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A credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts. Credit bureaus like CIBIL™ , Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you loans or any other form of credit based on your credit score. Lenders like HDFC Bank may use any one or more bureau scores to approve or reject your personal loan.

HDFC Bank approves loans for applicants with a score of 700-750, or higher. The ideal score should be more than 750. With a personal loan from HDFC Bank, you can borrow up to Rs. 25 lakhs which is usually approved within 6 days. This is based on your loan eligibility which is determined by your credit score.

With a good credit score, you wouldn’t have to worry about loan rejections. But a low credit score will affect your eligibility when you are applying for a loan. A low credit score would mean that the person has defaulted on their loan repayments or their credit card bills. These defaults will certainly bring down the credit score thus lowering the loan eligibility chances. Even if you qualify for a loan in such scenarios, the interest that you would have to pay would be exorbitant. Hence, it’s always better to maintain a good credit score. To get your credit score on track, you can start making your outstanding payments on time. Also, stay within your credit limit and try not to apply for new credit.

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