Yes, you can get a personal loan through Moneyview even with a low CIBIL score or if you are new to credit. Moneyview does not just look at your CIBIL score; we evaluate your monthly income, employment stability, and banking trends.
Read on to find out how to get a personal loan with a low CIBIL score.
CIBIL score is a credit rating that the credit bureau CIBIL assigns to borrowers based on their credit history, repayment consistency, utilization ratio, spending habits, and more. It ranges from 300 to 900 and determines the creditworthiness of the borrower when availing a loan.
Banks and other lending institutions employ credit or CIBIL scores to ascertain the risk associated with a borrower.
Moneyview accepts applicants with low credit scores. You need a CIBIL score of 650 or above to be eligible for a personal loan. Rather than relying fully on a borrower’s credit score, Moneyview’s lending partners look at a broader financial picture to determine creditworthiness.
Moneyview’s lending partners’ unique credit rating model considers several other factors besides the CIBIL score to determine the applicant’s creditworthiness. This allows borrowers with CIBIL scores as low as 650 to easily secure a loan to finance their needs. Additionally, Moneyview’s partner lenders offer unique benefits to its customers.
Apply for low credit score loans from Moneyview in just 4 simple steps.
1
Check Eligibility
Provide the necessary details and check your loan eligibility in just 2 minutes.
2
Select Loan Tenure
Moneyview provides various options based on your eligibility. Choose the loan amount and repayment term of your choice to fit your needs.
3
Upload Documents
Digitally upload the relevant documents for quick verification.
4
Amount Disbursed
Post verification of your documents and successful submission of the loan agreement, the loan amount will be directly credited to your account within a few hours.
You are eligible for a personal loan through Moneyview even if you have a low credit score, as long as you fulfill the following eligibility criteria:
The documentation requirements for a personal loan through Moneyview are minimal. All you have to do is:
Confirm or enter your PAN number
Make sure your mobile number is linked to your Aadhaar card for KYC verification
Provide a clear selfie taken in a well-lit area
Please keep in mind that documentation requirements differ depending on your profile. Our lending partners may want proof of address, a bank statement, and other supporting documents.
If our lending partners require proof of address, any of the following documents will suffice -
Aadhaar Card
Valid Indian Passport
Valid Voter ID
Valid Driver’s License
Utility Bills (Electricity, Water, Gas) dated within the last 60 days
In case our partner lenders need your income proof, you must provide your bank statement for the last three months. This statement must also show your salary credits.
At Moneyview, we believe in complete transparency. Our lending partners’ fees have no hidden charges, as illustrated below-
|
Types of Loan Fees |
Rates & Charges Applicable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Processing Fee/Felicitation Charges |
Starting from 2% of the approved loan |
|
Part/Full Payment of the Loan (Loan Foreclosure) |
|
|
Interest on Overdue EMIs |
2% per month |
|
Cheque Bounce |
₹500/- for every bounce |
CIBIL score is one of the critical factors that influence the loan application and approval process. CIBIL score also offers the following advantages to borrowers.
Lenders factor in the CIBIL score to determine if the customer can pay back the amount borrowed. By analyzing the borrower's past repayment history and patterns, it shows his or her capacity to repay the loan amount.
Lower Interest Rates
Borrowers with high CIBIL scores attract lower interest rates, minimal paperwork, and can negotiate for a higher loan amount. Whereas applicants with lower scores must endure higher interest rates and, at times, rejection of the loan application.
Faster Loan Approval
A higher CIBIL score means faster loan approval as it displays the creditworthiness of the borrower. It also leads to quick document processing and fast disbursement.
Longer Tenure
Individuals with high scores have the facility to avail loans with longer repayment tenures, while low scores lead to shorter tenures.
If your CIBIL score is low due to past delays or lack of credit history, you can use these 5 strategies to increase your approval odds:
Showing proof of steady monthly income reassures our lending partners that you can afford timely EMIs. Uploading an updated 3-month bank statement displaying clear salary credits is the fastest way to prove repayment capacity.
Requesting a smaller loan amount lowers the risk for the lender. Opting for a longer tenure reduces your monthly EMI, keeping your debt-to-income ratio safe and manageable.
Adding a family member (spouse, parent, or sibling) with a stable income and a high CIBIL score significantly boosts your eligibility. Their strong credit profile acts as a safety shield for your application.
Regularly check your free credit report for incorrect late payment flags, duplicate accounts, or active BNPL lines you already closed. Disputing and clearing these errors on the CIBIL portal quickly restores missing points.
Applying for multiple personal loans across different bank apps in a single week triggers multiple "hard inquiries." Lenders view this as credit-hungry behavior, which further drops your score. Apply at one lender at a time.
CIBIL score impacts your ability to borrow. It is critical to understand the factors that lower your CIBIL score before you start working on improving it. The following factors can lower your credit score.
A bad credit utilization ratio (exceeding the credit limit on your credit card)
Taking out multiple loans in a short period (increases the number of hard inquiries and reduces credit score)
Missed or late payments (delayed EMIs, missed EMIs, non-payment of other dues)
Unhealthy credit mix (a greater number of unsecured loans as compared to secured loans)
Errors in the credit report (fix the errors to improve score)
A higher credit score does open doors in times of financial crisis. But there are financial lenders such as Moneyview who lend to individuals with lower credit scores.
While Moneyview offers loans for low CIBIL scores, it is vital to improve your score for a secure financial future.
Follow the steps below to increase your CIBIL score.
Avoid delays in EMI payments and maintain discipline with credit
Customize your credit card limit to suit your expenses and keep the credit utilization ratio in check
Create a healthy credit mix, both secured and unsecured loans, to build your score
Maintain a lengthy credit history with prompt repayments for a strong score.
Avoid taking too much debt in a short period
Borrow with a long repayment tenure to gradually increase your credit score
Check your CIBIL report regularly and rectify any errors by raising a dispute with CIBIL
Getting a personal loan while your CIBIL score is low is absolutely possible. In fact, if you have never taken credit before, a small personal loan is a great way to start building your CIBIL score.
With Moneyview, you can get a personal loan quickly even if you have a low credit score. Check out the Moneyview app or visit our website to know more.
Personal loans availed through the Moneyview digital lending platform are extremely versatile. You can use them for a number of purposes such as -
Yes, self-employed applicants can get a personal loan from Moneyview if they meet the following eligibility criteria -
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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