1 April 2022 4:33

How to get personal loan with less cibil score

Getting a Personal Loan When You Have a Bad CIBIL Score

  1. Show Evidence of Income to Support Loan Repayments. …
  2. Consider Applying for a Low Personal Loan Amount. …
  3. Apply for a Joint Loan or Get a Guarantor. …
  4. Resolve Errors in Your Credit Report. …
  5. Request Your Lender to Consider Your Case with an NA or NH in Your Credit Report.

Can I get personal loan with low CIBIL score?

In case your CIBIL credit score is low, you can avail of a personal loan by involving a co-applicant or a guarantor. Of course, you will need to ask the other applicant beforehand, as they will have to complete KYC formalities and provide signatures too.

Which loan is best for low CIBIL score?

Opt for secured loans : If your low CIBIL score is disrupting your loan application, you can avail loan keeping collateral such as land, gold, fixed deposit and so on. These are secured loans, and hence, low CIBIL scores can be overlooked for them.

Can I get loan with 500 CIBIL score?

A personal loan for CIBIL Score of 500 is difficult to get. Banks and NBFCs prefer CIBIL Score of 750 and above to approve a personal loan. However, a few lenders may approve the loan for score of 550, but at a higher rate of interest, fees, and charges.

Can I get loan if my CIBIL score is 1?

Most banks and NBFCs do not lend to those with a score of 0 or -1. However, some lenders can grant a loan by looking into relevant income proofs, credit appraisals, etc. Experian like CIBIL has a scoring range, but between 1 and 6 for borrowers who have less than 6 months of credit history.

Is 550 a good CIBIL score?

Usually, a credit score of 750 or more is considered excellent. People with a score over 750 can expect better approvals for financial services like loans. A score over 700 is decent while getting a personal loan for a CIBIL score of 550 or lower can be difficult.

Is 695 a good credit score in India?

A 695 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for credit without high fees and interest rates with a score in this range.

Is 650 a good CIBIL score?

What’s more, your score of 650 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.

Can I get home loan if my CIBIL score is 650?

A score ranging between 650 and 749 is considered good, and lenders may offer you a home loan after inquiring into your other financial details. However, lenders usually consider 650 as the minimum CIBIL score required for a home loan.

Can I get a personal loan with 700 credit score?

Having a 700 credit score should give you a shot at qualifying for a personal loan from nearly all major lenders, as it’s unusual for a lender to have a minimum credit score requirement higher than 700. With a score of 700, you also are likely to qualify for personal loans that do not have origination fees.

Is 0 CIBIL score good?

If you have no (or little) previous borrowing history, and no track record on which to determine credit-worthiness, CIBIL will assign you scores of 0 or -1 respectively: CIBIL score 0 means that information about the borrower’s credit history is available only up to a period of less than 6 months in total.

How can I get 900 CIBIL score?

It generally takes a few months to improve your CIBIL score. To move the digits closer to 900, make sure to pay your bills on time and in full, keep credit utilization low, maintain the right mix of secured and unsecured loans and avoid making too many credit inquiries in a short span of time.

What if my CIBIL score is 300?

A score between 300 to 549 is considered poor whereas 550 to 700 is considered as an average score. Being at the top of your credit score can help you obtain loans easily, but the opposite is also true. The minimum CIBIL score for a personal loan is 700 and above. Anything below 700 could be a cause for concern.

Can I get a personal loan with a 550 credit score?

Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.

What if CIBIL score is low?

The disadvantages of having a low CIBIL score is that your loan or credit card application may be outright rejected, you might have to wait longer than usual, there will be more paperwork involved, and you might end up paying a much higher rate of interest as well.

How can I get 900 CIBIL score?

It generally takes a few months to improve your CIBIL score. To move the digits closer to 900, make sure to pay your bills on time and in full, keep credit utilization low, maintain the right mix of secured and unsecured loans and avoid making too many credit inquiries in a short span of time.

