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 a balanced loan 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 are largely more flexible than those of banks and NBFC companies.

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