subsequently, a high credit score can also help you in getting a higher loan amount, that too at better interest rates and affordable tenure.

Apply for a Personal Loan online with minimal documentation Apply Now
Why is CIBIL Score important to get a Personal Loan?
A personal loan is an unsecured loan. This means that when a bank or any other financial institution lends you a personal loan, they do it without collateral, i.e. no security, unlike a home loan or a car loan. It is a risky investment for the lender. That’s why, lenders pay close attention to an applicant’s credit score, especially the CIBIL Score when evaluating personal loan applications.
Credit Score helps the lender in the following ways:
- Determine your (borrower’s) creditworthiness
- Decide the rate of interest to sanction the loan
- Decide your loan limit (i.e. how much you can borrow)
Please note that while having a low CIBIL score does not necessarily mean your personal loan application will be rejected, it may easily lead to your loan being sanctioned at a higher interest rate or at a lower limit than you applied for. Either way, it may not fetch you the best results.
Also Read: How to Take a Personal Loan on Aadhar Card?
Things to keep in mind when applying for a Personal Loan
Before applying for a personal loan, consider the following points:
- Check your CIBIL score AND CIBIL report
- If you find any errors in your report, get those corrected
- How to File CIBIL Disputes
- If your credit utilization ratio is very high, consider clearing your pending payments as a high credit utilization may show you as credit-dependent
- Do not apply for new loans if your previous application was recently rejected
- First work on the reasons why your application got rejected;
- Learn how to improve your credit score
- Wait for a few months before reapplying for a previously rejected personal loan application