Personal Loan for Low CIBIL Score

Personal Loan for Low CIBIL Score

One can easily get a loan if he has a good cibil score. However, one can even get a personal loan on low cibil score too. You can try the following things to secure a personal loan on low cibil.

  1. Show your lender a dependable income source: Lenders usually prefer borrowers with a good and regular source of income. Prepare well before applying for the loan, and get ready with proper documents to prove you have a decent monthly salary or business.

  2. Find a guarantor or go for a joint loan: If a guarantor approves to assure your lender, that should be enough to convince him. Or else, you can apply for the loan with someone with a better credit score than you.

  3. Go for a low-amount loan: Lenders may hesitate to provide you with bigger loans. But you can get a small loan first and repay it properly. This will boost your cibil score. Then, after settling the loan, you can apply for a second one.

  4. Look for a lender prioritising customer concerns: Yes, loans are about profitability. Yet, some institutions like EarlySalary provide online loans with flexible terms and conditions. You shall get a personal loan quickly with such firms at competitive interest rates. Easy repayment options are also available.

For low CIBIL scores, taking a personal loan can be dangerous as it will be given to you at a higher interest rate. Thus, you will end up paying a bigger sum in the form of interest.