Personal loan with Low Cibil Score: When you apply for a personal loan, the lender, whether it’s a bank or NBFC, takes into account various factors to determine if you are eligible. Your credit score is like the VIP pass to financial success, so don’t mess it up! Most banks and NBFCs obtain your credit score and report from CIBIL, which is India’s oldest credit bureau. Generally, individuals with a credit score of 750 or above are preferred by lenders and have a higher chance of getting their loan application approved.
However, if your credit score is poor or low, most major banks and NBFCs will consider you a “risky” applicant and are likely to reject your personal loan application. Although a low credit score significantly reduces the probability of being approved for a personal loan, there is still a slight chance of obtaining one. For example, if your CIBIL score is below 600, such as 550, the chances of getting a personal loan are very low. However, if your CIBIL score is around 650 or 700, some select lenders, mostly NBFCs, may still consider you for a personal loan offer.
Personal loan with Low Cibil Score, Are you aware of this?
- Instant loans are a lifeline for those facing urgent financial requirements.
- Whether it’s an unexpected medical emergency or any other unforeseen expense, people often find themselves in need of immediate cash.
- However, traditional bank loans can be a hassle, involving lengthy procedures and documentation. This is where instant loan apps come to the rescue.
- These apps provide a convenient solution, allowing individuals to obtain loans without the need for salary slips or extensive paperwork.
- Now, let’s delve into the features, benefits, and highlights of the top 10 instant loan apps in India that cater to this specific requirement.
LPG Gas Subsidy Check: गैस सब्सिडी की 300 रुपए की नई क़िस्त जारी, लिस्ट में अभी देखें नाम
EI Payment Dates 2025: What makes you eligible for the Employment Insurance benefit?
What is Low Cibil Score?
CIBIL score is a credit rating the credit bureau CIBIL assigns to borrowers based on their credit history, repayment consistency, usage ratio, spending habits, and more. The Cibil Score ranges from 300 to 900 and determines the creditworthiness of the borrower while availing a loan. Banks and other lending institutions utilize credit or CIBIL scores to ascertain the risk associated with a borrower. If you have Low Cibil Score, then you will have to face many problems while taking loan from the banks.
What’s the eligibility for Low Cibil Score Loan?
You can easily avail of a Personal loan with Low Cibil Score via any platform with low credit scores as long as you fulfill the following eligibility criteria.
- Applicants should be between 21 years and 57 years.
- Applicants should receive a monthly income of Rs.25,000 or more.
- Income must be credited direct to the applicant’s bank account
- The applicants should have a minimum CIBIL score of 650.
Documentation for Low Cibil Score Loan
Please note that the documentation requirements for Low Cibil Score Loan will vary depending on your profile. Lending partners may require evidence of address, bank statement, and other supporting documents.
- Aadhar Card.
- Indian Passport.
- Voter ID.
- Driving License.
- Utilities Bills (Electricity, Water, Gas) dated within the last 60 days.
What is the process to apply for a Loan with Zero Cibil Score?
To apply for a 50,000 personal loan with a Low Cibil Score, you can follow these steps if you meet the eligibility criteria and have the necessary documentation.
- First, download and install the appropriate personal loan app or visit the website.
- Next, register using your mobile number and email address.
- Then, provide essential details such as your personal, professional, employment, and financial information.
- After that, scan and upload the required documents.
- Once the verification process is complete, you will receive approval along with a loan offer.
- Finally, accept the loan offer to begin the disbursal process.
Top & best instant loan apps of India
Looking for the ultimate loan app in India but tired of sifting through endless descriptions? Look no further! We’ve done the hard work for you and gathered a comprehensive list of the top online loan apps in India. Discover the interest rates, loan amounts, and tenures offered by these incredible apps. Get ready to explore the highest-rated instant loan apps!
