Low credit score? You can still get a personal loan with our alternate credit model
Personal loans can be incredibly helpful. They are unsecured, usually disbursed quickly, and are versatile. But if you have a low or bad credit score, where your credit score is lower than 700, then getting a personal loan might be hard.
However, you can easily get a personal loan through Moneyview with a CIBIL score of 650.
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Affordable Interest Rates
You can check your eligibility on the moneyview website or app in just 2 minutes.
Loan Amount
Min ₹5,000
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
Yes, you can get an unsecured loan if you have a low CIBIL score. A CIBIL score is just one of the factors considered before your loan is approved. A low CIBIL score can affect your loan eligibility, the loan amount approved, the interest rate given by the bank, and the length of the repayment tenure.
As a general rule of thumb, a higher CIBIL score will help you get a bigger loan amount at a lower interest rate. You might also be able to get a longer repayment schedule, which will, in turn, reduce your EMI amount.
However, just having a high CIBIL score does not guarantee loan approval. Your other obligations and debts, your monthly income, and type of employment all play a role in loan approvals.
A CIBIL score of 750 and above is considered excellent, and you can get approved for any loan very easily. However, anything under that isn’t immediately considered bad or poor. Between 650 and 750 is the range where the other factors of your profile play a huge role in your loan approval.
When someone with a low credit score takes out a loan, it is referred to as a bad credit loan. The good news is that lending partners of Moneyview give access to loans to those with CIBIL scores as low as 650. So, if you’re looking at loans for bad credit, you know where to apply.
If you are wondering why you have a low CIBIL score, read ahead. Here are the common reasons for a low CIBIL score -
Missed or delayed EMI payments
High Credit Utilization Ratio (CUR)
Loan accounts that were ‘settled’
Too many hard enquiries
Credit card payment defaults
Short or limited credit history
Wrong information on your credit report
If you have a low credit score, you can still avail of a personal loan through Moneyview if you fulfill the eligibility criteria given below -
Your age must be between 21 and 57 years
You must receive an in-hand monthly income of ₹25,000 or more
You should be salaried or self-employed
Income must be credited directly to your bank account
You must have a minimum CIBIL score of 650
Personal loans through Moneyview for bad credit come with competitive interest rates and have no hidden charges whatsoever. Our lending partners' fees and charges are -
|
Fees and Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
Rs.500/- each time |
|
Loan Cancellation |
|
Our lending partners require minimal documents to approve a loan for you.
All you need 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.
Since you have a low CIBIL score and getting a loan may be hard for you, you might be tempted to take a loan just because it is easy to obtain. However, that is exactly what might get you into trouble. Don’t rush the process and thoroughly check the following before signing the loan agreement -
The lender’s name and credentials
Loan amount and interest rate offered to you
Processing fees and all other hidden charges
Late fees if you delay payments
EMIs and total repayment amount
Apart from this, please remember to read the loan agreement carefully. Avoid lenders who promise you a guaranteed approval without proper assessments. And never share sensitive banking credentials with any unauthorised persons.
Managing a loan when you have a bad credit score can be challenging but can be handled with financial discipline. Here are some tips:
Select a loan with a repayment tenure that lets you pay smaller, more manageable EMIs.
Set up reminders, calendar alerts, or automatic payments to make sure you never miss an EMI.
If you have multiple loans, you can consider consolidating them into a single loan with better terms or lower interest rates.
Check your credit report regularly to see if there are any errors that might affect your credit score. You can report inaccuracies to credit bureaus to repair your credit score.
Individuals can end up with a bad credit score due to a number of reasons that are beyond their control. And improving one's credit score can take a long time. However, the need for credit could come up at any time.
If you have a low credit score, then do not worry; with personal loans through Moneyview, you can still get a loan for bad credit. Thanks to our lending partners' unique credit rating model, we require applicants to have a CIBIL score of 650 or more.
Yes, you can get an urgent loan from Moneyview’s lending partners if you have a credit score of 650 or above.
Getting a loan without a CIBIL score may be hard. However, if your other eligibility criteria match, you might be able to get it.
Some apps or lenders might promise a loan in 5 minutes; however, it is almost impossible to get a loan so quickly.
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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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