A monetary emergency and a low CIBIL score never go together. However, Moneyview turned the tide by making it easier to apply for personal loans with low CIBIL scores.
Read on to find out how to get a personal loan for low CIBIL score.
What is CIBIL score?
CIBIL score is a credit rating 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 while availing a loan.
Banks and other lending institutions employ credit or CIBIL scores to ascertain the risk associated with a borrower.
Why Choose a Personal Loan For Low CIBIL Score From Moneyview?
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.
-
Applicants can borrow any amount from Rs.5,000 to Rs.10 Lakh
-
You can find out your eligibility in just 2 minutes
-
Borrowers enjoy flexible repayment tenure that can extend up to 5 years or 60 months
-
You will receive the loan amount directly in your bank account in just a few minutes after the application approval
-
Our partner lenders’ affordable interest rates start at just 14% per annum
-
The entire process, from application and disbursement to repayment is digital so you can borrow from any corner of the country easily from the comfort of your home
Eligibility Criteria for Low Credit Score Loans From Moneyview
You can easily avail of a personal loan through the Moneyview digital lending platform with low credit scores as long as you fulfill the following eligibility criteria
-
Applicants must be between 21 years and 57 years
-
Applicants must receive a monthly income of Rs.25,000 or more
-
Income must be credited directly to the applicant's bank account
-
The applicants must have a minimum CIBIL score of 650
Documents Required for Personal Loan for Low CIBIL Score
Our lending partners’ documentation requirements are minimal. All you will have to do is -
Please note that the documentation requirements will vary based on your profile. Our lending partners may require proof of address, bank statement, and other supporting documents.
In case our lending partners require proof of address, any one 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
If our lending partners require income proof, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
Interest Rates & Charges for Low CIBIL Loans from Moneyview
At Moneyview, we believe in complete transparency. Our lending partners’ fees have no hidden charges and as illustrated below-
Why is CIBIL Score Important?
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.
Borrowers with high CIBIL scores attract lower interest rates, and 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.
A higher CIBIL score means faster loan approval as it displays the creditworthiness of the borrowers. It also leads to quick document processing and fast disbursement.
Individuals with high scores have the facility to avail loans with longer repayment tenures while low scores lead to shorter tenures.
What Factors Lower Your CIBIL Score?
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 EMI, 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.
How to Improve Your CIBIL Score?
While Moneyview offers loans for low CIBL scores, it is vital to improve your score for a secure financial future.
Follow the below steps 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
How to Apply for A Low CIBIL Loan from Moneyview
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 24 hours.
