A high CIBIL score of above 750 is one of the essential eligibility criteria to avail loans. In case of unsecured credits such as business or personal loans, the score undoubtedly plays a significant role. On the other hand, when it comes to availing secured loans,like property loan a relatively low score might not hinder the process.
However, you need to satisfy some other conditions to make sure you can avail loans for low CIBIL score
Ways to avail a loan with a low CIBIL score:
If you are wondering how you can borrow money with bad credit, you must consider the following aspects before filling out the application.
- High income: Lenders often sanction loans to applicants with high salary in spite of having a low CIBIL score, since it provides them with security and reduces the risk of default.
- Co-applicant: A co-applicant with a high CIBIL score can increase your chances of application approval.
- Avail from an NBFC: Financial institutions such as NBFCs are quite liberal in case of approving loan applications when compared to other lenders. Thus, chances of your loan being sanctioned increases even if you have a low credit score.
- Opt for a lower amount: If you apply for a lesser amount, it reduces the risks for a lender. So, they might consider approving your application of low credit loan.
In addition to all these factors, you must also learn how to increase CIBIL score so that your application for a loan against property is processed without any issues and under 24 hours.
