Can Low CIBIL Score Impact your Chances of Getting a Personal Loan?

It goes without saying that a bad credit score can seriously hurt your chances of getting a personal loan. However, despite an erratic or sub-par credit profile, personal loans are the only credit lines that can be procured, sans glaring complications.

In the subsequent sections, we talk about some of the best ways to get access to sizable personal loans despite a low CIBIL score (Check Minimum CIBIL Score for Personal Loan Here):

Online Lenders

In case you are into online loan procurement, working around a poor credit score is always an option. Digitally active lenders have a more lenient approach towards loan approval as they validate your existing financial standing by evaluating the same against the PAN card.

Higher Interest Rates

If you are planning to get a short-term personal loan but worried about the implications of a low credit score, there is always an option to connect with NBFCs that offer loans at higher interest rates. While you can always leverage this flexibility for long-term loans, short-tenure loans ensure that you need not pay exorbitant, cumulative interests.

Collateral Loan

Placing collateral for procuring a sizable loan amount is also an approach that works for individuals with low credit scores. As collaterals qualify any credit line as a secured loan, lenders are more than willing to offer the same at decent interest rates. Therefore, if you want to get an instant personal loan despite a poor credit profile, nothing works better than security.

Despite poor CIBIL scores, the above-mentioned techniques allow you to get personal loans with ease, especially for taking care of any given financial crisis.