Can you get a personal loan with a low credit score?
- Lenders can allow loans despite low credit score but these may be smaller and the interest rate you pay may be higher
A credit or a CIBIL (Credit Information Bureau (India) Limited) score is one of the principal factors considered by lenders while extending any loan—a personal loan or a credit line. Lenders have a threshold credit score below which they will not lend. Banks usually require a credit score of at least 650 or more for sanctioning a personal loan.
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