The Credit Information Report (CIR) is the record of your credit history across loan types and credit institutions. A credit score also known as CIBIL score(numeric summary) is generated based on the evaluation of this report so that you can get a sense of your financial stand.
Maintaining a good credit score is important as it is the first screening criterion used by almost all banks and non-banking financial institutions when reviewing your loan application. It determines your creditworthiness. The lenders equate a great CIBIL score with your capacity and discipline to repay the loan in times. You can also avail loan for low cibil score.



The expected CIBIL score for loan approval is 750 or above. However, some lenders might offer a loan even with a slight low credit score. The credit score is not the only parameter which is considered for loan approval. A low credit score can cost you higher interest rates. Many lenders look at employment history, earning potential, etc. in addition to the CIBIL scores.
CIBIL score is more significant in case of unsecured loans, while in the case of secured loans like loan against property, it is slightly more relaxed. This is so because the lender has all the rights to liquidate your assets in case of default.
You can still avail a loan against property with low CIBIL score, all you have to keep in mind is that it is compensated on the income segment. Your income stability is given the priority. A FOIR of at least 50% after including the EMI payments can make you an eligible candidate.