| Sl. no. | Loan App | Interest Rate | Loan Amount | Repayment Tenure | Play Store Rating |
| 1 | Moneyview | 1.33% p.m. onwards | Rs.5,000 – Rs.10 Lakh | 6 – 60 months | 4.7/5 |
| 2 | MoneyTap | 1.08% p.m. onwards | Up to Rs.5 Lakh | 3 – 36 months | 4.1/5 |
| 3 | KreditBee | 15% – 29.95% p.a. | Rs.1,000 – Rs.4 Lakh | 3 – 24 months | 4.6/5 |
| 4 | PaySense | 1.4% – 2.3% p.m. | Rs.5,000 – Rs.5 Lakh | 3 – 60 months | 3.6/5 |
| 5 | CASHe | 2.50% p.m. onwards | Rs.1,000 – Rs.4 Lakh | 3 – 18 months | 3.7/5 |
| 6 | Nira Finance | 2% p.m. onwards | Up to Rs.1 Lakh | Up to 12 months | 4.3/5 |
| 7 | Navi | 9.9% p.a. onwards | Up to Rs.20 Lakh | Up to 72 months | 4.1/5 |
| 8 | Fibe | 14% p.a. onwards | Rs.5,000 – Rs.5 Lakh | Up to 24 months | 4.4/5 |
| 9 | LoanTap | 11% – 24% p.a. | Rs.50,000 – Rs.10 Lakh | 6 – 60 months | 3.6/5 |
| 10 | mPokket | Up to 4% | Rs.500 – Rs.30,000 | Up to 3 months | 4.4/5 |
| 11 | Bajaj Finserv | 10.49% p.a. onwards | Up to Rs.40 Lakh | 12 – 72 months | 4.6/5 |
| 12 | IDFC First Bank | 10.49% p.a. onwards | Rs.20,000 to Rs.40 Lakh | 12 – 60 months | 4.4/5 |
| 13 | ZestMoney | 14% onwards | Up to Rs.5 Lakh | 3 – 36 months | 3.9/5 |
| 14 | LoanTap | 18% – 30% p.a. | Rs.25,000 to Rs.10 Lakh | 3 – 60 months | 3.6/5 |
| 15 | Home Credit | 2% p.m. onwards | Up to Rs.5 Lakh | 12 – 48 months | 4.5/5 |
| 16 | SmartCoin | 20% p.a. onwards | Rs.1,000 – Rs.70,000 | 91 – 270 days | 4.3/5 |
| 17 | Credy | 1% – 1.5% of loan amount p.m. | Up to Rs.1 Lakh | 3 – 12 months | 4.1/5 |
| 18 | FlexSalary | 18% – 54% p.a. | Up to Rs.2 Lakh | 10 – 36 months | 3.0/5 |
| 19 | Payme India | 18% – 42% p.a. | Up to Rs.5 Lakh | Up to 36 months | 3.7/5 |
| 20 | StashFin | 11.99% – 59.99% p.a. | Rs.1,000 – Rs.5 Lakh | 3 – 36 months | 3.9/5 |
| 21 | Dhani | 13.99% p.a. onwards | Rs.1,000 – Rs.15 Lakh | 2 – 24 months | 3.4/5 |
| 22 | IndiaLends | 10.75% onwards | Up to Rs.50 Lakh | 12 – 60 months | 4.0/5 |
| 23 | Buddy Loan | 11.99% p.a. onwards | Rs.10,000 – Rs.15 Lakh | 12 – 60 months | 4.4/5 |
| 24 | RupeeLend | 0.1% – 1% per day | Rs.10,000 – Rs.1 Lakh | 61 – 90 days | 3.3/5 |
| 25 | Upwards | 18% – 32% p.a. | Up to Rs.5 Lakh | 6 – 24 months | 3.3/5 |
National scholarship portal 2025 पंजीकरण /पोर्टल लिंक /पात्रता मापदण्ड और जानिए संपूर्ण विवरण !
Why is CIBIL Score Important?
CIBIL score is one of the critical factors that impact the loan application and approval process. CIBIL score also offers the following benefits to borrowers.
- Credit Worthiness: Lenders factor in the CIBIL score to determine whether the customer can pay back the amount borrowed. By analyzing the borrower’s past repayment history and patterns, it shows his or her ability to repay the loan amount.
- Lower Interest Rates: Borrowers with high CIBIL scores attract lower interest rates, and minimal paperwork, and can bargain for a higher loan amount. Whereas applicants with lower scores must tolerate higher interest rates and at times, rejection of the loan application.
- Faster Loan Approval: A higher CIBIL score means faster loan approval as it demonstrates the creditworthiness of the borrowers. It also leads to quick document processing and fast disbursement of amount.
- Longer Tenure: Individuals with high scores have the facility to avail loans with longer repayment tenures whereas low scores lead to shorter tenures.
