02 January, 2025 | 12:15 IST
Securing a loan online heavily depends on your creditworthiness, which is largely determined by your credit score. A score of 700 is often seen as the threshold for eligibility for personal loans, but does it guarantee a quick approval? And what factors should you consider when applying for a 700 credit score personal loan in India?
Though most lenders generally prefer borrowers with credit scores of 700 and above, here are a few key factors you should consider to conveniently avail a personal loan online.
Table of Contents
Credit score is a three-digit number that reflects your creditworthiness based on your borrowing and repayment history. In India, the CIBIL score is widely used by lenders to assess an individual’s ability to repay a loan. A score of 700 is considered good but not excellent. It indicates that you are a responsible borrower, but you may not have the best credit score in the eyes of the lender.
While a 700 credit score personal loan is possible, there are other factors that lenders will carefully assess before approving the loan. Lenders usually look at the loan type, your income and how well you manage your finances.
You can get a personal loan but only under specific conditions. Lenders may consider your score as average, and it might not guarantee the best interest rates or loan terms. But it’s still possible to obtain a loan, especially if you show other strengths in your financial profile.
Lenders will evaluate your overall financial situation, including income, current liabilities and job stability.
If you have a 700 credit score, you may also be subject to slightly higher interest rates, as the lender may consider you a moderate risk. To avoid this, you can take steps to improve your application and increase your chances of approval.
Moneycontrol provides access to a 100% digital and instant personal loan of up to Rs 15 lakhs, with interest rates starting at 12% per annum and no hidden charges. The application process is straightforward — enter your details, complete KYC verification and set up an EMI repayment.
Taking a few steps to improve your credit score will be helpful in availing new credit facilities at lower interest rates in future. Even if you are not looking forward to applying for a loan or credit card immediately, it’s advisable to maintain a high credit score. Here are a few simple tips to boost your credit score:
In conclusion, while a score of 700 is considered good, it’s not exceptional. So, being proactive in your application process can help increase your chances of approval.
Moneycontrol offers access to fully digital and instant personal loans up to Rs 15 Lakhs in collaboration with seven lenders. With no paperwork and minimal processing fees, you can have the funds transferred directly to your bank account quickly and easily.
Share it in your circle
Table of Contents
Explore Top Lenders for Instant Loan upto
Get Instant Loan up to ₹50 Lakhs with Zero Paperwork from Top Lenders
100% Digital
Quick Disbursal
Low Interest Rates
