PERSONAL LOAN

HOW TO GET A PERSONAL LOAN WITH LOW CIBIL SCORE

Published By Livemint | 29 Jan, 2023

Most banks and large NBFCs usually prefer lending to individuals having a credit score of 750 and above

As personal loans are unsecured loans, lenders place higher emphasis on credit score while evaluating personal loan applicants

Some NBFCs and fintech lenders approve personal loans to those having credit scores of less than 700

However, their interest rates are usually on the higher side

If you have a credit score below 700, check your credit report and look out for any errors  that may be pulling down your credit score

Check for pre-approved loan offers from from your existing card issuer

Ask your bank on the availability of personal loans

Once you have all the options available, evaluate them and opt for the credit option with the best terms