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

Last Updated : Jan. 4, 2020, 2:23 p.m.

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.