Why the minimum score depends on the loan
This guide compares loan types side by side. If your question is specifically about personal loans and which kinds of lender accept which score band, our companion guide what credit score do you need for a personal loan goes deeper on that.
A lender’s minimum score is really an answer to one question: if this borrower stops paying, what protects us? For a gold loan, the gold does. For a home loan, the house does. For a personal loan or a credit card, only your track record does, so your score carries far more weight. That is why the same 650 score can be fine for one loan and a stretch for another.
Minimum score by loan type at a glance
Where lenders commonly become comfortable, by loan type
Indicative only. Bars show where many lenders commonly become comfortable, based on general market practice; they are not official cut-offs, and individual lenders may set higher or lower thresholds or decide case by case. The Omozing bar reflects our own policy for salaried applicants (score from 600, take-home ₹40,000+). Scale: 300 to 900 drawn across 460px.
Loan by loan: what the score does and what else counts
| Loan type | Secured? | How much the score matters | What else lenders weigh |
|---|---|---|---|
| Gold loan | Yes, by gold | Low. Many lenders lend mainly on the gold’s value | Purity and weight of gold, loan-to-value limits |
| Loan against FD | Yes, by deposit | Low | FD amount; usually a share of its value |
| Home loan | Yes, by property | Medium. Affects approval and often the rate offered | Income, existing EMIs, property papers, down payment |
| Car loan | Yes, by vehicle | Medium | Income, down payment, vehicle value |
| Business loan | Often unsecured | High, for the owner and the business | Business vintage, turnover, GST returns, banking, and for companies the CIBIL MSME Rank (CMR) |
| Credit card | No (unless secured) | High | Income, existing cards and limits |
| Personal loan | No | High | Take-home salary, employer, existing EMIs, recent delays |
Personal loans
Unsecured and quick, so the score matters most here. Many banks prefer scores in the 700s; some NBFCs consider lower scores with stronger income checks. At Omozing, salaried applicants with a score from 600 and take-home of ₹40,000+ can apply for up to ₹25 lakh over 3–36 months, with rates starting from 11% a year, and a credit officer reads the full report. See personal loans from a 600 score, or for scores in the 600s specifically, personal loans for scores between 600 and 700.
Credit cards
Unsecured cards usually want a solid score and steady income. If you are turned down, a secured card issued against a fixed deposit is the usual first step, and using it well builds your score.
Home and car loans
The asset reduces the lender’s risk, so a mid-range score can still be approved. But the score often affects the rate: a stronger score can mean a lower rate on a loan you will repay for years, which adds up to a large sum.
Gold loans and loans against FDs
The most accessible credit when your score is weak, because the lender holds the collateral. The trade-off: you can lose the gold if you do not repay.
Business loans
Lenders look at the owner’s personal score and the business itself. Omozing currently lends to salaried individuals, not businesses, so for business borrowing see our neutral guides to small business loans and types of business loan. Our sister company FundsTiger also helps businesses compare lenders.
Worked example: one score, six answers
An illustrative profile, not a real customer: Ananya, salaried in Hyderabad, take-home ₹58,000, CIBIL score 655 after one late card payment last year.
| She applies for | Likely outcome |
|---|---|
| Gold loan | Straightforward; the score is rarely the deciding factor |
| Car loan | Possible with many lenders, perhaps at a higher rate than a 750+ borrower |
| Premium credit card | Likely declined; a secured card is the better next step |
| Bank personal loan | Hard at many banks |
| Omozing personal loan | Eligible to apply; a credit officer reviews the late payment in context |
| Home loan | Possible, with the score influencing the rate |
If your score is below the bar you need
- Check all four bureau reports for errors and dispute them through the dispute process.
- Bring credit card usage below about 30% of your limit.
- Pay every EMI on time for the next six months; automate it.
- Apply with a co-applicant who has a stronger score. See how co-applicants help.
- Choose a secured option if you need money now.
- Avoid many applications at once; each adds a hard enquiry.
To understand what drives the number, read how the CIBIL score is calculated.
Salaried with a score from 600?
See whether you qualify for an Omozing personal loan. The exact rate, fees and APR are in your Key Fact Statement before you sign.
Frequently asked questions
What is the minimum CIBIL score for a personal loan?
There is no official minimum. Many banks prefer scores in the 700s, while some NBFCs consider lower scores. Omozing considers salaried applicants from a score of 600 with a take-home salary of ₹40,000 or more.
What is the minimum CIBIL score for a home loan?
Each lender sets its own threshold. Because the property secures the loan, mid-range scores can be approved, but a stronger score often gets a better rate.
Do I need a CIBIL score for a gold loan?
Usually the score is not the main factor, because the gold secures the loan. Lenders may still check your report.
What credit score do I need for a credit card?
Unsecured cards generally need a solid score and steady income. If you are declined, a secured card against a fixed deposit is a common way to start building credit.
Does the RBI set a minimum credit score for loans?
No. The RBI regulates lenders, but each lender sets its own credit policy, including any minimum score.
Is 650 a good enough score to get a loan?
For secured loans, often yes. For unsecured loans it depends on the lender and on your income and recent repayment record. At 650 you can apply to Omozing if you are salaried with take-home of ₹40,000 or more.
Omozing is the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered non-deposit-taking NBFC. Loans are subject to credit assessment. See our regulatory disclosures and grievance redressal process.