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CreditSmart, “Is 659 CIBIL Enough For A Personal Loan?”

Ask CreditSmart
Dear CreditSmart,
My cibil score is 659.Can i get personal loan from Sbi,Axis or Hdfc banks?
Shiv <name withheld>


Hello Shiv!

Thanks so much for your email. SBI, Axis, HDFC, or any bank don’t approve personal loans based on CIBIL score alone. There’s many factors to consider such as the amount of the loan you’re seeking, your monthly income, and also how much debt you’re already carrying. Without knowing the details of your situation, a 659 is a very average score and it might be worth your while to try and boost your score up to 700 before applying for the loan. However if you require a loan now, it’s certainly possible you could get approved.

Our advice would be wait if it’s not urgent, and build your score a bit. If it is urgent to apply for the loan soon, do not apply at all three because each bank would create a separate inquiry on your CIBIL report,which you want to keep to a minimum. If you have an existing relationship with one of those banks, such as a checking account or credit card, then it might be wise ot try them first or ask questions prior to applying.

Best of luck with your personal loan!

– CreditSmart


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