Can we get loan with low CIBIL score?

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While a low CIBIL score would reduce the chances of getting approved for a personal loan, it is not impossible. Other factors that affect your chances of getting a loan include your status of employment, income, and credit report. … A poor CIBIL score may also affect the interest rate you get for a personal loan.

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People also ask, can I get loan with 500 CIBIL score?

A personal loan for CIBIL Score of 500 is difficult to get. Banks and NBFCs prefer CIBIL Score of 750 and above to approve a personal loan. However, a few lenders may approve the loan for score of 550, but at a higher rate of interest, fees, and charges.

Keeping this in consideration, how can I get loan from bank with low CIBIL score? How to get a Personal Loan when you have a bad CIBIL score

  1. Prove that your income can support EMI payments. …
  2. Ask for a lower personal loan amount. …
  3. Apply with a co-applicant or secure a guarantor. …
  4. Correct mistakes in your credit report. …
  5. Request your lender to consider your case with a NA or NH in your credit report.

Accordingly, how much loan can I get on 18000 salary?

With a salary of ₹ 18,000, the maximum amount he is eligible for is ₹ 3.75 Lakh. The interest he has to pay for this amount for 60 months is 10.70%.

How much loan can I get on my salary of 15000?

A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.

2 Related Question Answers Found

Which bank gives loan easily?

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.

Which private bank is best for personal loan?

Top Private Sector Banks Offering Personal Loans

Bank Interest Rate (p.a.) Repayment Tenure
ICICI Bank 11.25% onwards 12 months to 60 months
Axis Bank 16% to 24% 12 months to 60 months
HDFC Bank 15.50% to 21.50% 12 months to 60 months
Kotak Mahindra Bank 10.99% to 24% Up to 60 months

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