Looking for a loan for Low CIBIL Score? Opt for the Bajaj Finserv Loan Against Property

Availing a loan is a convenient way to achieve important goals like buying a home, purchasing a sedan, or paying for your child’s higher education. It can also help cover unplanned expenses, such as home repairs or large medical bills. However, before approving your loan, lenders evaluate your creditworthiness by reviewing your CIBIL Score.

A good credit score usually leads to quicker approvals, faster disbursals, and even gives you leverage to negotiate better terms. On the other hand, loans for individuals with poor credit can be harder to secure and often come with higher interest rates.

When urgent funding is required, a loan against property with low CIBIL Score can be a viable option. Since this is a secured loan backed by real estate, lenders may be more flexible, making it easier to access funds despite a low credit score. Still, terms may vary, and due diligence is essential.

Struggling with a low CIBIL score and worried about securing a loan? Don’t let it hold you back. Leverage the value of your property with a loan against property. It’s an excellent option for availing high-value funding even with a poor credit score, as your property acts as security. With attractive interest rates and flexible repayment terms, you can meet urgent financial needs without compromising your peace of mind. Why wait? Unlock the potential of your property today! Get loan of up to Rs. 10.50 crore against your property within 72 hours* of the approval.

So, does this mean that a lender will not offer a loan for low CIBIL score applicants? Not exactly. You may have a few hurdles to jump over when trying to get a loan with bad credit. So, if you are wondering ‘How can I borrow money with bad credit?’, here are some pointers that will answer your question.

What Is A Credit Score?

A credit or CIBIL score is a metric, a 3-digit figure ranging from 300 to 900, which summarises your credit history. The credit authority, CIBIL, evaluates parameters such as your debt repayments, the quantum and type of debt you have handled in the past and also your credit utilisation behaviour to give you a score. Other reputed credit bureaus also analyse similar parameters to assign scores based on their unique scale. However, TransUnion CIBIL is the most reputed among all of them.

Did you know you can secure funding despite a low credit score by pledging your property? A loan against property not only provides a high-value sanction but also comes with competitive interest rates, making it a smart choice for consolidating debts or managing emergencies. Whether it’s funding a dream project or covering unforeseen expenses, your property can be the solution. Start your journey towards financial stability now with this flexible financing option! Get a loan of up to Rs. 10.50 crore with the option of interest-only EMIs during the initial tenure.

Importance Of A Credit Score For A Loan

Your CIBIL score speaks for your diligence with debt repayments and so, a high score implies that you will handle a loan responsibly. Similarly, when lenders approve bad credit loans, monthly payments or EMIs may be inconsistent, and so, they are likely to hike the interest rates to offset the risks involved. The higher your CIBIL score, the better are your chances of getting a loan on favourable terms. The lower your CIBIL score, the tougher it is to get a loan and, the terms tend to be pocket-heavy, even with the best loans for bad credit.

Finally, when you make an application for a loan for a low CIBIL score, your lender is aware of your propensity to default and this can reflect in the form of a lower sanction or even a rejection of your loan application. So, look for ways to improve your CIBIL score before you apply for a loan.

How To Improve Credit Score?

If you are wondering how to increase CIBIL score, consider implementing these strategies.

• Manage multiple credit cards wisely. Too many cards with loads of dues will indicate that you as credit hungry. If you use them well, they can speak for your financial responsibility.
• Pay credit card bills on time and in full as failure to do so attracts interest and can lead to large amounts of unpaid debt.
• Service loan EMIs faithfully and if necessary, consider consolidating your debt and refinancing it via a more economical loan.
• Check your credit report and scrutinise it for errors. Rectifying mistakes will boost your score quickly.
• Avoid making multiple loan applications all at once as your score tends to drop by a few points each time a lender incites a hard inquiry into your report
  

How CIBIL Score affects loan against property approval?

A loan against property is a secured financing option where you pledge your existing property as collateral to avail of funds. This type of loan comes with no usage restrictions, making it suitable for a range of financial needs—from business expansion and home renovation to medical emergencies or education expenses. The best part is that you can continue to reside in or use the property while leveraging its value for credit.

Lenders rely heavily on your CIBIL Score to evaluate your creditworthiness before approving a loan against property. A strong score can lead to faster approvals and more favourable loan terms, while a low score may reduce your chances of approval. Here's how your CIBIL Score affects loan against property approval:

1. Interest rates
   Lenders assess your credit profile closely. A lower CIBIL Score suggests a higher credit risk, often resulting in higher interest rates. Conversely, a higher score reflects good repayment history, enabling you to secure loans at lower interest rates.

2. Loan terms and amount
   A healthy credit score boosts your eligibility for larger loan amounts and more flexible repayment options. It positions you as a low-risk borrower, allowing you to negotiate better terms, including tenure and EMIs, with your lender.

Worried about high-interest rates on personal loans due to a low CIBIL score? A loan against property might be the perfect alternative. With your property as collateral, you can enjoy lower interest rates, a longer repayment tenure, and a significant loan amount. Whether it’s funding your child’s education, managing medical expenses, or expanding your business, this secured loan provides the financial boost you need. Leverage the power of your property to fulfil multiple financial needs. Get a loan against property with simple application process.

Ways To Get A Loan With A Bad Credit Score

Quick fixes for credit scores are not easy to find and this can prove to be a hindrance, especially when you need a loan fast with bad credit. However, there are a handful of measures you can have recourse to. Here’s how to get a loan with bad credit.

• Apply with an NBFC as they have lenient lending guidelines. So, you may get access to a range of online loans for bad credit when you avail a loan via non-banking financier.
• Disclose all your sources of income including interest earned from deposits, rent, and investments as these speak for your ability to repay the loan.
• Make a joint loan application with a creditworthy individual. A larger pool of money supporting your EMIs and the reassurance of repayment can lead to a quick approval.
• Offer an asset as security. This reduces the value placed on your CIBIL score as the lender now has means to recover funds. For instance, a loan against property with bad CIBIL score makes for a viable combination as the high-value asset greatly reduces the risks involved in borrowing.

One feature-rich offering in the market at present is the Bajaj Housing Finance Limited Loan Against Property. It offers a high sanction of up to Rs. 10.50 Crore* at a nominal rate and for a flexible tenor that spans up to 15 years. Further, you also benefit from simple eligibility terms, minimal documentation requirements and a quick approval!

A low CIBIL score doesn’t mean the end of your borrowing options. A loan against property is designed to provide substantial funding with minimal impact from your credit score. With a high loan amount and longer repayment period, this option ensures your financial goals stay within reach. Whether it is for personal or professional needs, make your property work for you. Discover the benefits of this secured loan and move forward with confidence! Why struggle with high-interest loans when you have a valuable asset like property? A loan against property offers you a way to secure affordable financing, even if your credit score isn’t perfect. Enjoy the perks of low EMIs, easy approvals, and flexible terms while making the most of your property’s value. From emergency expenses to long-term investments, this financing option has got you covered. Get a loan of up to Rs. 10.50 crore with the option of interest-only EMIs during the initial tenure.

Now that you have the answer to your question, ‘How can I borrow money with bad credit?’ go ahead and apply for this Loan Against Property. To get started, check your pre-approved offer and access instant financing. All you have to do is submit your name and contact details. So, worry less about a low credit score and apply for a feature-rich loan today!