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My CIBIL score is 557. Can I apply for a personal loan?

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YES, you can apply for a personal loan with a CIBIL score of 557. But chances of getting the loan approval from the lender are reasonably low with such a poor CIBIL score.

In order to get a personal loan, the ideal score is considered to be 700 or above. Lenders usually do not give a personal loan to individuals who have CIBIL scores below this. A good score defines your creditworthiness, so the lenders check the score before giving you the loan amount. 

But If you are in a sudden need of funds, then you have the option of getting a secured loan from any of the lenders. But if you do not have any such emergency and want to get an unsecured personal loan, you first need to improve your existing CIBIL score. How will you improve it? First of all, ask for a credit report and check what are the factors that have been affecting your credit score. After that, work on those flaws and get your score in order. Stay patient and you will be able to build a good CIBIL score over a span of time. And then, you should apply and hope for a seamless approval.

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