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

Low CIBIL scores diminish our chances of securing a personal loan on our terms by a huge margin. Additionally, the lenders that offer loans to low CIBIL score borrowers quote high interest rates to protect themselves from defaulters. 

However, some lenders cater to the needs of low CIBIL score borrowers, and offer a personal loan for a CIBIL score of 600, as well. 

Personal Loan For CIBIL Score of 600

Are you looking for a personal loan with a CIBIL score of 600? 

In banking standards, a CIBIL score of 600 is deemed un-credit-worthy, and banks avoid loaning to borrowers with such low scores. However, online lenders, such as moneyview, adopt a unique credit rating model that doesn’t distinguish based on your low CIBIL score. 

If you are frantically searching for a ‘loan for 600 CIBIL score’ or ‘my CIBIL score is 600, can I get a personal loan?’, then this article is the right place to start. 

Here’s everything you need to know about securing a personal loan with a CIBIL score of 600. 

moneyview Personal Loan for CIBIL Score of 600

One of India’s leading money lenders, moneyview has become the go-to lender of choice for millions, owing to its affordable loans and instant disbursal rates. 

The digital application process, quick eligibility check, easy EMIs, and instant support are just some of the benefits that moneyview offers.

Moreover, you can avail up to Rs. 10 lakhs instantly regardless of your score with moneyview. 

Eligibility Criteria - Personal Loan for CIBIL Score of 600

A moneyview personal loan comes with simple eligibility criteria to ensure we cater to the needs of the borrowers. Here are the eligibility criteria for a moneyview personal loan -

What Documents Does moneyview Personal Loans Require?

Our documentation requirements are minimal. All we need is -

Note: The documentation requirements will vary based on your profile. We may require additional documents such as proof of address, bank statement, and other supporting documents depending on your candidature.

For proof of address, you can submit any one of the following documents-

To show proof of income, you can furnish your bank statement for the previous three months. This statement must show your salary credits.

How to Get a moneyview Loan for a CIBIL Score of 600?

moneyview offers instant personal loans at affordable interest rates and flexible repayment terms. However, the minimum required CIBIL score to be eligible for moneyview loans is 650. 

With a CIBIL or Experian score of 650, you can easily secure a moneyview personal loan by following the below steps. 

After your documents are verified and the loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours

Note -

Additionally, you must enable auto-debit from your bank account. You can complete this quick process using a debit card, net banking, or NACH form.

You won't need to manually process the EMIs every month after enabling the auto-debit facility.

Please make sure the documents on the above list are valid when you submit your loan application. The document requirements will be minimal if you are able to successfully complete the oKYC process during the application flow.

Benefits of moneyview Loan

moneyview instant personal loans offer unique benefits as given below -

Conclusion

Personal loans for low CIBIL scores are a rare find but not impossible, especially with moneyview. While moneyview offers personal loans for low CIBIL score applicants, it is important to improve your score from 600 to 750 to secure a loan of higher amounts and lower interest rates. Until then, you can always apply for an instant personal loan from moneyview through our website or loans app

FAQs

No. moneyview loans are unsecured and require no security or collateral from the borrowers. 

Yes, whenever you borrow from moneyview, a credit report inquiry will be made. This is to assess your borrower profile and will only be conducted after you've submitted the loan application.

No, personal loan application rejection from moneyview doesn’t decrease your CIBIL score.

In case you have insufficient funds in your bank account, you will be given a grace period of up to 3 days to pay the EMI. There will be a late payment fee after this window has expired.

We will credit the loan amount to your bank account within just 24 hours of your document verification and your loan agreement submission. 

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