Are you trying to secure a personal loan, but a low CIBIL score is holding you back? Not anymore. NBFC (Non-Banking Financial Company) comes with flexible approaches, helping you to secure financing with fewer scores. They rely on other factors instead of just a CIBIL score.
Today, we will walk through various ways of obtaining an NBFC personal loan for low CIBIL score.
NBFC Personal Loan for Low CIBIL Score
NBFCs offer more flexible eligibility requirements of the traditional banking system. They just do not rely on your CIBIL score but ensure your income stability, employment nature, and ability to repay the loan. Also, they tend to offer quick approvals with an easy process, making them perfect for having urgent funds.
Different Types of NBFC Loan for Low CIBIL Scores
There are numerous loan options an individual can obtain with a low credit score:
Personal Loan: You can utilize the personal loan fund for many reasons, such as home renovation, sudden or emergency expenses, traveling, etc. NBFCs offer personal loans for low CIBIL scores considering other eligibility criteria.
Loan with Collateral: You can pledge your valuables or assets, such as property, fixed deposits, etc., to not have your credit score checked for a loan.
Business Loans: Whether you are an entrepreneur or running a small business, you are allowed to apply for a business loan from NBFCs and accelerate your finance operations.
How to Apply for an NBFC Personal Loan for Low CIBIL Score
Having a low CIBIL score is not a barrier to getting immediate funds. NBFC is the best solution, providing you with a personal loan without solely relying on your credit history but beyond it. To Apply for an NBFC Personal Loan for Low CIBIL Score, follow the steps:
Search for the reliable NBFC that is willing to provide loans without checking CIBIL.
Go through their eligibility requirements and evaluate if you are a suitable applicant for them.
Navigate to their loan application page and fill it with basic personal details.
Upload the required documents that usually include the Aadhar card, PAN card, identity proof, address proof, etc.
Now, wait for the verification process.
Once they find your details and documents are accurate, you have instant approval.
Then, NBFC releases your loan funds even in a few hours.
Tips for Getting Quicker Loan Approvals
Let’s know the pro tips to secure an NBFC personal loan for low cibil score, improving your chances of quicker approvals:
Consider obtaining a lower amount: Loan applications with a higher amount require a strict verification process, while a lower amount contains higher chances of quick approvals. Lenders consider lower amounts to be less risky, and it will also smoothen your repayments.
Show Your Income Stability: Income stability is important to prove you are financially capable of repaying the loan. Show them additional sources of income to improve the loan approval chances despite having a low score.
Arrange all the documents: Avoid delays by arranging the necessary documents.that faster the process. Mitigate the chances of raising questions on your responsible behavior. Also, provide accurate information about your financial situation, including your income, active loans, and employment history, to maintain transparency.
Consider a co-applicant: If you have tried everything and are still unable to get instant financial assistance, get a co-applicant for yourself. You can consider applying with your spouse, cousin, or friend who has a good credit score to leverage their score for instant approval.
Apply for a Secured Loan: Though personal loans are unsecured loans, check if there is any possibility for collateral. It includes property, gold, or any valuables that provide assurance to your lender.
Final Thoughts
Having a low CIBIL score does not mean you are ineligible for an NBFC personal loan because these financial institutions consider flexible eligibility criteria and are not solely dependent on credit history to assess the applicant’s capability. You just need to ensure in-depth research, prove your stable income, and manage the crucial documents for a speedy process.
Frequently Asked Questions
My credit score is poor, am I Still able to Get a Loan?
Yes, a bad credit score can’t be the hurdle for you to have a personal loan, but it may limit your options. Also, NBFCs are the best way to apply for a personal loan, as they prioritize other factors instead of credit scores to assess the applicant’s ability to repay the loan.
Can I get a personal loan if my credit score is 550?
Why is NBFC the best option to secure a loan with a low CIBIL score?
How can I improve my CIBIL score?
Will it help to get a co-applicant?
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