Get a personal loan despite low CIBIL score

A personal loan is a form of unsecured loan given on the creditworthiness of the applicant which is determined by the CIBIL score. CIBIL score tells if the person has paid all his best and dues in time in the past. Since a personal loan is unsecured, the CIBIL score becomes more important for the bank to minimize the risk proposition.

If you do not have a good CIBIL score, even then you can a personal loan by following the below methods:

• Try to prove that your income can support the personal loan EMI

If you have a stable job and income and also have a good increase in your salary, you can communicate this to the lender and they will grant you a loan but you will be charged with a high-interest rate on a personal loan. Use the personal loan EMI calculator.

• Correct all the mistakes in the credit report

Please update all the latest information about yourself which hasn’t been updated against your record as not doing so can bring your credit score down, these mistakes can be corrected easily and you should regularly correct them and this will boost your credit score and will make you a much better applicant for the loan. Get an instant personal loan on applying with DialaBank anywhere, anytime.

• You can also request the lender to consider your case with a NA or NH in your credit report

If you do not have any credit activity in last 36 months then you can communicate about your credit inactivity to your lender as your case will come as NA or NH in your credit report and the lender will be more likely to give you a personal loan but make sure that you have sufficient funds to repay the loan amount in the fixed tenure, defaulting on this will plummet your credit score further and will impact your future credit options.

• You can ask for a low personal loan amount

A high amount of a personal loan also means more risk involved with it and if you got a low CIBIL score than giving you a high personal loan amount is difficult for the lender, so you must for a lower personal loan amount which a lender think you can repay on time.

• Apply with a co-applicant or have a guarantor with you for availing the loan

You can ask a person to be a co-applicant to become a guarantor if your CIBIL score is low. Also, the co-applicant should complete all the necessary KYC details and put the signature too. The co-applicant should also have a steady income and a better credit score, so the lender believes that he can repay the loan amount, and then they are certainly more likely to grant you a personal loan.

Get the personal loan across various banks online and avail best offers from HDFC personal loan and SBI personal loan online from DialaBank.

Also read this: Preventing a Personal loan default