Low CIBIL Score Personal Loan 2024: The personal loan can fulfil any individual’s financial needs and most of the middle-class persons are looking for a good personal loan offer. But many of them are facing rejection of loan application form due to a bad CIBIL score. So, if you are also facing the same problem then can read this article where we will share with you tips to get Low CIBIL Score Personal Loan where you will get up to 50000 rupees instantly with a bad CIBIL score.
Apart from this you can also compare interest rates, eligibility criteria and can check the application procedure in this article also which will help you to opt a good loan company which is providing loan to bad CIBIL score customers.
Low CIBIL Score Personal Loan
Personal loans are listed under the unsecured loan schemes in the bank and financial companies where banks do not have the security or confirmation to collect complete loan amount from the customer. So, they are checking CIBIL score of the customer and provide the loan accordingly. How much you maintain and increase your Credit score, you will get instant loan approval in the banks and financial companies.
But any individual whose CIBIL score is less than 750 or 650 then he may face rejection of the loan application form. Since Bank have strict eligibility criteria so you can switch to the non-banking financial companies in India which are registered with RBI and offering a good loan amount to their customers. Due to promotional purpose of these companies, you can get up to 50000 loan amounts over your Low CIBIL Score also.
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Low CIBIL Score Personal Loan Eligibility criteria
- The nationality of the applicants should be only Indian, and they should live in the country from last few months to a year.
- Minimum age of the applicant should be at least 18 years old to get personal loan. However, the maximum age should not be more than 60 or 65 which will be described by different companies
- As it is unsecured loan, and bad CIBIL score personal loan, so you should have a proper source of income where you are earning at least 15000 per month as an employee or self-employed.
- You should not have a bad history in bank
- The applicant should not have any activated loan scheme while applying for the personal loan otherwise their application form will be rejected and CIBIL score will further decrease.
Low CIBIL Score Personal Loan Important Documents
Either if you are applying through online or offline mode you should prepare the following documents before applying for personal loan in non-banking financial companies:
- Aadhar card
- PAN card
- Electricity bill for address proof
- Last 6-month salary slip
- Last six-month bank statement
- Form number 16 of paying income tax if eligible
- Bank passbook
- Mobile number and email ID
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Low CIBIL Score Personal Loan Online application procedure
If you want to get personal loan from non-banking financial companies with your bad CIBIL score, then firstly you need to choose any one mobile application or website which is providing a good loan offer according to your need and after that follows the following procedure:
- First download the mobile application of the company in your smartphone from only Play Store.
- After that you will be asked to enter your mobile number and email ID for login on the portal
- Now candidate have to complete their KYC by providing their person information and uploading important documents
- After that company will evaluate your banking history and offer the loan amount according to your category automatically.
- If you are satisfied with the terms and condition of the loan, then can click on the apply link so you will reach on the application form page
- Provide your basic information including name, address details and employment information and after that read all the terms and conditions to submit the application form
- Lastly, you will receive the OTP from the company on your registered mobile number, once you enter the OTP, your loan application form will be successfully submitted
Low CIBIL Score Personal Loan Interest Rate
Different companies are charging variable interest rate from the customers according to their condition and the level of CIBIL score. If your CIBIL score is extremely bad, then you may be charged for up to 38% interest rates annually. However, it is starting from 14 to 16% in different companies. Apart from the interest rates, 2% to 5% processing fees is also deducted from the bank account while providing a loan amount.
If you are applying for multiple time in different companies for personal loan, then you may also be charged an amount for checking the CIBIL score.