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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Personal loans can be one of the easiest loans to acquire. They are unsecured loans, which means you do not need to offer collateral. They can be used for a multitude of purposes. There is minimal documentation involved and a relatively shorter processing time as well. However, one of the most important considerations when you apply for a personal loan is your CIBIL score.
CIBIL score is a credit score provided by CIBIL, one of India’s leading credit information bureaus. The score reflects your credit history based on your financial behaviour. It includes loans and repayments, credit card payments, and more. The score ranges between 300 and 900, with a higher score indicating a healthy credit history.
A lower credit score can hurt your chances of being approved for a credit card, home loan, and other lending products. Usually, a credit score of 750 or more is considered excellent. People with a score over 750 can expect better approvals for financial products like loans. A score over 700 is decent, while getting a personal loan for a CIBIL score of 550 or lower can be difficult.
The table below outlines what is considered a good or bad credit score:
Credit score |
Is it good or bad? |
Chances of approval |
Less than 600 |
Poor |
Extremely low |
600-649 |
Bad |
Low |
650-699 |
Satisfactory |
Possible |
700-749 |
Good |
High |
Over 750 |
Very good |
Extremely high |
If you have a low CIBIL score, you may often face challenges while taking a loan. These challenges may include:
Obtaining a personal loan with a low CIBIL score can be challenging, but it's not impossible. By implementing the following strategies, you can enhance your chances of approval and secure the funds you need.
Involving a co-applicant or guarantor with a strong credit history can significantly improve your loan approval prospects. Lenders may view the combined creditworthiness more favourably, reducing perceived risk.
Secured loans, which require collateral such as property or fixed deposits, provide lenders with assurance against default. This security can make lenders more willing to approve your loan despite a low credit score.
Providing proof of a steady and sufficient income reassures lenders of your repayment capability. Submit documents like salary slips, bank statements, or income tax returns to substantiate your financial stability.
Applying for a smaller loan amount reduces the lender's risk, increasing the likelihood of approval. Once you've established a reliable repayment record, you can consider applying for larger amounts in the future.
A lower debt-to-income ratio indicates better financial health and enhances your loan eligibility. Aim to reduce existing debts and avoid taking on new ones before applying for a loan.
While a low CIBIL score impacts the chances of getting approved for a personal loan, it is not impossible. There are other factors that affect your chances of getting a loan – your employment status, income, and credit report. Thus, if you want a personal loan for a CIBIL score of 550 or above, you need to be mindful of a few parameters:
You can use the IDFC FIRST Bank personal loan EMI calculator to get a better picture of how long you will be required to pay EMIs at different interest rates. Based on these calculations, you can draft your monthly budget and ensure its alignment with your overall goals.
Personal loans require minimum documentation, so you only need to gather all the right documents and ensure they are as per requirements. The list includes your proof of identity and residence, salary account bank statement for the past three months, and salary slips for the past three months.
Select a lender whose terms and conditions appear favourable. Applying to multiple places does not reflect well on your credit report. Once you secure a loan, ensure you use it responsibly. If you are using it to consolidate and pay off your previous loans, ensure that you are doing so in the right manner.
While you might qualify for certain personal loans with a low credit score, do note that it is quite likely that you’ll get offered unfavourable terms such as low loan amounts and high interest rates. Having a steady financial record and decent credit score always puts you in a good position with banks when it comes to getting the best loan deals.
For instance, with IDFC FIRST Bank, a good credit score of 730 or more can qualify you for FIRSTmoney loans. FIRSTmoney is a smart personal loan through which you can get up to ₹10 lakhs, competitive interest rates starting at just 9.99%, and flexible repayment tenures ranging from 9 months to 60 months. FIRSTmoney even offers zero foreclosure benefits, which means that with repayment terms being so favourable, you can choose to pay off your dues anytime before your tenure ends without even worrying about any prepayment charges.
Applying for a FIRSTmoney loan is a breeze and completely online! All you need is your Aadhaar card number and display your PAN card during the video KYC process. Once your loan offer is approved, you can then opt for multiple on-demand loans without submitting a new loan application each time.
A low credit score doesn’t mean you are stuck with it for life. You can improve your credit score in the following ways.
While a low CIBIL score can make securing a personal loan more challenging, it’s certainly not the end of the road. With the right strategy—such as applying with a co-applicant, choosing smaller loan amounts, or exploring lenders like IDFC FIRST Bank who consider more than just your credit score—you can still access the funds you need. Focus on building healthy financial habits, researching lenders carefully, and using credit responsibly to gradually improve your score. A thoughtful approach today can lead to stronger financial freedom tomorrow.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.