Personal loans are a great source of money for short term financing. But what if you approached a bank and they decline your application because of your low credit score? Did you know that there is a CIBIL score range for personal loans? A traditional lender such as a bank will not provide personal loan for low CIBIL score borrowers. Personal loans for CIBIL defaulters is of course a far cry. If you are one of the borrowers with low credit score and in need of loans, do not lose hope. Modern-day tech-enabled lenders such as CrediFiable sanction instant personal loan with no CIBIL and low CIBIL scores. So, how much CIBIL score is required for personal loans exactly? We will find out that and any other information you may need regarding credit score for personal loans.
Why is there a Specified CIBIL Score Range for Personal Loans?
When you take a personal loan, the lender does not take any kind of collateral or guarantee against the sanctioned money. For any lender, it is essential that they recover the loan money. Hence, they go with established risk assessment checks and balances before granting the money to the applicant. Credit Score is one such metric that is a record of your behaviour towards borrowed money. Credit Score is maintained in India by four main credit information companies – CIBIL TransUnion, Equifax, Experian and CRIF High Mark. Of these CIBIL TransUnion score is the most popular and hence it is taken as the benchmark for lending to individuals.
A good credit score indicates a responsible behaviour towards borrowed money. Higher the score better are your chances of getting a loan. Getting a personal loan with low CIBIL score from banks is tough. Hence, you must always be responsible with borrowed money and pay your full dues on time.
How Much CIBIL Score is Required for Personal Loans?
Whenever you borrow money as a loan or even as credit cards, the financial institutions report your repayment behaviour to the CIBIL (or another agency). Using this information, CIBIL assigns a three-digit score that ranges between 300 to 900 to your profile. The closer you are to 900 better is your credibility. Credit Score can be generated only from a minimum of six months of your financial repayment history.
The Optimum CIBIL Score Range for Personal Loans
This number acts as a reference point to your current and past credit history. Traditional banks have specified 750 and above as the qualifying CIBIL score range for personal loans.
But what if you have never had to borrow money in whichever forms earlier? And, an emergency requires you to avail an instant personal loan with no CIBIL? Or if due to lack-of-awareness you have always paid your credit card dues late and not to the full amount resulting in a CIBIL score less than 750? Is there a personal loan for low CIBIL score? Well, thanks to technology there is.
Personal loan for Low CIBIL score is a Possibility – Thanks to CrediFiable’s Smart Algorithm
CrediFiable is a new-age internet platform that provides unsecured personal loans to the salaried individuals. We run smart algorithms that evaluates an applicant holistically on various parameters such as education, employment details and not solely on credit score. Hence, even if you do not have the optimum CIBIL score range for personal loans from banks, chances are you can still get the loan from us. We can offer personal loan for low CIBIL score of less than 700 as well. We do not give a minimum figure – but evaluate every case on its individual plusses and minuses.
Personal Loan for Low CIBIL Score and More at CrediFiable
Apart from having a smart algorithm, there are quite-a-few new-age features about us. Check them out all below
1. Online Hassle-Free Personal Loan for Low CIBIL Score Too
We offer fully online instant personal loans. This means no lengthy forms, no running-around the bank branches and no documentation and attested photo-copies. Enjoy completely smooth and hassle-free experience even when you need money!
2. You Can Now Stop Thinking How Much CIBIL Score is Required for Personal Loan – Courtesy Our Holistic Risk Appraisal Process
If you are next thinking, how much CIBIL score is required for personal loans from CrediFiable, the answer is negative. Yes, that’s correct. Thanks to our intelligent risk engine we do a holistic credit appraisal and consider your education, employment, residence, dependents and not just your credit score. So, a personal loan for low CIBIL score is very much a possibility with us. And so is the one without a credit history.
3. Instant Personal Loan with No CIBIL and Low CIBIL Score
We have smart algorithms that analyse your financial statements as soon as you upload them on our website. The result? You can get instant personal loan You must just fill a simple online application form and upload your three months of bank account statement and our team gets back to you almost instantly with the approved loan amount and EMI. So, do not let the past mistakes scare you. You can get easy personal loan for low CIBIL score of less than 700 too with us. That too instantly.
