Personal Loan with Low CIBIL score
How to get Personal Loan with Low CIBIL score ?
"Personal loans give you a ray of hope in your life"
Criteria for personal loan eligibility
It is true that many banks do not encourage borrowers with low CIBIL score. But CIBIL score alone is not the single criteria for personal loan eligibility. It depends on various other factors. It may be like funding amount, rate of interest, tenure and other terms.
How CIBIL score can impact personal loan approval ?
Many borrowers do not know what is a personal loan & what is a CIBIL score. They are not aware about how CIBIL score can impact their personal loan approval. In the following write-up we help you understand the same in simple common man language.
Personal loan – no security finance offered by banks and NBFCs
Let's come to the first question what is a personal loan. Personal loan is no security finance offered by banks and NBFCs. No asset is necessary as collateral for borrowing personal loan. It varies on the loan amount from bank to bank. The borrower has to make the repayment with interest over the agreed period. Personal loans get expedited within no time with least loan formalities.
no collateral or guarantor, personal loan smart finance option
When you need fast money with no collateral or guarantor, personal loan is a smart finance option. Borrow personal loans for any of your personal reasons. It may be medical surgery, kids school admission or family emergency. Be it any kind of emergency or personal needs, borrow personal loan.
PERSONAL LOAN WITH LOW INTEREST
Go for personal loan when you have desperate needs of finance. When have no time to visit banks or lenders and do paperwork, Get personal loan. Opt for Personal loan with low interest when you have no assets with you to pledge as loan security.
CIBIL SCORE FOR FINANCIAL CREDIBILITY.
Coming to the next question, What is a CIBIL Score? CIBIL score is the credit rating of a borrower. It is like how a person's height gets measured in inches, feet or centimetres. Credit info companies assess borrower to derive their financial credibility. They give credit score. Many banks and NBFC in India depend on CIBIL score or points.
IMPORTANCE OF CIBIL SCORE IN BANKS AND FINANCIAL INSTITUTIONS
CIBIL score is the Credit score evaluated by Transunion CIBIL Limited. CIBIL Score gets determined based on various factors. It indicates the credit worthiness of a borrower. Banks and financial institutions give more importance to the CIBIL score. This credit score helps banks & lenders to assess the risk involved in loan recovery.
