How to get Personal Loan with low CIBIL score

bina cibil score ke loan kaise len: Ways to get a loan with a low CIBIL score: A low CIBIL score can make getting a loan difficult, but not impossible. If you are in this situation, you still have options My CIBIL score is 600 can I get a personal loan What should be the CIBIL score to get a loan

Ways to get a loan with low CIBIL score How to get a loan without a CIBIL score

If you need an immediate loan right now and a low CIBIL score is working as a factor in this, then in such a case, you can adopt the following methods.

Contact small finance bank or micro finance institution how to take loan without cibil score

Usually these loan institutions mainly look at the financial stability of an applicant along with his repayment capacity as well as financial and loan defaults if any. If they find all the information appropriate, then there are chances of approval of business loan, however the interest rate may be higher as compared to private or public sector banks.

How to take loan from Non Banking Financial Companies (NBFC) without CIBIL score

If your business has a low CIBIL score right now, then NBFC is another good option to get a business loan. These are loan institutions that do not have a banking license but they can provide loans and credit cards. But at a higher interest rate.

Get overdraft facility from your bank How to take loan without cibil score

Overdraft is an alternative form of loan in which the total loan limit is sanctioned by the loan institution. The interest rate is calculated only on the amount used. Which is the total sanctioned limit. If a customer has a good relationship with the bank and has a current or savings account in the bank, then he can avail overdraft. And can use it for business related purposes. Banks usually do not check the CIBIL score before approving the credit limit.

For example - An EMI loan of Rs 30,000 for a tenure of 12 months will cost Rs. 5,096 in Total Interest (30% pa) along with the Processing & Loan Management Fees of Rs 1,000 & GST on Processing Fees of Rs 180. The disbursed amount will be Rs. 28,820 and the Total Loan repayment amount will be Rs 35,096 inclusive of interest and all the other fees with an APR of 38%. *These figures are illustrative; the final interest rate or fee may differ from one user to the next, based on a credit evaluation.

Apply for Secured Loan with Top Banks How to get loan without CIBIL score

Secured loan is a type of business loan in which the customer has to keep some collateral with the bank like property, equipment, machinery, gold, raw material, stock, inventory etc. which reduces the risk of the bank and makes loan approval easier. Even if the applicant has a low CIBIL score.

How to take loan without cibil score using P2P lending

It may be difficult to get a business loan with a low CIBIL score. You can try getting a loan from P2P. The loan amount given by such institutions is quite low and no cholesterol or security is required from the applicants. However, the interest rate for these loans is also quite high.

Ways to Improve Low CIBIL Score

Pay all loan or credit card bills in the form of EMIs on time.Maintain a credit utilization ratio of less than 30% of the call credit limit.Check your credit report for errors and ask the bank to increase your credit card limit.Avoid being a guarantor or applicant for anyone.Do not close old bank accounts or credit cards.Develop a healthy credit mix. Opt for unsecured loans.Avoid making unnecessary loan inquiries.

Consider a salaried customer avails a Personal Loan of ₹1 Lakh at an interest rate of 15% for a tenure of 36 months. The lenders also charge a processing fee which needs to be paid to get the loan processed and is usually 0-4% of the loan amount. Assuming the processing fee to be ₹2500, the total interest payable is ₹24,795 and the total amount payable is ₹1,27,295. The EMI will be ₹4,413 per month.

Eligibility Criteria

  • Should be an Indian resident
  • Salaried Employee
  • Above 25 years of age is mandatory
  • Need to be Savings Bank Account Holder
  • Should have required documents

Documents Required

  • Your personal loan application should be completely filled with your current photograph
  • PAN Card is required
  • Residence proof – Driving Licence, Voter ID, Passport, Utility Bills (Electricity/Water/Gas), Post-paid/Landline Bill
  • Last 3 months' bank statements of the salary account
  • Last 3 months' Salary Slips

Rates and Fees

Monthly Interest Rate: 2.9166

Offered Annual Percentage Rate (APR): 35% (Fixed)

Tenure/Repayment Period: 1 - 3 Years

Minimum-Maximum Loan Amount: INR 10,000- 5,00,000

Processing Fee: 2%

GST on Processing Fee (Exclusive): 18%

Representative Example:

Personal Loan with 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? 

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