Day-dreamers, Are you? I am sure we all are. We are desire something, It is said that a man’s desires has no limits. True, but what if that desire is also a need. How will you fulfill that dream or need without resources. One needs to work hard in order to turn dreams into a reality but loans provided by banks also come to your aid in fulfilling your desires/ needs.
Well, dreaming of owning a car or a gadget or anything you wish for, You need money but what if you have fallen short of funds? Making a start up business venture can be upsetting if you don’t have the requisite amount for working capital. Or if you need funds for educational purposes, or to get married. Don’t worry, one step solution to curb your financial crisis is Personal loan. Yes, your heard it right. Personal loans are the unsecured loan amount which is offered by banks and other financial institutions to meet your needs. So, if you are planning to study abroad, or dreaming to make a tour abroad, all your wishes are just one click away apply personal loan. But, wait! Nobody can lend you the money without much thoughts. Banks do check your credit score before processing the loan to know if you will be able to repay the EMI’s and the principal amount or not.
Credit score is basically the three digit number you are given by the banks that in turn determines your creditworthiness. The minimum credit score has to be 300 and it goes up to 900. Higher the credit score, the more are the chances of your availing personal loan at minimal rate of interest. The lesser can put you into a troublesome situation as you might seem to be one of those defaulters that the lender would not like to deal with. Your credit score depends on your credit history and it can make the things easy or cumbersome for you. One needs to fall in some ranges of these scores to seek loan. So, In which category you fall? Are you Credit worthy? Let’s find out.
1. CIBIL/ Credit Score above 800: If you fall under this category, you are deemed eligible to apply for Personal loan at the best rates available.
2. CIBIL 750-800: Scoring amidst this also makes you very likely to avail Personal loan.
3. CIBIL Score 650-750: The commonest range among all, this makes you have access to personal loan. Although besides this, the lender checks your source of income and surplus.
4. CIBIL Score 580 to 650: Considered below average, this range makes one apply for smaller amount of loan. The Interest rates in this are higher as compared to the above mentioned ranges.
5. CIBIL Score 580 or below: If you fall under this category, you are most unlikely to raise funds through personal loan. You can consider other options, if available. Also, loan seekers in this category must try to improve their credit score to avail the benefits of Personal loans.