Why CIBIL Score matters for personal loan and credit cards
Your CIBIL score plays a crucial role when applying for both credit cards and personal loans. Issued by TransUnion CIBIL, this 3-digit score ranges from 300 to 900 and reflects your creditworthiness based on past financial behaviour. A higher score, typically above 685, is preferred by most lenders. Maintaining the minimum CIBIL score for a credit card not only improves your chances of approval but also helps secure better terms on a personal loan. Since the CIBIL score for personal loan eligibility is closely assessed by financial institutions, regularly checking and improving it can help you access credit easily when needed.
One of the best credit cards in India, the Bajaj Finserv RBL Bank SuperCard, comes with the features of 4 cards in 1. You can use it as a credit card, a loan card, a cash card, and an EMI card.
How to improve your CIBIL Score
A good CIBIL score is essential when applying for a personal loan, as it reflects your creditworthiness and repayment behaviour. Lenders often check your credit profile before approving a loan application. Here are some effective ways to improve your CIBIL score:
Repay on time
Missed or delayed EMIs or credit card payments can negatively impact your credit history. Timely repayments help maintain and gradually improve your CIBIL score, increasing your chances of getting approved for a personal loan.Use credit responsibly
Whether it's a credit card or a loan, use your credit limit wisely. Avoid maxing out your cards and always try to pay the full outstanding amount instead of just the minimum due. This signals financial discipline to lenders.Maintain a low credit utilisation ratio
Try to use less than 30% of your total available credit. A low credit utilisation ratio shows that you’re not over-reliant on credit, which can positively influence your score.Avoid multiple loan applications at once
Applying for several loans or credit cards within a short period can lead to multiple hard enquiries, which may lower your score. Always assess your needs and apply for a personal loan only when necessary.Check your credit report regularly
Review your CIBIL report at regular intervals to spot any discrepancies or errors. Reporting and correcting inaccuracies early can prevent your score from being affected.
Improving your CIBIL score requires consistency and responsible credit behaviour. A strong score boosts your chances of quick personal loan approvals with better interest rates.
Factors affecting personal loan and credit card CIBIL Score
Repayment history
Delayed or missed payments can impact your CIBIL score. Consistent on-time payments help improve credit score steadily over time.Credit utilisation ratio
Using a high percentage of your credit limit regularly can lower your score. Keep usage below 30% to aim for the maximum credit score.Credit mix and duration
Having a balanced mix of secured and unsecured loans over a longer period supports a healthy credit profile.Multiple credit enquiries
Too many loan or credit card applications in a short span can negatively affect your score.Monitor your EMIs
Use the personal loan EMI calculator to plan repayments efficiently and avoid defaults.Understand loan costs
Always check personal loan interest rates to borrow smartly and maintain financial discipline.
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
A good CIBIL score for a credit card is usually above 750. This indicates that you have a good credit history and are more likely to be approved for a credit card.
Yes, you can get a credit card with a 700 CIBIL score. While a higher score is always preferred, a score of 700 or above indicates good creditworthiness and may qualify you for certain credit cards.
Yes, you can still get a credit card with a 650 CIBIL score. However, your options may be limited, and will be at the bank’s discretion and you may not be eligible for premium credit cards with exclusive benefits.
With a 700 credit score, you can expect a credit limit of up to Rs. 1 lakh or more, depending on the card issuer's policies and your income eligibility.
The minimum CIBIL Score required to apply for a credit card in India is generally around 750. However, some issuers may consider applicants with scores above 650, albeit with stricter terms or limited features.
Your CIBIL Score affects your chances of getting approved for a credit card by indicating your creditworthiness. A high score (750+) suggests responsible credit behaviour, increasing approval chances, while a low score can lead to rejection or stringent terms.
