This is how the minimum CIBIL score grid works for personal loans.....
|
If Your Credit Score Is: |
This Is How You Fare: |
|
800 or above |
Excellent score. You will be a preferred customer for the lenders |
|
720 to 800 |
Good score. Lenders will look at your application favorably |
|
680 to 720 |
Fair score. Unnsecured loans are likely to be priced higher for the risk involved |
|
Less Than 680 |
Poor. No unsecured credit facility is likely to be provided by any prime lender |
As can be seen from the above table, there is very little chance that a bank or a traditional lender will give you loan with a CIBIL score of 550. You may be able to get a personal loan with guarantor.
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