Personal Loan With Bad Cibil Score In India
While looking at an application we go beyond looking at just the cibil score or the credit score and look at your entire credit report along with all the loans which you have taken in the past.
Personal loan with bad cibil score in india. Credit information bureau india limited it is a credit score is based on a person s entire credit and debt history. Personal loan for bad credit holders in india although it is difficult for low credit or cibil candidates to access personal loans but there are a few nbfcs which provide loans in india at a zero or low credit score. Since a personal loan is usually unsecured banks are at a higher risk.
Generally banks ask for a score of 750 and above for personal loans. This helps us give loans to customers with low cibil score too. January 29 2018 at 1 45 am want to do 121wiht bankers in my case.
An rbi authorized credit agency. Higher the cibil score better will be your chances of personal loan approval. When a borrower defaults in making any of the repayments.
This score is generated by cibil i e. Conversely a personal loan for a cibil score of 550 or less may lead to rejection or a higher interest rate as you may be considered a high risk borrower depending on the lender s policy. The good news is with the advent of technology and finance progressively merging bad credit scores don t necessarily mean that you cannot get personal loans.
This score ranges between 300 900 with 300 being the lowest and 900 being the highest. Apply for personal loans with bad cibil credit score amit jalan says. When a borrower extensively shops for a loan but gets rejected repeatedly.
With peer to peer lending burgeoning in the indian market getting unsecured personal loans is not the daunting task that it used to be. Sadly many individuals who require loan are unable to access it when they most need it due to no cibil score or low cibil score. There is a direct connection between a personal loan and cibil score.
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