Personal loans are there to help you cover your urgent and other cash-based needs if you are eligible. One of the major personal loan eligibility conditions that you want to be super sure about before approving the loan is that you should check your CIBIL score. They check your credit history, and if they don’t find it promising, then your application gets rejected.
But what if you still want to get the personal loan even when you have a lower CIBIL score? We are going to enlist a few of the key ways to get the personal loan even without having a low CIBIL score and credit history. Read on! 1) Ask for a lower loan amount Asking for a higher amount as a loan when you have a lower credit score indicates more risk to the lender. They may assume that there will be a chance of defaults on the repayment. Thus, it is good to apply for a lower minimum that can suffice your needs so that the lender may become more comfortable in sectioning the loan amount. Why? It is because they may assume that repaying a smaller amount may be easier! 2) Prove that your income can support loan EMIs If you have recently received a raise or have any other sources of income, then you can submit the proof to the lender showcasing that you can repay loan EMIs easily. Lenders may consider your case once it goes through the proofs and grants loan approval. 3) Apply with a co-applicant If your credit history is bad and you want to get the loan, then you can apply with a co-applicant whose credit score is higher. You can ask the co-applicant beforehand as he/she will need to complete KYC formalities. By opting for any of the ways to get a personal loan without having a sound credit score, you can get funds to cover your needs without concerns. Bajaj Finserv pre-approved deals on small personal loans, personal loans, home loans and more. It can simplify loan deals and make it fast. You can check out your pre-approved loan offers today after sharing basic details such as your name and mobile number. Must Read: Know How To Get Personal Loan With Lower CIBIL Score
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |