Personal Loan
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Why A Credit Report is Important in Personal Loan Sanction?

Credit report maintained by credit bureaus is a compilation of financial information that reflects how you handle your credit accounts. It forms the sole source of information about a borrower’s credit history. It usually carries a 3-digit number, called the CIBIL score. A high CIBIL score is a mandate, in case you are looking for a personal loan approval.

Considering that unsecured advances like personal loans involve no mortgaging of collateral, the score and the credit reports act as a proof of a borrower’s creditworthiness. It reflects -

  1. The current level of indebtedness – Personal loan approval is significantly dependent on one’s current financial obligations and level of indebtedness. It reflects your credit repayment capability. In case your FOIR is within 30-50%, you are liable to get a higher loan amount against a lowered rate of interest.


  2. Types of credit availed – Your credit report shows the types of advances availed by you and a balanced credit mix mitigates the risks of failure in repayment.


  3. Past credit performance – Timely payment of EMIs boosts your credit score and helps you gain a hassle-free approval of personal loan application.

Availing personal loan from Bajaj Finserv with a CIBIL score of 750 and above helps you enjoy the benefits of add-on features like the flexi loan facility. Under this, you can withdraw funds as and when required from a pre-sanctioned limit and pay interest only on the utilised funds. Using the flexi interest-only loan EMI calculator, you can calculate the EMI amount in advance. You can choose to pay interest-only EMIs for the initial part of the tenor as per your convenience.

The above-mentioned points are indicative of your financial track record and hence, reflect your creditworthiness. This criterion is considered while you apply for a personal loan. Following this, you can utilise the sanctioned amount to meet various expenses.