CIBIL Score: You are not getting a loan due to poor CIBIL score, know what is the other way to get a loan..

CIBIL score ranges from 300 to 900. A good CIBIL score (credit score) helps you get a loan easily. This can also get you better interest rates and other facilities. At the same time, getting a loan becomes difficult if you have a bad CIBIL score. Therefore, it is important to keep your CIBIL score good.

However, this does not mean that you cannot get a loan. Let us now talk about those ways through which you can get a loan even if you have a bad CIBIL score.

How to get a loan on a bad CIBIL score-
Take the help of a joint loan- You can take a loan through a joint loan despite a bad credit score. The important thing in this is that your co-applicant (who is becoming your partner) should have a good CIBIL score. Taking a joint loan also reduces the burden of a loan on you, which makes it easier to get a loan even for a person with a low credit score. (joint loan)

Take the help of small NBFCs- Small financial institutions provide loans even if you have a poor credit score. However, these institutions charge higher interest rates in such a situation.

Secured loan- Taking a loan from a bank on gold is an easy option; no bank will refuse it. Apart from gold, you can also opt for other secured loans (such as against property or shares). Banks usually give secured loans easily as compared to unsecured loans, because there is less risk in them. (secured loan)

Along with this, even if you take a loan of a small amount, the chances of getting it increase. On the other hand, if you can show the bank that you have a stable income, then also your chances of getting a loan increase.

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