How to Get Personal Loans with Low or Bad CIBIL Score?

How to Get Personal Loans with Low or Bad CIBIL Score?

Are you in need of a personal loan but your low or bad CIBIL score is the main reason for personal loan rejections? Nothing to worry as there are multiple calculative methods that can help you here. That’s Right!

We clearly understand the pain of rejection and how badly it reflects in your Credit Report, damaging it further.

There are some effective measures to take for the approval of personal loan with low CIBIL score.  

Apply with Co-applicant: Check with your spouse or family members, if they have a good cibil score or not. In case the score is good, you can take a joint personal loan, which will be sanctioned after taking into account the good score of your co-applicant. Now you both are equally responsible to repay the loan. 

Find a Guarantor: Finding a personal loan guarantor would also be helpful here. As your cibil score is already bad, thus you can face a loan rejection. So, a guarantor would play as saver here, help you in availing a personal loan without any hassle.   

Check Employer’s Corporate Tie-up with the Lender: There is a possibility that lender would provide you a personal loan if your employer has tie-up with lenders. The tie-up with such lenders offer a special facility on loan products. Sharing an existing relationship would be of great help in requesting to get a personal loan with low or bad credit in India. 


Government Employee: There are chances of getting personal loan approval, in case you are a government employee. Government job comes with a job and income stability factor, hence this factor can work in your favour despite having a low cibil. 

CAT A or CAT B: If you are a working professional in a leading MNC or company which comes under Fortune 100 or 500 lists, you can expect to get an unsecured personal loan with a bad cibil score. Such companies have a good image in front of the lenders so this point might work in your favour.  

Show Proof of Stable & High Income: Borrower earning a high monthly income, additional income source and if he is enjoying job stability as well, getting a personal loan approval might work here. High income shows a borrower can easily repay the loan and job stability can also add more value to your existing loan profile in case of bad cibil score.    

Apply for lower personal loan amount: Low CIBIL customers may apply for a lower amount of a personal loan, which is easier to repay. Asking for a low amount with a low credit score may increase the chances of loan approval but with high-interest rates. The lender may believe that you may not default on repayment.

Correct Mistakes in your Credit Report: There are chances that your Credit Information Report or Credit Report has not been updated with your latest repayment history. In such a case, it may result in reducing credit points on your score for no reason. Therefore, check the Free CIBIL report regularly and contact credit bureau & existing lender that provided the information to the bureau to rectify reported errors.

Go for a Secured Loan: In case your personal loan got rejected despite trying the above methods, a secured loan can be your best buddy here. When it comes to applying for secured loans, such loans come with a collateral/security clause, wherein a borrower needs to submit collateral to the lender. Collaterals such as gold, fixed deposit, land, etc can be used to avail a secured loan even if your cibil is poor.  
Just for your knowledge, take a look at the reasons that lead to low cibil score.

Reasons for a Bad or Low Cibil Score

  • High Utilization of Assigned Credit Limits
  • Delay in Loan EMIs or Credit Card Due/s Payments
  • Maximum Number of Unsecured Loans
  • Multiple Loans/Credit Card Rejection
  • Too Many False Loan/Credit Card Enquiry
  • Frequently Checking of Cibil Score by lenders
  • Settling credit cards dues by paying a lower amount to the bank

Hope, after reading the tips above, now you know how to get a personal loan with bad CIBIL hence won’t face the rejection in the future. 
Happy Personal Loan Journey!

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