Personal Loan

How to Get a Personal Loan for CIBIL Defaulters?

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How to Get a Personal Loan for Cibil Defaulters?

 
Personal loans are among the most widely availed credit options due to their easy availability and minimum eligibility criteria. While personal loans come with a hassle-free procedure of application and approval, few parameters are a must to fulfil. Holding a good credit score is one of them. So, if you are a personal loan defaulter, here’s what you should know when seeking to avail this loan.

CIBIL score is a 3-digit number that represents a borrower’s credit history and repayment habit. Varying between 300 and 900, it can change as per an individual’s credit usage and repayment pattern.

Hence, the term ‘CIBIL defaulter’ is technically incorrect. Individuals who carry a low CIBIL score can, however, take steps that can help boost the score.

For a personal loan defaulter, however, here are the steps that can help you receive a personal advance even if the score is low.
 

Ways to Get a Personal Loan with a Low Credit Score:

 

  • Apply with a co-applicant
    Applying for a personal loan with a co-applicant increases your eligibility and also mitigates the risk, thus making it possible to avail a personal loan without credit score.
  • Show that the income is sufficient to pay EMIs
    If you apply for the loan with a low credit score, you need to provide necessary documents to prove your income source is sufficient for EMI payment apart from the other eligibility criteria.
  • Borrow at higher rates of interest
    Another way to receive a personal loan with a bad credit score is to opt for the advance at higher rates of interest.
  • Take steps to improve your credit score
    To be eligible to avail this loan in the long run, you may adopt ways on how to improve CIBIL score. Make repayments on time, rectify credit report, and avoid applying multiple times with various lenders at the same time, among others are some ways of improving credit score.

Take care of these factors to avail a personal loan from Bajaj Finserv at attractive rates of interest. Meet the necessary eligibility criteria and proceed to apply for a personal loan with ease.