CIBIL Score For SBI Personal Loan

Personal Loan may vary based on the bank's policies and the individual's financial profile. SBI has not defined any CIBIL Score criteria to avail a personal Loan. If you have a good credit score range of 750 and above, chance of approvals are very high. On the basis of your CIBIL report, SBI consider you a credit worthy customer. Check your credit report free before applying for Personal loan. it doesn't impact your CIBIL Score.


CIBIL Score Required for SBI Personal Loan

Personal Loan is an unsecured loan SBI decides the merit for considering the Personal Loan applications through the CIBIL score awarded to the applicant. However, SBI has not specified any minimum CIBIL score for SBI personal loan, more is the cibil score higher are the changes of loan approval. Still one must have CIBIL score more than 750 to get a personal loan. The reason is the applicants with a credit score of 750 and above are considered low-risk borrowers with a guarantee of repayment of the loan within the maturity time. 

In case the loan application is rejected for want of a good credit score, the applicant can follow a strategy as mentioned below to improve the score and approach the bank again for the loan. 

  • Clear all the existing credit cards and loans overdue immediately and continue to pay the subsequent EMIs on time.
  • Try to get the credit card limit upgraded to bring the utilisation level to less than 50%.
  • Do not opt for revolving payment of credit card dues. 
  • Avoid frequent loan and credit card enquiries.

In some cases, if the credit score is below the required SBI Credit Score for Personal Loan, the bank might consider other parameters like debt to income ratio, income from sources other than salary, stability of employment etc., besides the CIBIL Score for evaluating the loan application.

Additional Reading: How to improve cibil score immediately?

CIBIL Score Range for SBI Personal Loan

CIBIL Score is the indicator of your chances to procure credit facilities from lenders. The CIBIL Score ranges from 300 to 900, and a higher score will prove you trustworthy and with a good financial status. SBI Bank Personal Loan CIBIL Score required is 750 and above. The higher the CIBIL Score is, the better will be the Personal Loan terms and the quicker will be the loan approval.

However, SBI may not totally deny Personal Loans to candidates with a score below the required SBI CIBIL Score for Personal Loan. In such cases, you might have to include a co-obligant who has a good credit score and has a stable income. Sometimes the bank may insist upon additional security.

Additional Reading: Check Free CIBIL Score

Importance of CIBIL Score for SBI Personal Loan

A good CIBIL score is important because it helps both borrower and lender in the following ways

  • CIBIL Score helps the borrower to know his creditworthiness. A person with high CIBIL score has more chances of getting an SBI Personal Loan to the one with has low CIBIL Score.
  • Another importance of maintaining a good CIBIL score is that SBI may give Personal Loan at lower interest rate that the one having bad or low CIBIL score. Also there are chances that there is special discount on processing fees and other related charges. However CIBIL score is not the only criteria, there are other factors responsible for your SBI personal loan approval.

Additional Reading: CIBIL Customer Care Number

Factors That Affects The SBI CIBIL Score For Personal Loan

Here are the key factors that affects CIBIL score for SBI Personal Loan.

  • False CIBIL Report.
  • Missed or Delayed credit card dues or loan EMIs
  • Paying the minimum due amount only
  • Generating multiple credit report in short duration
  • Outstanding Debts.

Additional Reading: What is Experian Credit Score?

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What is a good CIBIL score in SBI?


A good CIBIL Score indicates to the bank your responsibility as a borrower and your creditworthiness: a CIBIL Score of 750 and above is considered a good CIBIL Score by SBI.

What should be the CIBIL score for a personal loan?


The ideal CIBIL score for a personal loan is 750. A CIBIL score range of 750 to 850 depicts your responsibility as a borrower, your creditworthiness, credit profile and your financial stability.

Does SBI check CIBIL score?


Before considering the loan application, SBI does an extensive background check of the prospective borrower with the help of the CIBIL Score. A score of 300 to 500 does not give a good impression about the repayment capacity of the borrower, and so the application will be rejected. A score between 600 and 750 will still be considered if the borrower is able to convince the bank about his/her repayment capacity despite the low score. If the score is 750 and above, you can wade through the loan process and will get instant approval along with various benefits.

Is 730 a good CIBIL score in India?


Though 750 is the ideal CIBIL Score, some of the lenders in India do consider a score between 700 and 850 as good for considering a personal loan proposal.

What is the meaning of a CIBIL score of 1?


When there is no information about the credit history of the individual, the CIBIL Score will be1. This simply means No History of Credit which is not a good proposition as the lenders will not be able to gauge the repayment behaviour before providing approval for a loan.

How can I calculate my CIBIL score?


The Credit Bureau is the CIBIL Score calculator, and you can only check your credit profile with the information provided in the credit history.

How much is a CIBIL score good for a personal loan?


A CIBIL Score of 750 and above is good for a personal loan.

Can I get a loan if my CIBIL score is 600?


You can get a loan if your CIBIL score is 600 if you

  • Include a co-borrower for the loan with a good credit score and regular income.
  • Provide security like gold jewellery or fixed deposits.
  • Opt for a lower amount.

The loan will be provided at a higher interest rate.