Bad Cibil Score Loan: Now You Can Get ₹1 Lakh Instant Loan at Home, How? Find out here

Are you looking for an instant loan, but your application is always rejected? Now unable to find ways and feeling dejected. Don’t fret. Because many lenders cater to loans with bad cibil scores, you can avail of this loan instantly from their official website. With instant approval, they process the Bad Cibil Score loan and disburse the loan amount to your bank account.

Bad Cibil Score Loan: Now You Can Get ₹1 Lakh Instant Loan at Home, How? Find out here
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Bad Cibil Score Loan

Everyone knows the importance of a cibil score to obtain a loan from a lender. Usually, the lenders regulated by RBI ask for a huge Cibil score for any personal, property, or other kind of loan. This cibil score creates so many problems for the one who isn’t even close to it. Not to worry if you are one of them because some lenders provide a bad cibil score loan. In this article, we have shared details of how you can get an instant loan of ₹1 lakh instead of a bad score and the required documents.

Factors Affecting the Cibil Score

Before we proceed, let’s know the crucial eligibility criteria for any loan in India is your cibil score. However, some factors may hamper your cibil score, which is given as.

Poor Payment History: One of the major factors that plays a crucial role in your cibil score is this. A weightage of 35% of payment history is considered for a good score. If anyone fails to pay their EMI consistently, it may drag down their सिबिल स्कोर. Ensure not to miss your EMS frequently.

Cibil Utilization: This refers to the cibil limit you are using. Generally, applicants must keep this below 30% of their total cibil limit to maintain a good cibil score.

Short Cibil History: It’s difficult to judge the civil worthiness of one who has never had a loan or a short cibil history. But over time, repaying the loan timely may improve the score. That’s why applicants with good cibil history always have a good cibil score.

A number of enquiries: Frequent loan applications or cibil card inquiries may decrease the value of your cibil score by some margins. So keep avoiding making such inquiries frequently unless you need it.

So, by following the above factors, you can increase your cibil score.

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Apply for a Loan with a Bad Cibil Score

Here, we have suggested the possible ways to get an instant loan with a bad cibil score. If you are someone whose application is rejected occasionally, check out this option in the given manner.

NBFCs: The first step for the applicant with a low cibil score is to reach out to the NBFCs. Many listed NBFCs (regulated by RBI) provide bad cibil loans. However, they do not issue higher loan amounts like they usually do. So, if your loan requirement is in the slab, you can check this option.

Co-applicants: If your cibil score is not under the limit of NBFCs, then you may try the loan with co-applicants. However, ensure the co-applicants have a good cibil score and cibilworthiness. Such applicants may increase your loan application’s weightage and the chances of loan approval.

Collateral loan: If rejected in the first two, this should be the last step. For this loan, the applicants mortgage their assets against which the lender may provide a loan. In case of repayment failure, the lender has the right to auction the assets to recover the loan amount.

List of Banks and NBFCs Offering Personal Loans with Bad Cibil

NBFCs

Lender NameCibil Score
Bajaj Finserv550
Capital First580
IDFC First Bank580
Dhani Loans600
Tata Capital600
Indostar Capital650
IIFL650
L&T Finance675
AVB Finance600
Aavas Financiers625

Banks

Bank NameCibil Score
Bandhan Bank550
RBL Bank580
IDBI Bank600
Canara Bank600
Union Bank of India600
Bank of Baroda625
Punjab National Bank650

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How to apply for Bad Cibil Score Loan?

  • The application process is similar to the other one and has no complicated procedure. You just need to visit their portal first.
  • But before that, you need to compare the lenders offering instant personal loans.
  • After getting the details of the loan and your eligibility, especially the cibil score.
  • Move towards their application process via online or offline (as available).
  • If applying online, keep your documents ready to provide their details, whereas for offline procedures, list self-attested documents.
  • Fill out the application form by submitting the PAN Card, Aadhaar Card, and other crucial details.
  • Upload the photograph and other documents during the online form submission.
  • Before final submission, read the submitted application form or the mentioned details carefully.
  • After verifying it, submit the application form.
  • Upon submission, the online portal generates a unique application number, which will be helpful to check the status of the submitted application.
  • The bank officials may verify the application and documents within the given schedule.
  • Upon satisfying the post-deduction of the processing fee, they disbursed the loan amount to your bank account.
  • The bank notifies the applicant whether their application is approved or rejected.

Documents required for Instant Loan with bad cibil score card

One must prepare a document list before applying for an instant personal loan. Your documents and cibil score are the gateway to loan approval. Ensure that each document is valid. Submitting false documents is a punishable offence, and the bank may take strict action or declare you a loan defaulter for a lifetime.

Here, we prepare a list of documents that lenders normally ask for. However, for more information, you can reach out to your lender.

  • PAN Card
  • Aadhaar Card
  • Address Proof
  • Photograph
  • Salary Slip
  • Business registration slip (if any)
  • Bank account details
  • ITR file slip for the last three years
  • Security (for collateral loan)
  • Others

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What is the minimum cibil score for getting a bad cibil loan?

However, the actual score may vary from lender to lender, but normally, a lender may grant a loan with a cibil score 550.

Can I get a loan with a bad cibil score?

Yes! Many lenders issue a personal instant loan irrespective of the borrower’s cibil score.

What are the interest rates on bad cibil loans?

The interest rates are usually on the higher side as compared to the loan with a good cibil score.

How do you find a reliable lender who provides bad cibil instant loans?

You can seek the help of a financial advisor, or if you are good at research, then do it manually.

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