New Delhi, Aug. 4 -- A credit score is simply a foundational element that helps in shaping the outcome of every personal loan application. Lending institutions increasingly rely on credit reports and credit scores to decide an applicant's reliability and financial discipline.

Here are five crucial ways your credit score can make a difference to your personal loan journey:

A strong credit score immensely raises your prospects of personal loan approval. Most of the lending institutions look for credit scores above 750 to greenlight loan or credit card applications. All such applicants are viewed as lower-risk, transparent with repayment, and trustworthy.

Interest rates are fundamental to personal loans. The lower they are, the better the...