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

If your credit score from any of the credit bureaus (CIBIL™/ Experian/ Equifax/ CRIF HighMark) is above 750, the bank will take into consideration your application and review your credit report. Your credit history will also be checked, where previous loans that you had borrowed and paid back will be under review. And if you had agreed to settle due to financial problems, this is recorded in your credit report and unless you resolve the issue, it stays in the report for 6 years. This is considered to be a negative mark, thus Kotak Mahindra Bank might not offer you a personal loan.

Kotak Mahindra provides online personal loans of up to Rs. 15 lakhs with flexible repayment options if you have a good credit score. If your loan gets rejected, it might be because your credit history might not be good or you might have applied for many loans. Thus, in times of financial emergencies, you would need a good credit score to avail a personal loan quickly.

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