Personal loan with bad CIBIL Score: If you are looking to obtain a loan with a low or bad credit score, this post will be helpful for you. In this article, we will discuss how to get an urgent loan even with a bad credit score. There are times in our lives when we need a significant amount of money, and this situation can be managed.
Here, we will provide you with brief information about obtaining a loan with a low or bad credit score. You can easily get a loan of up to 10 lakh rupees even with a bad CIBIL score or no CIBIL Score within a few minutes. Typically, availing a personal loan is a quick and easy process if you have a high CIBIL score. However, not every Candidate has a good CIBIL score. But that doesn’t mean it is impossible to get an instant loan with bad CIBIL score or without a CIBIL score.
How to get a Personal loan with bad CIBIL Score or no CIBIL score?
Getting an Personal loan with bad CIBIL Score or no CIBIL score within few minute without a CIBIL score and salary slip can be quite difficult since most lenders require a credit check. However, there are still many ways through which you can obtain a loan:
- Apply through an NBFC: Unlike banks, NBFCs often have more flexible policies for applicants with a low CIBIL score or no CIBIL Score. You can find various options for Instant personal loans with low CIBIL scores or without CIBIL score from NBFCs online.
- Provide proof of income: If you can provide proof of your monthly income, lenders may be willing to offer you a Instant personal loan within a few minute even without a CIBIL score or with a bad CIBIL score.
- Apply with a co-applicant: Adding a co-applicant with a good income and credit score can increase your chances of getting an instant loan without a credit check in India.
- Apply for a smaller loan amount: Applying for a lower loan amount can improve your chances of approval, even with a low CIBIL score.
- Apply with a lender affiliated with your employer: Consider applying for a personal loan with a low CIBIL score and without a salary slip through banks that have a tie-up with your employer. These banks may also offer loans without income proof since they already have access to your income details.
- Improve your credit score: If you have time, focus on building and improving your credit score before applying for a loan.
- Apply for secured loans: If you have assets such as property, gold, insurance policies, securities, or deposits, you can apply for a secured personal loan. Nowadays, there are online options available for secured loans without income proof.
- Utilize online platforms: You can also search for online loan apps that offer loans without considering your credit score. These Application may provide options for applicants with low or without CIBIL score.
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There are several loan apps available in India that offer Personal loan with bad CIBIL Score or zero CIBIL score, Here are some of them:
| Loan App Name | Rate of Interest | Loan Amount |
| Faircent | 12% to 28% p.a. | Rs. 30,000 to Rs. 10 Lakhs |
| PaySense | 1.4% to 2.3% per month | Rs. 5,000 to Rs. 5 Lakhs |
| InCred | 16% to 36% p.a. | Up to Rs. 3 Lakhs |
| KreditBee | 1.02% p.m. onwards | Rs. 1,000 to Rs. 4 Lakhs |
| IIFL Finance | 12.75% to 33.75% | Rs. 5,000 up to Rs. 5 Lakhs |
| CASHe | 2.50% per month onwards | Rs. 1,000 to Rs. 4,00,000 |
| Fibe (EarlySalary) | Rs. 9 per day onwards | Rs. 5,000 to Rs. 5 Lakhs |
| L&T Finance | 13% p.a. onwards | Rs. 50,000 to Rs. 7,00,000 |
| MoneyView | 1.33% per month onwards | Rs. 5,000 to Rs. 5 Lakhs |
| MoneyTap | 1.08% per month onwards | Rs. 3,000 to Rs. 5 Lakhs |
| Loanbaba | 0.1% per day onwards | Rs. 5,000 to Rs. 2 Lakhs |
| Prefr | 18% to 36% p.a. | Rs. 10,000 to Rs. 3,00,000 |
| Lenditt | 0.1% to 0.4% per day | Rs.10,000 to Rs.50,000 |
There are several factors that can contribute to a lower CIBIL score:
- Holding multiple unsecured loans.
- Experiencing delays or defaults in loan payments.
- Maintaining a high credit utilization ratio, exceeding 30% of the available credit limit.
- Facing repeated rejections of loan applications within a short span of time.
- Settling a debt with the bank by making a payment lower than the required amount and subsequently closing the loan account.
- Having a limited variety of credit types.
- Accumulating multiple hard credit inquiries.
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Advantages of Personal loan with bad CIBIL Score
- One of the major benefits of this loan is that you can obtain it instantly, even if you have a bad credit score.
- You can conveniently apply for this loan from the comfort of your own home, without the need to go anywhere.
- You have the opportunity to borrow up to Rs 10 lakh and enjoy a repayment period of 60 months.
- Another advantage is that you don’t have to put in much effort to secure this loan.
- By opting for this loan, you can save both time and energy.
- Rest assured, this loan is completely secure, eliminating any worries.
- If you make timely repayments, your credit score will gradually improve.
- This loan allows you to choose and obtain funds according to your convenience.
- The ultimate advantage is that you can access this loan within a short period of time.
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FAQ’S: Personal loan with bad CIBIL Score
What amount of loan we can get even with bad CIBIL Score or without CIBIL Score?
We can get up to 10 lakh rupees Personal loan with bad CIBIL Score or without CIBIL score.
One factor that can contribute to a lower CIBIL score?
Experiencing delays or defaults in loan payments.
One advantage of Advantages of Personal loan with bad CIBIL Score?
One of the major benefits of this loan is that you can obtain it instantly, even if you have a bad credit score.
