Are you the one who is thinking of applying for a personal loan but worried your CIBIL score might hold you back? Don’t worry; you’re not alone. In today’s fast-paced financial world, your CIBIL score is the first thing a bank or lender will check when you approach them for a personal loan. This three-digit number plays a very crucial role in determining your loan eligibility, interest rate, and approval rate; that is why every borrower must be aware of it.
At Bikesh Finserv, we believe in providing you the best platform to make that process easier. We do not give loans ourselves; instead, we connect you with verified banks and NBFCs to give you better approval chances, competitive interest rates, and a smooth loan process. This article will help you with all that, right from personal loan eligibility to CIBIL score management, so that you will be able to make a very confident and informed decision.
What is a CIBIL score, and why is it important?
There is a specific 3-digit number that reflects your creditworthiness. And that 3-digit number is your CIBIL score; it is basically a mirror of your past financial activities. It usually ranges between 300 and 900 and tells the lenders how responsible you were related to your past loans and EMI repayments. All lenders, including banks and NBFCs, check your CIBIL score before approving any loan application.
| Score Table |
| CIBIL Score | Remarks |
| 300-549 | Poor |
| 550-649 | Average |
| 650-749 | Good |
| 750-900 | Excellent |
If you have 750 credit score, you have a very high chance of getting personal loan approval from any Banks or NBFCs
Can you get a personal loan with a low credit score?
Yes! Most people think that they are not eligible to make loans due to their low credit scores. But most of the NBFCs offer personal loans for low credit scores. At Bikesh Finserv, we evaluate your overall financial portfolio and help you get quick approval from top banks and NBFCs with minimum documentation.
Eligibility criteria for personal loan approval
If you are the one who is willing to apply for the personal loan online, you must clear some basic personal loan eligibility criteria
- Age: 21 Years to 50 years
- Employment Status: Employed
- Minimum Salary requirement: More than 15000 per month
- CIBIL Score: More than 750+ for quick approval
How to apply for a Personal loan
Those days were gone when we had to stand in the long bank queues, but now with online personal loans, things have become very easy and reliable for us, and the entire process takes a minimum of 5-6 minutes. through Bikesh Finserv you can get Fast personal loan approval in few steps
- Apply now at: Bikesh finserv
- Fill your basic details: Name, age, Employment status, salary
- Upload documents such as KYC Documents: Aadhar, Pancard or Driving license
- Get approval within 24 hours for the same day.
Why choose Bikesh Finserv over others?
There are many online personal loan provider in Mumbai but why our organization stand out
- We have a strong bank and NBFC network.
- We provide personalized assistance from start to finish.
- We have zero hidden charges or surprise fees
- We are expert in loan guidance
- We provide 100% transparency.
Key Takeaways
- Your CIBIL score is a 3-digit specific number from 300 to 900 that shows your creditworthiness.
- A score more than 750 is considered ideal for making loans.
- Banks and NBFCs always check your credit score before approving any loan application.
- Paying EMIs on time and making payments of your credit card bills are the fastest way to improve your credit score.
- Always check your CIBIL score before applying for any type of loan.
- A low CIBIL score does not always mean rejection; some NBFCs still provide you a loan with bad credit scores.
- Bikesh finserv Connects you with verified banks and NBFCs to ensure the best approval of your loan
Still unsure whether your CIBIL score qualifies for a personal loan?
We are here to assist you from initial to final. Let our expert team at Bikesh Finserv evaluate your profile and connect you with the right lender.
Disproving myths about Personal loans
Sometimes we often misunderstand some misconceptions about personal loans, and we are misguided by some scams. But we are here to vanquish your misconceptions about personal loans.
Myth No. 1: Personal loans are only for the people who are earning more.
Some of the people think that they are only applicable for a personal loan only if they are earning more than a certain amount, for example, more than 15,000. But it’s not like that because some of the good NBFCs still provide you a personal loan despite how much they are earning, but yes, they will charge you a good interest rate, and the loan allocation amount will also be low.
Myth no. 2: Banks or NBFCs will ask you for some mortgages or collateral for personal loans.
The simple and straight answer to this question is NO, because personal loans are unsecured loans, and no entity can ask you for such things; only limited documentation is there for approval for such loans.
Myth no. 3: It is said that you can get a personal loan only if your record is good, such as not having any criminal record against you.
Here the clear answer is No, because personal loans are only approved by your having some important documents like an AADHAR card, PAN card, or driver’s license; the bank will not check your criminal record.
Myth no. 4: Business loans are extremely reserved for startups to get funding from banks or NBFCs.
In business loans, some of the myths revolve around startups not being able to get funds, but in reality, both private lenders and government initiatives specifically target startups.
Myth no. 5: A gold loan can lower the value of your gold.
No, the real market worth of your gold does not drop when you take out a gold loan. However, how much your gold is worth for loan purposes can vary depending on market conditions and particular bank evaluation techniques.
FAQs:
Q1. What is the minimum CIBIL score required for a personal loan?
Most banks and NBFCs require a minimum CIBIL score of 750 for personal loan approval. But some NBFCs may approve loans for scores between 650 and 749 but at higher interest rates.
Q2. Can I get a personal loan with a low CIBIL score?
Yes, it is possible but difficult; in some cases, lenders may charge you a very high interest rate compared to usual.
Q3. How can I improve my CIBIL score quickly?
You can improve it by paying all your EMIs and credit card bills on time.
Q4. How long does personal loan approval take?
With a good CIBIL score banks can provide you personal loans within 24-72 hours and in NBFCs you get instant approval
Q5. Does applying for multiple loans affect my CIBIL score?
Yes, it affects your CIBIL score. Every time you apply for a loan, the lender will make a strong inquiry on your financial reports.