7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

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Top 5 Tips – Get an Instant Personal Loan

with a Low CIBIL Score
Leave a Comment / Credits and Loans, Finance / By Deepika Sharma

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

However, if you are applying for an instant Personal Loan, having the right How to Unlock Your
CIBIL score is imperative. Since Personal Loans are unsecured, this three-
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Table of Contents
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1. Top 5 – Tips to Get an Instant Personal Loan with a Low CIBIL Score
1.1. Meet the Income Criteria How to Invest in ETFs as a
1.2. Opt for a Joint Personal Loan
1.3. Opt for a Lower Loan Amount Beginner? Is ETF Investing
1.4. Ask the lender to consider your case as an NH or NA
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1.5. Apply for a Loan from your Trusted Financial Institution
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2. Significance of CIBIL Score and Ways to Improve it
3. Final words Top 10 – Best Tools to

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Loan with a Low CIBIL Score
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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Here are some tips to get a Personal Loan even if you have a low CIBIL by Kiran Mehta

score.

Meet the Income Criteria

Every financial institution offering Personal Loans has minimum income
criteria, meaning you need a certain monthly or annual income to service
the loan. Now, if you can meet and surpass this requirement, you can get a
Personal Loan even without a good CIBIL score.

Now, the reason behind this tip is that, with proper income support, you can
easily pay off the loan, and the chances of default are low. Hence, the
lender will be convinced and can extend the credit. However, remember that
this parameter will change as per the selection of the loan provider, so
check the income-related criteria before applying. - Check Out Popular Stocks
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Another point to remember is that you can add your income from other
sources, like rental income, interest income, etc., to bolster your total
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income and be eligible for a loan.
C

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Opt for a Joint Personal Loan Adani Green TCS

Opting for a joint credit is another way to improve your  eligibility for a Energy

Personal Loan. Now, in the case of joint loans, the lender will consider the
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borrowing capacity of both applicants. So, even if you have a low CIBIL
score, but your co-applicant has a strong credit profile, you can get the loan
on good terms.

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Additionally, when you apply for a joint Personal Loan, the lender will factor
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in the total income of both applicants to determine the loan eligibility. So,
you can easily surpass the monthly income requirement and get the funds
you need.

Opt for a Lower Loan Amount

Another way to get a Personal Loan with a low CIBIL score is to settle for a
low credit amount. Considering your poor credit profile, the lender will
perceive you as a high-risk borrower and hesitate to approve the loan
amount you want. From the lender’s perspective, the chances of defaulting

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

are higher, and they want to mitigate their credit risk by not approving a high
Personal Loan amount.

However, if you apply for a lower credit amount, the chances of getting
approval are higher as the lending risk is relatively low in such cases.

Ask the lender to consider your case as an NH

or NA
There are many reasons behind a low credit score, and credit inactivity is
one of them. So, if you are going through the same, and there has been no
credit activity in your account in the last 36 months, then ask the lender to
consider your case as NH (No History) or NA (History not Available).

In such situations, you can talk to the lender and discuss the reason for the
credit inactivity and, thus, for a low credit score. Once you discuss this with
the lender, you can convince them to sanction the loan you need.

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Apply for a Loan from your Trusted Financial

Institution
The next strategy to get a Personal Loan with a low CIBIL score is to apply
for one with which the financial institution already has a working
relationship. For instance, you have already serviced other loans from a
financier and completed the repayment on time and without defaults. In that
case, that financial institution has a good working relationship with you and
may trust you with another loan even if your current CIBIL score is not up to
the mark.

These are some effective strategies to get a Personal Loan even without a
good CIBIL score. Now, let’s understand the significance of this three-digit
number and how you can better it for a more favourable borrowing
experience.

Significance of CIBIL Score and Ways to

Improve it

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Here is the importance of having a good CIBIL score.

The primary significance of a good CIBIL score is that it puts you in a

position of strength where you can negotiate a better loan deal. This will

include securing a lower interest rate, more flexibility in repayment, and a

longer tenure.

With a good CIBIL score, you can also apply for a higher loan amount.

Since the lender is assured of your capacity as a borrower, they may

extend a higher loan amount or the exact amount you want.

A good CIBIL score can also result in accelerated approval of your loan

application. Since you have met or surpassed the CIBIL score needed for

loan approval, the lender may approve your loan application without

delays.

Another benefit of having a good CIBIL score is access to different offers

like minimal processing charges, nominal foreclosure fees, etc.

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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Moving ahead, here are the strategies you can follow to better your CIBIL
score.

Paying the dues on time is one of the easiest ways to improve your CIBIL

score. This includes loan EMIs and credit card bills.

Maintaining a low credit utilisation ratio also helps to better your CIBIL

score.

Not applying for multiple loans and credit cards at once is crucial in

bettering your CIBIL score.

Checking for errors in the credit report and correcting them can also affect

the CIBIL score positively.

Maintaining a healthy credit mix is another way to better your CIBIL score.

It means having an adequate number of secured and unsecured credit on

your portfolio will improve your capacity as a borrower.

Final words
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7/5/23, 4:25 PM Top 5 Tips - Get an Instant Personal Loan with a Low CIBIL Score

Personal Loans can be a great option to meet all financial requirements,

especially emergencies. However, to ensure you get the loan amount you
want without any delays, you need to have a good CIBIL score. But, even if
you don’t, the strategies mentioned in this article can help your cause.

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