Loan With Low CIBIL Score: Life is inherently uncertain, and unexpected financial expenses or important events that demand large amounts of money can arise all of a sudden. Here personal loans can play an important role in helping you. However, for a personal loan, you have to meet specific requirements set by the financial institution. Generally, in such situations, your CIBIL score should be within the range considered healthy by financial institutions.”
If for some reason your CREDIT score is less than 750, there are still chances of getting a personal loan to meet your immediate financial needs. In this article, we will provide you with information about alternative methods that may be helpful. And continue reading further to increase your knowledge.
If you are a Low CIBIL score holder, you can try out the following methods to get the loans:
1. Airtel Flexi Credit is providing loans
For Airtel users seeking an instant personal loan, especially those with Low CIBIL scores, there is an option to apply directly through the Airtel Thanks app. Using this app, you can secure an instant personal loan, and the loan amount can go up to ₹9,00,000 with just a few taps on your smartphone. It is important to note that the actual loan amount you are eligible for will be determined by your individual eligibility. The first thing you need to do is self-verify yourself, and check your best loan offer if you are eligible.
After this, you just have to choose your loan amount and repayment period. The maximum loan repayment period will also depend on your individual eligibility. Next, you need to select one of our three lending partners, which includes DMI Finance, Money View, and IDFC First Bank. When your application passes and is verified and approved, the money is credited to your account within 24 hours.
Pay back your credited amount with easy personal loan EMIs!
2. You have to Contact Your Own Bank
If you have a long-term relationship with a particular bank, you should probably contact them first. Your account credit and debit details with your bank go back several years, and if your relationship manager considers you a creditworthy individual based on these records, you can still get a personal loan. The special thing is that if you have previously returned any loan on time or closed it completely before time, it can also help to get any such loan immediately.
If you still can’t get a loan after talking to your relationship manager, you may want to try talking to a branch manager. You may need to provide additional income proof to prove additional income to give the creditor an idea that you can repay the loan.
3. NBFC loans
Sometimes, when renowned banks reject your personal loan, a non-banking finance company (NBFC) can help you. In fact, some NBFCs have been established with the desire to extend credit to those who may not be able to easily secure loans from a normal and more established lender. But, remember that if you are securing a personal loan from such a company, you may need to pay a higher interest rate and you may need to meet your eligibility for your loan in a shorter period of time.
4. Secured Personal Loan
If you are someone who has tried the above two methods of securing a low credit score personal loan, you can perhaps try getting the same by offering some form of security. One of the most popular forms of secured loan types, people go for is Loans Against Property (LAP).“A loan against property is usually in the form of a large personal loan, which you can provide, get if you have any property documents donated as collateral.
Payment on Document Loan If you are unable to do the same, the bank has the right to auction your property to recover the outstanding amount. So, if you are opting for this option, remember that If you can’t bounce back financially, you could lose your property.”
5. Get A Guarantor on board
If your CIBIL score is low and you are applying for a personal loan, you can take a guarantor with your partner bank/NBFC. Mortgage, as the name suggests, gives assurance to the borrower that he will get his loan amount back, no matter what your financial situation is. But keep in mind that your credit repayment behavior also affects your CIBIL score, so if you are taking a separate loan against mortgage assurance, you should be more cautious.
If you are not getting success in any of the above ways, then perhaps you should focus on improving your CIBIL score. You can improve this by making debt payments on time, eliminating them completely if possible, keeping your credit utilization to a minimum, and not doing too many credit checks in a short period of time.