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A credit score is a 3 digit number that represents the evaluation made on a person's capability to payback 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 ICICI Bank may use any one or more of the bureau scores to approve or reject your personal loan.

For a personal loan approval to get through, your credit score from any of the bureaus(CIBIL™/ Experian/ Equifax/ CRIF HighMark) will be considered by lenders. Your lender would need to know whether you’ll be able to repay the loan that you have borrowed. A good credit score will give him the assurance that you have been credit responsible in the past. For your loan to get approved at ICICI Bank, ensure that your credit score is 700 or higher. A score lower than 700 has a high risk of getting loan rejections.

Bad borrowing history will not look good to prospective lenders. If you were not able to repay the full amount on a loan you have availed, lenders will give you an option to make a settlement. Making a settlement means that your loan has not been paid in full and this will remain as a negative issue on your credit report. Depending on your eligibility, personal loans at ICICI Banks range from Rs. 50,000 to Rs. 15,00,000. The loan can be repaid over 12 months to 60 months.

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