The range of CIBIL score is between 300 and 900. The better the CIBIL score or credit score is, the easier it will be to get a loan. If your CIBIL score is good, many tasks become easy. But if your CIBIL score is bad, then you may have difficulty in getting a loan. But wait. This does not mean that you cannot get a loan. Today we will tell you about the infallible methods, with the help of which you can get a loan even if you have a bad CIBIL score. So if your credit score is a bit messed up, do not be disappointed, these methods can prove to be a ray of hope for you.
Know how you will get a loan
There are some effective ways to get a loan even after a bad CIBIL score, by adopting which you can meet your financial needs:
Take the help of joint loan
Through a joint loan, you can get a loan even if you have a bad credit score. However, it is very important that the CIBIL score of the person you are making your partner is good. Your loan burden also decreases under joint loan. In this way you can get a loan even if you have a low credit score. This method can prove to be a boon for those whose credit history is bad, but the credit score of a reliable relative or friend is good.
Seek help from small NBFCs
Small Financial Institutions (NBFC) also give loans even when they have poor credit scores. However, in such a situation these institutions charge higher interest rates. If you need a loan immediately and you are ready to pay a higher interest rate, then this option may be helpful for you. But before taking a loan, understand all the conditions and interest rates carefully.
Choose safe loan option
You can take a loan on gold from normal banks. No bank will refuse for this! Apart from gold, you can also choose other safe loan options. Banks often give safe loans easily compared to unsafe loans because their property is pledged in return. For example, you can take a loan by mortgaging your property or any other property. This is a good option for those who have some property to mortgage.
Take a small amount loan
Also, if you take a loan of small amount, it also increases the chances of getting it. Banks do not consider the loan of small amount risky and easily approve.
Show stable income
On the other hand, if you can show the bank that you have a stable source of income, then your chances of getting a loan also increase. Regular income assures the bank that you will be able to repay the loan, even if the credit score in your past is bad.
These methods can help you get a loan even if you have a bad CIBIL score. However, it is always appropriate to focus on improving your credit score so that you can get a loan on better terms in future.
