A good CIBIL score helps you to get any loan instantly with a good rate of interest. However, if your CIBIL score is low, not only do you struggle to get the loan at a good rate, finding a loan also becomes difficult. This is unfortunate as irrespective of the credit score, most people require urgent financial aids. At such times, the inability to get a loan becomes very demoralising. Thankfully though, there are some sure-shot ways in which you can get a loan even when your credit score is low. How is that possible? Read on to get your answer.
5 tips to get an instant loan with a low CIBIL score
- Show your income proof –
Many lenders give the loans to people who have a steady monthly income, even when their credit score is low. This is because the lender feels assured that the borrower can pay the monthly EMIs with the help of his or her salary. This assurance is enough and so the lender agrees to give the instant loan without CIBIL even when the score is less than perfect. If you know that your credit score is low, arrange for your payslip and other financial documents to prove to the lender that you can afford the loan.
- Apply for a secured loan – If it becomes impossible for you to get an unsecured loan such as a personal loan, opt for other types of the instant loan without CIBIL like gold loans which are secured. A secured loan is a loan that is given against collateral. You can pledge your gold in a gold loan and get instant funds, or you can use some property as collateral and get an instant loan without CIBIL against the property. If you have an asset to pledge, look towards the instant secured loans to meet your financial requirement.
- Apply with a co-applicant – At times, it helps to apply with a co-applicant who can be a parent, sibling, spouse or any other relative. If your co-applicant has a good credit score, the lender will give you the loan, based on his or her credit worthiness. This will help you to get an instant loan without CIBIL, but you should be careful and repay the loan properly so that your co-applicant doesn’t suffer in any way.
- Fix your credit score – Try to pay your old EMIs and clear your due bills. If you do so, your credit score will improve. Even a slight improvement in the CIBIL score can push you over the line and make you eligible for an instant loan without CIBIL.
- Borrow less – And finally, try to borrow a very low amount. Do the math and see what’s the absolute minimum amount with which you can make do. If you can manage with a sum lower than INR 50,000, your lender won’t even check your CIBIL score and this will make it very easy for you to have the instant loan without CIBIL.
These are some of the best secrets that you can use to get your instant loan without CIBIL when you have a poor credit score.
In a nutshell
To put it in a nutshell, getting an instant loan without CIBIL is not a complete impossibility even if your CIBIL score is low. Stick to the tips mentioned above and to check more visit https://navi.com/blog/how-to-get-a-loan-with-a-low-without-cibil-score/. The NBFCs aren’t as rigid as the conventional banks when it comes to rules and policies related to loans. You can get instant, paperless digital loans through the apps of these new-age fintech companies. Explore your options and see what the best alternative is. You will surely find a good instant loan without CIBIL with which you can pay for the financial emergency.
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