4. Fast Disbursal Personal Loan for all CIBIL Score Range for Personal Loans
Money disbursal is fast too. Once you confirm the approved loan plan with our executives, and upload your three months of salary slips and your KYC documents, the money will hit your account within 72 working hours. That’s how smooth sailing will be from “how much CIBIL is required for personal loans” to “Yay, I got the money!”
5. Transparent Terms on Personal Loan for Low CIBIL Score or No Credit Score
Our transparent terms and honest loan on-boarding process is another advantage we offer. Our executives will be upfront with the details on processing fee and loan fore-closure terms right from beginning. No hidden fees and no ugly surprises. Just instant personal loans.
Get an Instant Personal Loan with No CIBIL
Your credit score is generated whenever you take an unsecured loan such as a personal loan or a secured loan such as home loan or car loan. Even if you have a credit card in your name, you will have a credit score. An absence of taking any kind of loans in the past results in no credit history and you get a negative CIBIL score of -1 (minus one).
A Bank May Not Give Personal Loan with No CIBIL
While some may think that no loans in the past indicates financial stability, a bank will not think alike. With a negative credit score, they have no reference point to your financial behaviour. A personal loan is an unsecured one after-all with no recourse for the lender in the event of default.
But, don’t lose heart if you don’t have any credit history and need money urgently. You can get an instant personal loan with no CIBIL from CrediFiable.
Instant Personal Loan with No CIBIL and More at CrediFiable
You are mistaken if you think that having the perfect CIBIL score range for personal loans can get you one. Of course, it is difficult to get personal loan for low CIBIL score. But a broken employment history can also play a spoil-sport too when you want a personal loan. At CrediFiable we give instant personal loan with no CIBIL and even when you have not-so-perfect employment history. Let’s see how.
Instant Personal Loan with No CIBIL and For People with Lesser Work-Experience
If you are a fresher with not even one year of total experience, chances are you lack credit history. But even if you have credit score – a bank will give unsecured personal loans only when you have a minimum of one-two years of work-experience. But since we also consider your education as an assessment criterion, we can give instant personal loan with no CIBIL even if you have just started working.
Personal Loan for Low CIBIL Score, No CIBIL Score for Those Working in Smaller Organisaions Too
If you are working with a new age start-up or a smaller company a bank may not find you “secure” enough to lend money to. But at CrediFiable, we understand that most of the start-ups employ the best of the talents from leading educational institutes. So, we can easily service applicants working in smaller companies or start-ups.
So,do not be disappointed even if you are the one with lesser work-experience, orwork in smaller company or do not qualify the CIBIL score range for personal loans. Just visit CrediFiable and get an instant personal loan with no CIBIL or an online personal loan for low CIBIL score easily.
Are there Personal Loans for CIBIL Defaulters?
We will call a spade a spade. Personal loans for CIBIL defaulters is very hard. But there just might be a few institutions who would be willing to lend money to you, but rest assured that the interest rates charged by such lenders would way-too-high. Due to unfortunate past circumstances, if you have defaulted on your loans then the lenders may not be willing to bet again on you so easily.
We already know that how much CIBIL score is required for personal loans. Now if you have defaulted on a past loan, the CIBIL will keep it in the records for 7 years. At CrediFiable, we can give personal loans for CIBIL defaulters provided:
- The incident of default was long back
- If your recent borrowings show a remarkably improved financial behaviour, you may have a chance of getting personal loan for CIBIL defaulters from us
What can you do to avail personal loans for CIBIL defaulters?
If our risk assessment algorithms does not approve personal loans for CIBIL defaulters, we recommend you do one of the following when you need money urgently.
- Take a loan against some collateral such as shares, LIC policy, FD or gold
- If you have very high salary there are chances that some of the lenders will not shy away from giving personal loans for CIBIL defaulters
- Take the high interest loan from some of private institutions who may be providing it
- Become a joint-loan-applicant with your spouse to take the loan
CrediFiable provides online personal loan for low CIBIL score, instant personal loan with no CIBIL and very selective personal loans for CIBIL defaulters. But it is always best if you take measures to bring your credit score in the recommended CIBIL score range for personal loans. This way, next time you are looking for a loan you won’t have to ponder how much CIBIL score is required for personal loan.