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What is the minimum CIBIL score required for Personal Loan?

CIBIL score acts as an important factor in determining your personal loan eligibility, as it depicts your creditworthiness and past payment behaviour. Personal loan is an unsecured loan for which you are not required to submit any collateral/security with any lending bank or NBFC. As it is a collateral-free loan, so usually the minimum CIBIL score required to avail personal loan shall be at least 700 or above. With a good CIBIL score, you are eligible to avail personal loan with high loan amount at lower interest rates. Even if you maintain a CIBIL score from 600-700, still you have chances of availing personal loan but at high interest rates. Any score below 600 is not considered sufficient by most of the lenders to approve any personal loan application. 

Why is CIBIL score necessary, if you want a Personal Loan?

TransUnion CIBIL analyses your past credit behaviour to calculate and generate CIBIL score that is further checked by lenders during the loan approval process. It helps the banks and NBFCs to review your personal loan application, as well as your trustworthiness as a potential borrower. Low CIBIL score may also lead to loan application rejection, so maintain a decent score to avail personal loan at ease. If you are New to Credit or have no credit history then it shall be difficult to avail loans or credit cards. To become eligible for lenders, you need to build your CIBIL score and maintain it at least 750 or above.

Steps to Improve CIBIL score to avail Personal Loan

Below mentioned are certain steps to be followed, that shall help you in availing personal loan at nominal interest rates with desired loan amount.
1) Paying-off all your existing loan EMIs and credit card dues – Manage repayment history diligently
2) Maintain Credit Utilization Ratio below 30% – Lower the ratio better are the chances of loan approval
3) Avail secured credit cards (against Fixed Deposit), if new-to credit or with no credit history
4) Avoid multiple loan or credit card applications in short duration – Depicts your credit hungry behaviour, resulting in credit application rejection
5) Consider twice before opting to be a co-applicant or guarantor for any loan – If borrower defaults, you will be liable to pay the outstanding loan amount

Personal Loan Eligibility Criteria & Documents Required

Applicants can apply for personal loans, as far as they meet the below mentioned eligibility criteria. If you meet all the eligibility criteria, you also need to have basic documents to complete your loan application process.

Eligibility Criteria for Salaried

1) Age Criteria: Minimum 18 years and maximum 67 years
2) Salaried Employee with Private or Public Companies or MNCs
3) CIBIL score: Preferably 700 or above
4) Monthly salary: Minimum Rs. 15,000 per month 
5) Minimum work experience: 1 year with same employee

Documents Required

1) Duly filled application form
2) Employee ID card
3) KYC documents (Aadhar card, PAN card, Passport, Voter’s ID)
4) Last 3 month’s bank statement and past 3 months’ salary slips
Note: The above defined eligibility criteria and documents required is generic and shall vary from lender to lender. 


Maintaining a good CIBIL score is a valuable practice, as it helps you avail credit facilities at ease with additional benefits from leading banks and NBFCs. If you have low CIBIL score and struggling to avail funds from leading private and public sector banks, such as SBI, PNB, Canara Bank, HDFC Bank, Axis Bank, ICICI Bank, etc. you can approach various other lending institutions to avail personal loans, such as Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs), Small Finance Banks (SFBs), Cooperative Banks, etc. These credit institutions may lend you money but at higher interest rates with even lesser loan amounts. Keep yourself creditworthy by firstly building, improving your CIBIL score, secondly by monitoring your CIBIL score regularly, and checking for minor or major errors in your credit report to resolve them at the earliest. Once you achieve a high CIBIL score mark, there shall be no further need to check out for minimum credit score required to avail a personal loan.