Loan with a Low Credit Score: If you are looking to obtain a Loan with a Low 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. While many people struggle to earn a large sum of money, some have succeeded in doing so. Here, we will provide you with brief information about obtaining a Loan with a Low Credit Score. With our assistance, you can easily get a loan of up to 10 lakh 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 applicant has a CIBIL score. But that doesn’t mean it is impossible to get an instant loan without a CIBIL score.
When applying for a personal loan, NBFCs and lenders have specific Loan with a Low Credit Score eligibility criteria that need to be met. One of these criteria is having a high CIBIL score, which can make it challenging for certain applicants to avail an instant loan online.
How to get a Loan with a Low Credit Score?
Getting an instant loan without a CIBIL score and salary slip can be quite challenging since most lenders require a credit check. However, there are still several ways you can obtain a loan:
- Apply with an NBFC: Unlike banks, NBFCs often have more flexible policies for individuals with a low CIBIL score. You can find various options for personal loans with low CIBIL scores from NBFCs online.
- Provide proof of income: If you can provide evidence of your monthly income, lenders may be willing to offer you a personal loan even without a credit score or with a low 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 platforms may provide options for individuals with low or no credit scores.
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Best Loan App List 2024
There are several loan apps available in India that offer loans with low 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 |
Several factors can contribute to a lower CIBIL score loan 2024
- 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 period.
- 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 having a loan with a Poor Credit Score 2024
- 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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