How can I increase my CIBIL score quickly?

How to Improve Your CIBIL Score Quickly?

  1. Repay Credit Card Dues on Time. …
  2. Limit Credit Utilization. …
  3. New Credit Cards. …
  4. Keep a Check on Your Credit Report. …
  5. Opt For Different Types of Credit. …
  6. Increase your Credit Limits. …
  7. Keep Old Debt on Your Report. …
  8. Never Give a Hint of Risk.

Which bank is best for personal loan?

Comparison of Best Personal Loans Offered by Various Banks/NBFCs in India – March 2022

Banks/NBFCs Interest Rates (per annum)
SBI 9.60% – 13.85% Apply Now
HDFC Bank 10.25% – 21% Apply Now
ICICI Bank 10.50% – 19% Apply Now
Axis Bank 10.25% p.a. onwards Apply Now

What is the EMI for 3 lakhs personal loan?

Calculated Monthly EMI for 300000 of loan amount for 3 years at various rate of Interest :

Loan Amount Rate of Interest Per Month EMI
3 Lakh 14.00% Rs.10253.29
3 Lakh 15.00% Rs.10399.6
3 Lakh 16.00% Rs.10547.11
3 Lakh 18.00% Rs.10845.72

What are the 4 types of loans?


  • Personal Loan.
  • Business Loan.
  • Home Loan.
  • Gold Loan.
  • Rental Deposit Loan.
  • Loan Against Property.
  • Two & Three Wheeler Loan.
  • Personal Loan for Self-employed Individuals.

How much loan can I get on my salary of 15000?

If you are a salaried individual, then you can be eligible to get a housing loan up to 60x your net monthly income as a rule of thumb. So, if your net monthly salary is Rs. 15,000, you can get a home loan up to approximately Rs. 9,00,000.

Can we take loan on Aadhar?

You can apply an instant loan on Aadhaar card online by filling out an application form and submitting e-KYC document. This helps the bank verify your identity with the details such as Aadhaar card number, biometric details, name, gender, address, date of birth and photograph, which UIDAI maintains.

Which bank has the easiest personal loan approval in India?

Personal Loan Banks

  • State Bank of India (SBI) SBI Saral – Personal Loan is the answer when you need finances. …
  • ICICI Bank. ICICI Bank Personal Loans are easy to get and absolutely hassle free. …
  • Standard Chartered. …
  • Axis Bank. …
  • TATA Capital. …
  • Reliance Consumer Finance. …
  • HDB Financial Services.

What is the eligibility for SBI personal loan?

SBI Personal Loan Eligibility Criteria

Criteria Salaried
Age Below 76 years
Minimum Gross Monthly Income Rs.50,000
EMI/NMI Ratio Not above 50%
Residential Status Indian residents

How much loan can I get on 35000 salary?

“How much home loan can I get on my salary?” If you are a salaried employee and you plan to own a house, this is the first question that pops up in your mind.
How Much Home Loan Can I Get?

Net Monthly Income (₹) Loan Amount (₹)
₹ 30,000 ₹ 17,09,806
₹ 35,000 ₹ 20,46,586
₹ 40,000 ₹ 23,83,366
₹ 50,000 ₹ 30,56,926

How much loan can I get on 60000 salary?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.
Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs
Rs. 60,000 Rs. 16.20 lakhs

How much personal loan I can get if my salary is 40000?

How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.

Is personal loan good?

Getting a personal loan is a good idea if you have a stable income and a good credit score because you will then be offered a low rate of interest. On the contrary, with an unstable job and a low credit score, the interest rate offered to you will be comparatively higher.

What is SBI personal loan interest rate?

SBI Personal Loan Interest Rate

Particulars Salaried/Self Employed
Interest rate 9.60% p.a.- 15.65% p.a.
Loan Amount Minimum: Rs.25,000 Maximum: Rs.20 lakh
Loan Tenure Up to 72 months
Processing Fee 1.5% of loan amount + tax