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   Roshan

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   Roshan

   2022-02-24T18:22:42+05:30Added an answer on February 24, 2022 at 6:22 pm

   CIBIL score is an indication of one’s credit worthiness who applied for loan. CIBIL is the Credit Information Bureau (India) limited. It is an credit agency authorized by Reserve bank of India to calculate credit score of an individual. Your credit score depends on your repayment record on your existing debts.  CIBIL score of 750 or more is considered as high CIBIL score and makes you ideal candidate for any type of loan. A personal loan for a CIBIL score of 550 or less may lead to rejection or considered as a “high -risk” borrower depending on lender’s policy.

   Personal loan for CIBIL score of 550 is quite challenging. To get a personal loan when you have a bas CIBIL score some measures should be followed ,they are:

   1. Show evidence of income to support loan repayments.
   2. Consider applying loan for a low amount of personal loan.
   3. Try to resolve errors in your credit report.
   4. Apply for a joint loan or get a guarantor.
   5. Request your lender to consider your case with an NA or NH in your credit report.

   

   There is a way to get personal loan with out a CIBIL score. For that consider the following points:

   1. Opt for Collateral loan.
   2. Peer-to-peer lending: Generally this process usually comes with a high rate of interest.
   3. Use parent’s or spouse’s credit score
   4. Get a credit card.

   These are some ways to get personal loan with low CIBIL score. Hope this information may help you . Wish you good luck.

   You may also read:

   How can I check my CIBIL score?

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