How To Get a Personal Loan with Low CIBIL Score
When you take a loan, you promise the lender to pay it back with interest. A CIBIL (Credit Information Bureau India Limited) score determines the likelihood of you paying the loan back to the lender. CIBIL score is a 3-digit number that expresses your worthiness to take credit. If your CIBIL score is above 750, you are in the safe zone as long as you meet other important criteria set by the lender.
A CIBIL score is determined based on the following factors: your payment history, types and number of loans you have, credit inquiries, credit utilization ratio and you standing guarantee to other defaulting borrowers if any. In most cases, if your CIBIL score is decent, your application is approved without any hassle. The problem arises when your CIBIL score goes below the approved scores.
However, with Money View, a CIBIL score as low as 650 will still be considered for a loan application.
Money View Provides Loans Even If You Have A Low CIBIL Score
Money View offers you instant, paperless loans with an eligibility check in less than 2 minutes. With Money View, it’s possible to obtain a loan even if you have a low CIBIL score. We have an in-house credit rating model that rates using various other data points in addition to your regular bureau score. So, even if you have a low CIBIL score, you still have a chance to get a loan from us.
Money View provides you with a loan even if you have a min Cibil score of 650 or an Experian score of 750.
Steps to obtain a personal loan from Money View:
- First, check your eligibility for a loan on our app or website
- Depending on your eligibility, you’ll have to submit an online loan application on the Money View Loan app and submit all required documents.
- Once you have submitted the loan application, our team will verify your documents and check your CIBIL score details.
- Post verification, we will send you a NACH form. You’ll have to sign the document, scan it and send it back to us. This way, you’ll be able to make the payments online via auto-debit facility.
- We will send you a loan agreement form on the app. You’ll submit the agreements and the loan amount will be credited to your account in a few hours.
Embrace Fast and Secure Loan Processing With Money View
- Our eligibility check takes less than 2 minutes.
- The amount is disbursed in 2 hours.
- All our documentation process is 100% digital.
- Avail a loan from anywhere in India without having to travel to banks or to agents.
Things You can do to fix your CIBIL Score
It’s difficult to obtain a loan when you have a low CIBIL score. However, there are certain things you can do in order to increase your CIBIL score.
- Maintain strict discipline when it comes to EMI payments. Avoid delays in EMI payments and pay the outstanding debt on time. When you miss an EMI payment, you are forced to pay a penalty and your CIBIL score decreases.
- Avoid closing old credit card accounts as this will show a long and strong credit history. If you do not have other long-standing good credit accounts, your score will drop as credit history is also a factor determining your credit score.
- Always choose comfortable tenures to repay your loan. Make sure your EMIs do not hurt your other financial commitments. That way you’ll be able to pay the EMIs on time. When you don’t delay EMI payments, your CIBIL score will increase gradually.
- Make sure you have minimal loans during a fixed period. When you keep applying for credit again and again in a short period of time, the number of credit inquiries against you increases, thereby pulling your credit score.
- Rectify your mistakes and help your CIBIL score boost up. Check your CIBIL report thoroughly from time to time. By updating the correct information, you can improve your CIBIL score.
Once you’ve understood and implemented the points mentioned above, you can confidently apply for a loan again. A lesser-known fact is that with a higher CIBIL score you may always approach your lender to reduce the interest rates. Yes, that’s a possibility! Make sure that you make your EMI payments on time and reap the benefits of a higher CIBIL score.