Loan Tips: You will get a loan even with 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. On the other hand, 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 so that 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 should be an earning member of the family.
Stable job with a reputed employer
If you are employed in a reputed company or a public sector organization, the chances of loan approval increase, and the lender cannot make your CIBIL score a reason to reject your application. Banks and NBFCs feel that employment in large reputed companies and public sector enterprises has more 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 it shows a balanced loan for the income level of the loan applicant.
Loan from NBFC or Fintech App
If you feel that you will not be able to get a personal loan from banks. Then you can also apply for a loan in NBFC or a Fintech company. Their terms are largely flexible as compared to banks and NBFC companies.
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