Credit Score for Personal Loans: What's the Ideal Number to Aim For?

• Lenders check your credit score (CIBIL score in India, 300-900) to assess your creditworthiness for personal loans.
• While some lenders may approve scores as low as 600-650, these often come with higher interest rates, stricter terms, or lower loan amounts.
• A credit score of 750 and above is considered strong, offering better negotiation power, faster approvals, and competitive interest rates.
• Scores above 800 place you in the top bracket, making you eligible for the best available rates due to very low perceived risk.
• Beyond approval, a higher score significantly impacts the interest rate, potentially saving tens of thousands of rupees on a Rs 5 lakh loan over five years.