In case of any emergency expense for which you do not have sufficient funds, you can take a personal loan, which is generally quickly processed. Minimum age for getting a personal loan is 21, and a specific monthly income is demanded to match the eligibility criteria for the loan application, along with a certain credit score. Some banks are ready to give out a loan on an averagely-seeming CIBIL score, say 700, but most banks ask for at least a credit score of 750 plus
If you do not have any credit history at all, you may want to create one so that it gets easier to receive a loan n future. You must repay any loans taken in time, and meet credit card due payments as well for maintaining a healthy CIBIL score.
A credit score is usually an indicator of your credit history, and bears a three-digit numeric form. The credit score ranges between 300 and 900. Based on your credit score and history, the banks will decide if you are eligible for a loan or credit card or not, whichever is applied for. As personal loan is an unsecured one, it is mandatory that you are able to satisfy the bank's eligibility criteria, one of which is maintaining a good credit score.
If you need a personal loan, yet have a low CIBIL score, the banks and NBFCs can still give their approval to your loan application. Though a good credit score is essential to take unsecured personal loan, if you can convince the financial institution by standing out as capable on other criteria such as decent income, current clean financial record & economical behaviour, sufficient bank balance, regular salary and at least few years of employment with current employers, then the application for personal loan may be approved. However, the interest rates for the loan would still be higher than what you could have bargained for otherwise on a high credit score.