Loan Tips: You can get a loan even on a low CIBIL score, just know this method..
A credit score is very important when taking a personal loan. If your credit score is good then any bank will easily give you a personal loan. At the same time, if your credit score is low then you have to face a lot of difficulties in getting a personal loan. Today in this article we are going to tell you about some tips, by which you can easily take a personal loan if you have a low credit score.
Apply for a Personal Loan with a Co-Applicant
If you suspect that the bank may reject your loan application based on a low credit score, add a co-applicant to the loan application, which will increase the chances of credit approval. But remember that the co-applicant must be an earning member of the family.
Stable job with a reputable employer
If you are employed in a reputed company or public sector organization, your chances of getting the loan approved increase and the lender cannot use your CIBIL score as a reason for rejecting your application. Banks and NBFCs find employment in large reputed companies and public sector enterprises to have greater income certainty than others.
Low loan-to-income ratio
When considering a personal loan application, most lenders look for a low debt-to-income ratio, preferably less than 40% as this shows the loan is balanced for the income level of the loan applicant.
Loan from NBFC or Fintech App
If you think that you will not be able to get a personal loan from banks. So you can also apply for a loan in NBFC or a Fintech company. Their terms and conditions are largely more flexible than those of banks and NBFC companies.
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