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The creditworthiness of an individual or entity is the ability to pay back or settle the debt without any defaults made. The creditworthiness of an individual or entity is usually reflected in a three-digit score that is known as the credit score. The credit score is the summary of the credit history of an individual or entity is mentioned in detail in the credit report. The credit report consists of the loans and advances taken by the individual or entity, the payment patterns for those loans, and the amount of credit that has remained outstanding past the due dates. This credit report is maintained by a third party to maintain the integrity of the report. CIBIL (Credit Information Bureau India Limited) is one of the best agency which maintains the credit report and keeps a track of the credit score of an individual or entity. The score has a range starting from 300 and goes up to 900. The banks and NBFC (Non-Banking Financial Companies) prefer a score near 900s but anything that is above 750 is acceptable. For getting a personal loan as well an individual or entity must have a credit score of 750 and above (except in the case of SBI personal loan policy that is available with a credit score of 650 and above). This is one of the basic eligibility criteria for getting a personal loan besides the requirement of age and income (the borrower must a minimum of 21 years of age with consistent income). A situation may occur where the individual or entity does not have the required level of credit score. The banks and NBFC (Non-Banking Financial Companies) do not turn their backs on the individuals or entities who do not meet these criteria. Any borrower who does not have a good credit score and does not have any security to provide can opt for involving a co-applicant in such a case.


A co-applicant is any person who jointly applies for a personal loan with the individual or entity. A co-applicant can be a family member. It can be the borrower’s spouse or parents. Having a co-applicant will increase the possibilities. Do keep in mind that the co-applicants credit score should be good enough to cover up for the individual’s lack of good score. The income bracket of the borrower will increase when merged with the co-applicants income. This can get the borrower a personal loan of a large amount. With the co-applicant, the borrower does not even have to worry about the personal loan interest rate.


You can avail of an amazing policy of SBI personal loan with attractive personal loan interest rates of 10.50% per annum.


Having a low credit score is not a crime but it is not going to play in your favor. The credit score can sink due to many reasons and some may not even be in your control but to keep a lid on the situations and for time being you can look for an alternate solution. You can always rely on a co-applicant to turn the probabilities in your benefit and to get a personal loan.

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