Getting a personal loan with a low CIBIL score can be challenging, but it’s not impossible. Here are some strategies to improve your chances:
it is said that dreams have become very expensive. We need more money to fulfill our dreams. Many times we need a loan to meet our personal needs, which we can take from a bank.
CIBIL Score what’s that ? | How to Get Personal Loan with Low CIBIL Score
If understood in simple language, CIBIL score is a kind of score which shows how good is your loan and how good is your record for loan repayment. CIBIL score ranges between 300 to 900, with 300 being the worst and 900 being the best. Before you take a loan from any bank or financial institution, your CIBIL score is checked.
1. Check Your Credit Report:
- Obtain a copy of your credit report to understand your credit standing.
- Look for any errors or discrepancies and have them corrected, as this could improve your score.
What is CIBIL score required for loan?
The question is inevitable that what should be your CIBIL score if you are going to take a loan from a bank. If you take a loan your minimum CIBIL score should be 700. But apart from all this, there are many organizations that provide loan facility even at very low score, but cannot tell how secure your loan is because such loans are unsecured loans.
Are loans available against CIBIL score less than 700?
If you are applying for a loan for the first time, it doesn’t matter how low your CIBIL score is. Similarly, if you take a loan from any government, semi-government or non-government bank, they first check whether your CIBIL score is less than 700 or not. If it is less, the bank checks it at its own level and gives the loan only if it agrees.
How much loan can a person with CIBIL score 550-600 get ?
What is your CIBIL score, apart from all this it is also seen how many loans you have taken earlier and how many loans are currently running, only then the loan is given. If your CIBIL score is between 550-600 and you are already running a loan and able to repay it on time, you can get a maximum loan of Rs 25000.
You can take loan from NBFC only at low CIBIL. Personal Loan with Low CIBIL Score
If your CIBIL score is low then you can take loan from NBFCs apart from banks. There are many NBFCs that provide loan facility to their customers even if they have low CIBIL like KreditBee, Navi Loaning Apps etc. These are apps from where you can take a loan even with a low CIBIL score and fulfill your needs. It gives loans only on Aadhaar card and PAN card and has no link with CIBIL.
2. Improve Your CIBIL Score:
- If you can, work on improving your credit score before applying. This includes paying off existing debts, reducing credit utilization, and avoiding late payments.
How to Improve Cibil Score?
How to Get Personal Loan with Low CIBIL Score If you take a loan from any bank, it is necessary to have a good CIBIL score. If your CIBIL score is bad and you want to fix it, these are some tips you can follow.
- If you already have a loan, pay its installments on time.
- Do not take too many loans at once, i.e. do not take more than 3-4 loans at a time.
- As far as possible, don’t apply for a new loan until the old one is paid off.
This way you can improve your CIBIL score and make your loan process easier