How To Get A Personal Loan Even With A Low CIBIL Score
Personal loans are unsecured loans that can be availed easily and quickly. One of the biggest advantages of a personal loan is that it does not require any security to be pledged against the loan amount. However, what is required by most lending agencies is a high CIBIL Score.
CIBIL score is provided by the credit rating agency CIBIL. So how to check CIBIL score?
The score ranges between 300 to 900 points. Having a high CIBIL score between 750 to 900 means that you have an excellent chance of availing of a personal loan with a low-interest rate, high amount, and flexible tenure. You can check your CIBIL score by analysing the income, expenses, loans and borrowings, and repayment history.
Can a borrower avail of an instant personal loan with a low CIBIL Score of 550?
Having a CIBIL score of 550 is considered to be low. That does not mean that borrowers cannot get a loan for low CIBIL scores.
It is a misconception if you think a low CIBIL Score personal loan does not exist. Borrowers can avail a personal loan with a CIBIL score of 550. There are certain steps you can follow to apply for an instant personal loan with a low CIBIL score.
How to get a Personal Loan despite a Low CIBIL Score?
- Opt for a lower personal loan amount: Availing a personal loan with a low CIBIL Score is not an impossible task. Instead of applying for a loan with a high amount, choose to opt for a personal loan with a lower amount. Smaller amounts give the lender confidence regarding the repayment of the loan.
- Show income proof: To get approved for an instant loan with low CIBIL, ensure that you give the lender proof of income. Provide your salary slip for 3 months as income proof.
- Get a joint loan: Apply with a co-applicant or guarantor. You can avail of a low CIBIL score instant loan by applying with a joint applicant. You can apply for a loan with your parents, spouse, or siblings. The co-applicant, however, needs to have a high CIBIL score at the time of application.
- Request your lender to consider your case with NA / NH in the credit score report: NA or NH in your CIBIL score indicates Not Available or No History. If you are applying for a low CIBIL score personal loan, speak to the lender if this can be considered in your application. However, to be approved of NA or NH in credit score you will need to show high income as well as stable employment to the lender.
Resolve errors in a credit report: If you feel that your CIBIL Score is incorrect, get it rectified before applying for a personal loan. Resolving any errors after application would be wasting precious time.
Eligibility to get Personal loan for low cibil score
To be eligible for a personal loan for a low CIBIL Score, you should be able to check the below points:
- Employment: To be eligible for an instant loan without CIBIL, you will need to be employed in a private, public, or LLP organisation.
- Income: To avail a low CIBIL instant loan, you will need to show the lender that you receive high income every month. Having a high income shows the lender that you are capable of repaying the personal loan.
- Employment Proof: Lenders need proof that you receive a good salary every month. Your salary slip for 3 months is proof that you will need to provide to be eligible for an instant personal loan for a low CIBIL score.
You can apply for a personal loan with a CIBIL score as low as 550. While many NBFCs ask for a high CIBIL score, Finnable provides personal loans with low CIBIL score or no CIBIL report. However, it is important to know how to improve your CIBIL score.
You can avail a loan with low CIBIL by applying online. To be eligible for a personal loan for a low CIBIL score, you need to be employed at your current organisation for more than 3 months and have a total experience of more than 6 months. You’re also required to have a monthly salary of more than Rs 25000. You will need to show proof of salary by providing your salary slip as well as the bank statement.
At Finnable, we aim to provide finance to those who require it and can repay it in a timely manner. A CIBIL score shouldn’t be an obstructing parameter for anyone who requires funds. This is why availing a personal loan for a low CIBIL score through Finnable is possible. You can use the funds to plan a wedding, for education, home renovation, etc.
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