How much Personal Loan amount can I get according to the CIBIL score?
Before understanding the number of personal loans that we can avail, we must understand the concept of personal loans. In a personal loan, we take a monetary amount from the banking institutions. When we need money, we approach banking institutions. They verify our personal and professional documents. After verification, they identify the amount which can be given to us as loans.
While giving us the loans, they analyze all our documents carefully. Upon analysis, they find out whether it would be judicious for us to take the loans. Then we appeal to the banking institutions for the amount required by us. They accept our appeal and check our CIBIL score to see our records of taking a loan and repaying them. Following are the important points associated with the personal loan amount that we can avail with CIBIL Score-
Personal Loan Amount with CIBIL Score of 720- 750
Before we take into account the CIBIL Score rating, we must analyze what we mean by CIBIL Score. It means a rating allocated to our loan opportunities. Moreover, it tells us how many loans we have availed in the past. Moreover, it also tells us the repayment period of the loan.
If we have paid off the loan in time, our CIBIL Score would be high. If there is an untimely payment of the loan, then the CIBIL Score rating would be below. With a CIBIL Score of 720-750, you can take a personal loan of 5,00,000-10,00,000. Thus the aforementioned CIBIL Score would be enough for you to take the loan.
Personal Loan with CIBIL Score more than 700
CIBIL Score of more than 700 also fetches you the opportunity to avail personal loans like Business Loans. At times the loan amount is necessary for setting up and establishing a business. At times people do not possess the necessary monetary resources to set up a business. During such circumstances, they require funds to regulate the business environment. Thus they approach the banking institutions to take the monetary amounts as loans. Such personal loans are also called business loans.
When you have a CIBIL score of more than 700, you can avail of a business loan from the banking institutions. The second category of loans that can be taken into consideration is home loans. For availing of home loans, you require a certain CIBIL Score. Home Loans are availed when you need to buy the residential property. You can either purchase a house or a flat according to your capacity. You can take loans from the banking institution while purchasing such residential establishments.
If you have a CIBIL score of around 550, you can purchase a residential establishment. Your CIBIL score would help secure home loans. Further, you can use this monetary amount to build a house or any other residential establishment according to your needs and desires.
CIBIL Scores are a very important criterion determining your loan-taking capacity. Personal Loans are influenced by CIBIL Scores.