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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 SBI Bank may use any one or more of the bureau scores to approve or reject your personal loan.

Credit scores from any of the bureaus (CIBIL™/ Experian/ Equifax/ CRIF HighMark) are considered as the main criteria for any loan approval. Your credit score is evaluated on a scale between 300 to 900 and it is divided into different categories. Each category has different interpretations for lenders like SBI:

Credit scores between 750 to 900: If you have a credit score between this range, you have a high chance of getting your loan approved. On top of that you could also bargain for low interest rates and high loan amounts.

Credit scores between 600 to 749: If you fall under this category, SBI will check other factors to determine loan eligibility like existing salary, employment stability, existing credit etc.

Credit scores between 300 to 599: With a credit score ranging in this category, you are more likely to get rejected on your personal loan. You will be able to avail a loan if you are willing to pledge collateral. Or you would have to improve your credit score to avail a personal loan from SBI Bank.

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