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Get Loan For Low CIBIL Score – Complete Guide
Know The Ways To Get A Loan With Bad CIBIL Score. Reveal Methods To Improve Your Credit Score.
It is very important for a loan seeker to have a good CIBIL score as the lenders always prefer the candidates who score high on the scale of creditworthiness. The loan applicant’s repayment capabilities remain the strongest criteria for the banks/financial institutions to decide whether to approve the loan application or not. Your credit score comprises information and data of your credit history including the credit amount taken in past, the repayment history, and several other points.
As personal loans fall under the category of unsecured credit, lenders generally do not ask for any collateral against the credit. This makes the loan seeker’s credit score the only form of guarantee considered by the lenders. So, getting a loan for low CIBIL score has a comparatively low scope but it is definitely not impossible. In the below section, we will suggest the best ways through which you can get a personal loan with a low CIBIL score.
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Loan For Low CIBIL Score
As discussed earlier, the chances of getting a loan with a bad CIBIL score is minimum but not none. It depends on the loan applicant’s communication for convincing the lender to approve the loan. Following are the measures that can be used:
Provide Proof of Your Stable Income/Second Income Source
Even if your credit score is low, you can convince the lender by showing proof of your stable income and taking them in confidence that the EMIs will be paid smoothly. Also, if you have any other source of income, you must show it to the lender. In such cases, the lender might get convinced to approve your loan but at a comparatively higher rate of interest.
You Can Target A Lower Personal Loan Amount
Consider a lender’s perspective. The lender would feel less risky when you ask for a lower personal loan amount. But on the contrary, if you ask for a bigger amount, the lender might get under the impression that you will become a loan defaulter as already your credit history is weak.
Bring In A Co-Applicant or Guarantor
Having a co-applicant who has a stable income and a much better CIBIL score can prove to be beneficial for you. Through this, the lender will feel much assured and might approve your loan application. The high CIBIL score or reliable income of your co-applicant might be enough to gain the trust of the lender.
Update Your Credit Report and Remove Errors
There are chances that your credit report might not be updated and contain old records. You must get this updated and then show it to the lender so that an improved credit report comes before them. So, it is important for you to keep a regular check on your credit report. Because this might make you a better candidate thus improving your chances of getting a personal loan.
Best Tips To Improve Your CIBIL Score
You can always implement some measures to improve your CIBIL Score and increase the chances of your personal loan approval. Currently, your credit score may not be up to the lenders’ requirements but if you make consistent and disciplined efforts, things can change for the better and your credit score can be uplifted. Go through the tips mentioned below and start implementing them at the earliest for bringing a turnaround in your credit score.
Avoid Being EMI Defaulter – Pay Instalments On Time
One of the best ways to improve your credit score and convince the lender for loan approval is by paying your instalments on time. You must make sure that the due date of your EMI (Equated Monthly Instalment) is not crossed and you do not become an EMI defaulter. This will lead to a gradual improvement of your CIBIL score.
Pay Credit Card Bills On Time
If you are having a credit card, you should ascertain that its bills are paid before the due date. Paying credit card bills on time is a great way to boost your credit score as it reflects your repayment capabilities. This will help you gain the lender’s confidence once your CIBIL score is improved.
Get More Credit Cards – Even If You Don’t Require Them
One of the easiest ways to improve your credit score is by getting more credit cards – but this does not mean that you have to use them unnecessarily. Getting new credit cards shows that banks/financial institutions are trusting your creditworthiness and confident about your repaying capabilities.
Avoid Unnecessary Use Of Credit Cards
It must be remembered that every credit card payment is like an extra debt. So, unless you really need it, avoid using credit cards. This habit will let you escape from having the burden of excessive debt and reduce the chances of non-repayment. Because if you become an instalment defaulter, this will decrease your credit score and the lenders would not be able to trust your repayment capability; thus, bringing down your chances of loan approval.
How Can You Get Loan For Low CIBIL Score?
Even if you have a low CIBIL score, you can easily apply for a personal loan at Nowofloan – India’s most acclaimed and trustworthy loan service providing company. With a simple purchase of a Nowofloan membership card, you get some amazing benefits like getting instant pre-approved loan offers from multiple banks, 10 years of free expert consultancy via on-call assistance, a high earning opportunity with up to 40% commission, etc.
Nowofloan facilitates you with the luxury of applying for personal loans with a completely online process – so that you can escape the traditional process of physically going to banks several times and exerting yourself by going through numerous iterations of documents submission.
Get Pre-Approved Rs.5,00,000 Personal Loan Offers From Mulitple Banks
When you get the Nowofloan Membership Card, you will instantly get pre-approved personal loan offers from several banks. Nowofloan is partnered with Multiple Leading Banks and NBFCs (Non-Banking Financial Companies) to provide you with a fabulous range of personal loan offers from which you can opt for:
- Convenient Rate of Interest
- Easiest EMIs (Equated Monthly Instalment)
- Suitable Repayment Tenure
- Lowest Loan Processing Fees
- Best Loan Insurance Amount
Why is Personal Loan an ideal choice for you?
In such times of unpredictability, it is very important for you to be financially sound and have backup money to face any sort of emergency. Anybody can face a situation wherein one of their family members or close ones needs urgent medical treatment and has to be admitted to the hospital. In such instances, if one does not have money in hand, things might turn into an undesired consequence. To avoid such conditions of money scarcity, you can take an Instant Personal Loan from Nowofloan and receive money in a very quick span of time.
A personal loan can be availed to meet other urgent monetary needs such as paying for unplanned vacation trips, arranging wedding finances, paying rental deposits, buying new vehicles, or using for any other financial pursuit.
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