A good CIBIL score represents the credibility of a borrower. You may find it difficult to get your application approved for a personal loan with low CIBIL score. However, there are multiple effective ways through which you can get a personal loan with low CIBIL. Let's learn about them.
Maintain a good history of repayment
Ensure to complete your EMIs, and other payments on time to maintain a good repayment history. It increases the chances of your application approval. You can also try prepayments, maintain a balance on your credit card usage ratio, and do not apply for multiple loans at once. These changes will enhance your credit profile.
Mention other income sources
To increase the probability of application approval for an instant personal loan with low CIBIL score, mention your additional income sources. It could be rents, investments, etc. Attach documents for income proof.
Apply for a low loan amount
Depending on your financial capacity, apply for a low amount of personal loan. It will make the loan repayment process easier.
Apply with a co-applicant
Applying with a co-applicant is an effective way to avail of a personal loan with a low CIBIL score. Ensure to bring a reliable and credible fellow applicant to boost your chances of getting approved.
Conclusion
Aside from the above methods, keep a check on your CIBIL report. It will help you to understand repayments errors or mistakes early on. You can use the Pan card CIBIL score method where you can access your CIBIL report through your pan number. However, you would need to pay a certain fee at the CIBIL official website.
Get the pre-approved financial offers by connecting with financiers. You can avail of offers on personal loans, credit cards, etc. For more details, check the official website.
Read Also: How To Get a Personal Loan When Your CIBIL Score is Low
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