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How to Get Personal Loan with Low or Bad CIBIL (CREDIT) Score?

 As you know that any bank or financial company must see your CIBIL Score before giving you a loan and if you have a good credit score like 750 or more then you are more likely to get the loan. But the situation that has arisen due to Covid-19 has the biggest impact on private sector employees or self-employed people associated with many businesses, whose businesses remain closed or badly disturbed due to the lockdown or other reasons and people belonging to these two categories have badly affected on their earnings and paying capacity. Due to these unavoidable financial circumstances, many persons facing difficulty in repaying their old loan installment and due to which their CIBIL score got low and now they are facing difficulty or rejection in getting a new loan.

You do not need to be disappointed, but with the help of your strong will power and some suggestions, you can change these difficult situations, let's know some easy solutions that can help you.

Tips to get a personal loan with a low cibil score

Personal loan with low credit score

1. Current Income Proof

If the effect of Corona was on you too, due to which you lost your job or due to lack of business, your financial condition deteriorated and you were delayed in your previous loan installments and your credit score is low in the present but in the present If you are in any job then you can approach any bank or NBFC company with your current income proof and talk with your current salary slip that now you have continuous income in the form of salary and you can do this. I am able to pay the loan installment on time and at the same time I am able to repay the outstanding installments of my old loan, then you can get a new loan, but first you apply in the bank whose branch your salary comes. It's better that you should contact any good NBFC company where you have more chances of getting a loan despite having a low CIBIL score, but this financial company can charge a little more interest than the bank.

2. Use Your current employer relations - 

If you have lost your previous job due to corona or are currently associated with your old employer but due to irregular salary or job loss, installments could not be paid on time and your credit score is low, then you should talk to your current employer. You can convince them to do your approach and if your employer sends the salary of all his employees from the same bank with which you have your salary account, then you will not have much problem in getting the loan on the basis of your relation with your employer and if you have a good relationship with your employer, then they can also take guarantee of your loan so that you can get the loan at low interest immediately.

3. Consider NBFC and Digital Lenders-  

Many NBFC companies or many new-age digital lenders of today also provide loans at low CIBIL score, although their interest may be slightly higher comparing to any bank.

4. Apply with a co-applicant

If for any reason your CIBIL score is low, then you can make a co-applicant i.e. your wife or brother for your loan, so that the lender will feel that two men together can pay my one loan installment on time and he will see his credit risk less and It will be easy for you to get loan.

5. Big Income

If you have got a job in a good or big company in the present, by overcoming the adverse circumstances of corona or any other kind, then surely you must be getting a good salary, but due to financial difficulties in the past, you could not pay your installments on time. If and your CIBIL score is low, then at the present time you can take a loan from any bank or NBFC company by showing proof of your current income and repayment capacity and the lender will also have confidence that you will pay his loan on time in future. Along with this, you will also be able to pay your old installments because the condition is not always the same. 

6. Avail a Lower Amount Personal Loan

If your credit score is low then you should apply for a low amount personal loan and the loan provider considers the low risk on the low amount loan that you will pay the small installment of the small loan on time and give you the loan of lesser amount though at the same time. He may charge you a little more interest.

7. How to get Secured Loan

If you are unable to get a personal loan due to low CIBIL score, then you can take a secured loan like you can take a loan against your own or your wife or any family member or any close relative's fixed deposit policy or credit card issue against fixed deposit. You can also get a loan on insurance policy, mutual funds, shares, which get loan up to 80% -90% of their current value, that cost you a very low interest rate and you can also also take loan from any of your family member and it is very easy to convince them instead of a bank or NBFC lender.

8. Loan from Close Relative or Friend

You can also convince your  like close relatives or close friends and convince them that now you have got a job or your business is now back on track and you are now recovering from difficult times. You are recovering day by day and can take loan as financial help from them  and pay off your old due loan installments due to chronic financial constraints, so that your CIBIL score will start improving gradually and you will get a new personal loan. After some time you will be easy for getting a new loan, return his money to the helper who believed in you and helped you in difficult times and your faith will remain.

Hope and believe that these tips will improve your financial life and boost your confidence.

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