In today’s world, loans have become a crucial financial tool to meet various monetary needs. However, having a good CIBIL score plays a significant role in getting loan approvals. This article explains how you can secure a personal loan even if your CIBIL score is low.
Importance of CIBIL Score
A CIBIL score is a three-digit number linked to your PAN card, ranging from 0 to 900. It reflects your credit history and repayment ability. New borrowers usually have a score of 0, while those with a credit history fall between 300 and 900. A high CIBIL score indicates financial reliability.
What is Considered a Low CIBIL Score?
A CIBIL score below 700 is considered low, while anything below 680 is deemed poor. Major banks and financial institutions may hesitate to lend to individuals with such scores. However, several specialized financial institutions now offer loans even to borrowers with a low CIBIL score, thanks to more flexible lending policies.
Digital Loan Platforms for Low CIBIL Scores
Many digital platforms offer instant loans despite low CIBIL scores. Some popular platforms include:
- Money View
- CASHe
- NIRA
- Paysense
- MoneyTap
- mPokket
- KreditBee
- FlexSalary
- EarlySalary
These platforms use advanced technology to streamline the loan approval process and provide faster disbursements.
Online Loan Application Process
Applying for a loan online is straightforward and involves the following steps:
- Choose the Right Financial Institution: Select a trusted digital loan provider and download their mobile app.
- Register Your Mobile Number: Sign up using your mobile number.
- Verify PAN and Check CIBIL Score: Upload your PAN card to check your CIBIL score.
- Complete e-KYC and Video KYC: Use your Aadhaar card for digital verification.
Loan Amount and EMI Calculation
Even with a low CIBIL score, you can secure loans up to ₹50,000. After selecting the loan amount, use the EMI calculator to determine monthly installments based on the loan tenure. Ensure the EMI you choose aligns with your repayment capacity to avoid future financial stress.
By following these steps, even individuals with a low CIBIL score can access personal loans quickly and conveniently.
