Lenders assess your credit application based on numerous factors such as your current income, age, existing credit liabilities, nature of the job (e.g. salaried or self-employed), etc., when you apply for a personal loan. One of the key components that lenders check is the CIBIL score for personal loan approval. CIBIL score is the most sought-after credit score; thus, keeping it as high as possible is a good practice, if you’re planning to apply for a personal loan.
As a personal loan is an unsecured credit product, lenders emphasise the credit score the most. A good credit score is very important for such credit applications to get approved. However, there is no fixed requirement for a minimum CIBIL score for personal loan approval.
