How Can I Get a Personal Loan for CIBIL Score of 600?

The importance of having a high CIBIL score cannot be understated. Not only do you need a score of over 750 to apply for and get loans, the rate of interest applicable, repayment term, etc. will be determined based on your CIBIL score.

If you wish to avail loans of any kind, then you must ensure that your credit score is high. A credit score is similar to your exam scores. If you have a high score, you can get into the university and course of your choice. Similarly, if your credit score is high, you can get any loan of your choice at favorable terms.

This is because a high CIBIL score is an indicator of your repayment ability and creditworthiness. 

However, not everyone will be able to maintain a high credit score. Defaulting on EMIs, holding multiple loans at the same time, are some of the factors that contribute to low credit scores. But you may still need a loan with these low scores. For eg. what if you need a personal loan for CIBIL score of 600?

Personal Loan for CIBIL Score of 600

If your questions are ‘loan for 600 CIBIL score’ or ‘my CIBIL score is 600, can I get a personal loan?’ then you have come to the right place.

Personal loans are unsecured loans where the interest rates tend to be on the higher side and the eligibility criteria is stricter as compared to other secured loans such as gold loans or home loans. But these loans are versatile as they can be used for any purpose.

This is why most personal loan providers make it mandatory for borrowers to have a CIBIL score of 750 or more. However, there are a few lenders such as Money View that provide personal loans to applicants as long as their score is 600 or above.

Money View Personal Loan for CIBIL Score of 600

Is your CIBIL score low? While this is not an ideal situation, you can still get a personal loan from Money View with this score. The main eligibility condition being that your CIBIL score is 600 or above.

The best part? Not only are our personal loans easy to avail, you can get the amount within minutes of application approval.

You can also use this loan to increase your credit score through regular EMIs payments.

Eligibility Criteria - Personal Loan for CIBIL Score of 600

Here is the eligibility criteria for a Money View personal loan -

• You must be between 21 years and 57 years

• You have to receive a minimum monthly income of Rs. 13,500 or more

• Income must be credited directly to your bank account

• Your credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

Given below is a city-wise breakdown of the income and credit score requirement -

How to Get a Money View Loan for CIBIL Score of 600

Getting a personal loan from Money View is incredibly easy. All you need to do is follow the steps given below -

• Check your eligibility
  Visit the Money View website or download the app . Provide all the required details and we will let you know your eligibility in just 2 minutes

• Choose your loan plan
  Depending on your eligibility, you will have to choose the loan amount and repayment term from the options provided

• Provide required documents
  Easily upload all of the necessary documents online for verification in a hassle-free manner

• Instant Loan Disbursal
  After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within minutes

Note -

• Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to  us

• This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without any manual intervention

• On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly

Click here to know more about our personal loans and apply.

However, while you can get loan for 600 CIBIL score, it is always advisable to have a score of over 750 for the following reasons -

• You can get any loan of your choice whether it is a personal loan or home loan easily from any lender if you have a high score

• The rates of interest will be as economical as possible because the lenders are sure of your repayment ability

• You can easily get the loan amount of your choice (subject to certain terms and conditions) along with a repayment plan that is relatively long. You will also have the option to negotiate with the lender for better terms

But if your credit score is low, how can you increase it? 

We understand your concern which is why we have put together some steps below for you to take that will help you increase your CIBIL score.

How Can You Improve Your CIBIL Score from 600 to 750

Given below are some expert recommendations on how to improve your credit score -

• The most important step you can take to increase your credit score is to repay all your loans on time and in full. 

• If you are a credit card user, then it is important for you to ensure that your credit utilization ratio is below 30%

• Regardless of whether you have a high or low income, do not take multiple loans at the same time. It will not only be difficult for you to maintain multiple loans, but lenders will also not provide loans to you. This is because most of your income is being spent on EMIs and repayment will be difficult. In such cases, taking a debt consolidation loan will also be helpful.

• Ensure that you do not miss any of your EMIs. If you can’t pay your EMI, contact your lender immediately and try to find other solutions

• Having a mix of secured and unsecured loans can help you improve your credit score

• Lastly, keep checking your credit report regularly to ensure that there are no discrepancies. If there are, get them corrected at the earliest

For more in-depth tips on how to improve your credit score, check out this article.

Having a good credit score is not easy but unless you do, getting a loan will not be easy. You can get a personal loan for a CIBIL score of 600 but the amount will not be very high and the interest rates will be quite exorbitant.

Therefore, it is important to work on building your credit score. If you do get a loan with a low CIBIL score, use the loan to get your score up by repaying on time.

Money View offers personal loans for CIBIL scores of 600 and above. Visit the website or download the app to apply now.