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Check Your CIBIL Score for a Loan Against Property

A crucial factor that influences your Loan Against Property application is your CIBIL score. This 3-digit number reflects your creditworthiness depending on your repayment history, credit management behaviour, etc. 

Generally, a preferred minimum CIBIL score for Loan Against Property is 750. Moreover, maintaining a higher score can unlock better interest rates and loan terms.

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Minimum CIBIL Score Required

The minimum CIBIL score for Loan Against Property is at least 750 for quick and smooth approval. However, if you have a low CIBIL score, aim to increase your CIBIL score to at least 750 to secure the best loan terms, such as lower interest rates and higher loan amount.

CIBIL Score Range

A CIBIL score is a crucial factor influencing your eligibility for a Loan Against Property (LAP). Check out the table below to learn about different CIBIL score ranges:

CIBIL score ranges: CIBIL Score Creditworthiness
550 and below Bad
550 - 649 Poor
650 - 699 Average
700 - 749 Good
750 - 900 Excellent

 

​Factors Affecting Your CIBIL Score

Having a good CIBIL score is important but maintaining the same can be difficult. Here are 5 factors that you must avoid to have a good CIBIL score:

● Repayment history

● Credit utilisation ratio

● Credit mix

● Defaults and written-off accounts

● Hard credit inquiries

Ways to Improve Your CIBIL Score for a Loan Against Property

Follow these essential tips to improve your CIBIL score, increasing your chances of approval for a Loan Against Property:

● Pay your EMIs on time

● Maintain a balanced mix of secured and unsecured loans

● Avoid multiple credit inquiries

● Keep your credit utilisation ratio below 30%

● Avoid settling debts

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Click 'Apply Now' Fill out the online form to start your loan application.

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Frequently Asked Questions

1. What is the minimum CIBIL score required for a Loan Against Property?

The minimum CIBIL score required for a Loan Against Property is 750.

2. How can I improve my CIBIL score before applying?

You can improve your CIBIL score by making timely payments on existing debts, maintaining low credit card balances, and avoiding applying for new credit.

3. Will my CIBIL score be checked for a Loan Against Property?

Yes, a CIBIL check is standard practice to assess your creditworthiness for a Loan Against Property.

4. Where can I check my CIBIL score for free?

You can check your CIBIL score for free from Poonawalla Fincorp’s official website and on the Poonawalla Fincorp app