You are in need of a personal loan to manage your budget, you have decided to avail a personal loan but everything seems gloomy for you because you have a low CIBIL Score. So what can you do, can you avail a personal loan?
Sure, the answer is Yes you can avail a personal or Credit Information Company. This company is engaged in maintaining the records of all the credit-related activities of companies as well as individuals including credit cards and loans. This company awards a specific three-digit score to all the borrowers based on their profile and this score ranges from 300 to 900 and commonly called CIBIL Score.
In a simple way, we can say CIBIL Score represents
the Credit History of a customer.
For getting personal loan granted and consolidate your fund to use it for multiple purposes from paying the college fee of your daughter to opening a new venture which will generate a good income for yourself you need to follow a few steps which will certainly make a way for you.
Convince you to have good income: Convince your lender that you are earning enough to pay the Personal loan EMI ( equated monthly instalment) timely and also support your word by clarifying the things that you faced a financial problem in the past which resulted in poor CIBIL Score. But now such circumstances will not occur as you have a good job and a handsome salary.
Small Loan Amount: Always ask for a personal loan where a small loan amount is needed. It will make sure of repayment from salary. The lender will have more trust and once you repay the loan amount fully you can avail a big sum based on your amicable relationship with that financial institution.
Correct the mistakes in a Credit history: If the low CIBIL Score has arisen just because of mistakes from the lender side then contact them and ask to correct those mistakes which will improve your credit history and invite more chances of loan approval.
Improve your CIBIL Score: Consult your previous lender and tell them the financial problems you have gone through in the past. Ask them to improve your CIBIL Score as you don't own any debt now and you were not intentional to make any default. Once they are satisfied your CIBIL Score will improve.
Request to mention NH or NA - Ask your previous lender to assign either NA or NH which in your credit profile which will lead to the absence of any credit in the last 36 months ultimately making your CIBIL Score unavailable for any evaluation.
Secured personal loan: In case of Low CIBIL score a secured personal debt can be availed by depositing collateral with the bank. You can avail a personal loan easily up to 70-80% value of your property. It won't need any CIBIL Score as you are already providing the security against your loan amount.
In this way, you can get a personal loan on your low CIBIL Score also.
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