How to Get Personal Loan with Low CIBIL Score: Hello friends, it is said that dreams have become very expensive. We need more money to fulfill our dreams. Many times we need a loan to meet our personal needs, which we can take from a bank.
The first thing that is looked at while taking loan from bank is our CIBIL and if CIBIL is good then we get loan very easily and if CIBIL is bad then getting loan is little difficult. Now this question must have come in your mind that if your CIBIL goes down, will you be able to take a loan or not? Let’s know about it in detail
What is CIBIL Score?
In Simple Terms, CIBIL score is a type of score that shows how good your loan is and how good your loan repayment record is. CIBIL score ranges between 300 to 900, with 300 being the worst and 900 being the best. Before you take a loan from any bank or financial institution, your CIBIL score is checked.
What is CIBIL score required for loan?
The question is inevitable that what should be your CIBIL score if you are going to take a loan from a bank. If you take a loan your minimum CIBIL score should be 700. But apart from all this, there are many organizations that provide loan facility even at very low score, but cannot tell how secure your loan is because such loans are unsecured loans.
Loans available on CIBIL score less than 700?
If you are applying for a loan for the first time, it doesn’t matter how low your CIBIL score is. Similarly, if you take a loan from any government, semi-government or non-government bank, they first check whether your CIBIL score is less than 700 or not.If it is less, the bank checks it at its own level and gives the loan only if it agrees.
If your CIBIL score is less than 700 and if you have an existing loan and you are repaying it on time, you will not face any problem and you will get a loan easily. Similarly, if your civil score is low and you don’t repay your old loans on time, no bank or institution will give you a loan easily.
How much loan can a person with CIBIL score 550-600 get?
What is your CIBIL score, apart from all this it is also seen how many loans you have taken earlier and how many loans are currently running, only then the loan is given. If your CIBIL score is between 550-600 and you are already running a loan and able to repay it on time, you can get a maximum loan of Rs 25000.
If your CIBIL score is low then you can take loan from NBFCs apart from banks. There are many NBFCs that provide loan facility to their customers even if they have low CIBIL like KreditBee, Navi Loaning Apps etc. These are apps from where you can take a loan even with a low CIBIL score and fulfill your needs. that Offers loans only on Aadhaar card and PAN card and has no link with CIBIL.
How to Improve Cibil Score?
If you take a loan from any bank, it is necessary to have a good CIBIL score. If your CIBIL score is bad and you want to fix it, these are some tips you can follow.
- If you already have a loan, pay its installments on time.
- Do not take too many loans at once,That is,do not take more than 3-4 loans at a time.
- As far as possible, do not apply for a new loan until the old one is paid off
This way you can improve your CIBIL score and make your loan process easier
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