2 min read
25 May 2021

Lenders measure your ability to repay a loan by checking your credit score. This score summarises your credit history, the amount of credit you have taken, how you have repaid it, and other factors. All this helps a lender determine if granting you a personal loan is a risky proposition or not, since a personal loan is an unsecured loan and the lender has no other assets to fall back on.

While you may have heard that you cannot get a personal loan with a bad CIBIL score, this isn't entirely true. Here are the measures that you should implement to get a personal loan despite a poor CIBIL score.

Ways to Get an Instant Personal Loan with Low Credit Score

  • Can I get a personal loan with low CIBIL Score?
    Lenders look at your credit score to determine how likely you are to repay a loan. Additionally, if your CIBIL score is low, it could be difficult for you to secure a personal loan. As a result, it is recommended to maintain a CIBIL Score of 685 or above in order to get a personal loan.
  • Prove that your income can support EMI payments
    If you have received an increase in your salary or have an additional source of income, a lender may consider your application for a personal loan even if you have a low credit score. If you can communicate to the lender that you have a stable job and steady income, they are more likely to grant you the loan despite a poor CIBIL score. However, you may have to pay a higher personal loan interest rate when you prove your eligibility in this manner.

Additional Read: What is annual percentage rate (APR): Understanding how APR is calculated

  • Ask for a lower personal loan amount
    Asking for a high amount with a low credit score only indicates more risk to the lender. From a lender’s point of view, these are indicators that you may default on repayment. Suppose you apply for a lower amount of a personal loan. In that case, a lender may feel more comfortable granting the loan to you, as a lower amount is easier to repay.

Additional Read: Personal loan up to Rs. 40 lakh - only with Bajaj Finserv

  • Apply with a co-applicant or secure a guarantor
    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. The key benefit here is that if your lender finds the co-applicant or guarantor to have a steady income and a better credit score, they are certainly more likely to grant you a personal loan.

Correct mistakes in your credit report

Your CIBIL report may contain errors. This is usually when the latest information hasn’t been updated against your record. Mistakes like these can take a toll on your credit score through no fault of yours. So, it is essential to check your CIBIL report for free regularly and correct it if needed. This will boost your credit score and make you a better candidate for the loan.

Your CIBIL Score is made up of four factors and each of them have a weightage.



Payment history


Credit utilisation


Length of credit history


Type and number of credit accounts


Request your lender to consider your case with a NA or NH in your credit report

The NA or NH on your credit report marks the absence of any previous credit activity or lack of credit in the last 36 months. In such a case, you may not have a credit score in your CIBIL report. So, you can try and speak to your lender regarding your credit inactivity. The lender will likely offer you this loan at a slightly high rate of interest.

Additional Read: Personal Loan for CIBIL Score of 550-600

Can I get a personal loan without CIBIL Score?

When you apply for a personal loan, lenders first check your CIBIL Score to determine your creditworthiness. For those who do not have any credit history, or in simpler terms have never borrowed from any lending institute and do not have a credit card, may not have a CIBIL Score. This kind of a borrower can still get a personal loan by submitting income statements, employment proof and several such documents. Alternatively, borrowers can also opt for a joint loan, find a guarantor or considering putting up a collateral like a car or a house.

These measures will help you avail of a personal loan despite a poor CIBIL score. However, make sure that you have sufficient funds for repayment. If not, your credit score will plummet further. For this, you can use the Personal Loan EMI Calculator to know your EMI well in advance and plan your repayment accordingly. As a last resort, you can check to see if you can pledge assets such as jewellery or property to get a personal loan.

Additional Read: How to get an instant personal loan

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Frequently Asked Questions

Can I get a personal loan with a low CIBIL score?

A CIBIL Score of 685 or higher is required to get Bajaj Finserv Personal Loan.

Which loan is easiest to qualify for?

Personal loans are one of the easiest financing option. Anyone can qualify for a personal loan as long as they satisfy the eligibility requirements set by the lender. You can get a Bajaj Finance Personal Loan of up to Rs. 40 lakh once you meet the five basic criteria mentioned below:

  • Nationality: Indian
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

What is the lowest CIBIL Score for a personal loan?

The lowest acceptable CIBIL score for a personal loan can vary among lenders, but generally, a score of 685 and above is considered the minimum eligibility criteria. However, having a higher credit score significantly improves your chances of loan approval and may also help you secure a loan with a lower interest rate and better terms.