Do you have plans to borrow personal loans? But you are stuck up with Low CIBIL score ? No worries. One can get Personal loan with Low CIBIL score too.
How to get Personal Loan with Low CIBIL score ?
“Personal loans give you a ray of hope in your life”
Criteria for personal loan eligibility
It is true that many banks do not encourage borrowers with low CIBIL score. But CIBIL score alone is not the single criteria for personal loan eligibility. It depends on various other factors. It may be like funding amount, rate of interest, tenure and other terms.
How CIBIL score can impact personal loan approval ?
Many borrowers do not know what is a personal loan & what is a CIBIL score. They are not aware about how CIBIL score can impact their personal loan approval. In the following write-up we help you understand the same in simple common man language.
Personal loan – no security finance offered by banks and NBFCs
Let’s come to the first question what is a personal loan. Personal loan is no security finance offered by banks and NBFCs. No asset is necessary as collateral for borrowing personal loan. It varies on the loan amount from bank to bank. The borrower has to make the repayment with interest over the agreed period. Personal loans get expedited within no time with least loan formalities.
no collateral or guarantor, personal loan smart finance option
When you need fast money with no collateral or guarantor, personal loan is a smart finance option. Borrow personal loans for any of your personal reasons. It may be medical surgery, kids school admission or family emergency. Be it any kind of emergency or personal needs, borrow personal loan.
Personal loan with low interest
Go for personal loan when you have desperate needs of finance. When have no time to visit banks or lenders and do paperwork, Get personal loan. Opt for personal loan with low interest when you have no assets with you to pledge as loan security.
CIBIL Score for Financial credibility.
Coming to the next question, What is a CIBIL Score? CIBIL score is the credit rating of a borrower. It is like how a person’s height gets measured in inches, feet or centimetres. Credit info companies assess borrower to derive their financial credibility. They give credit score. Many banks and NBFC in India depend on CIBIL score or points.
importance of CIBIL score in Banks and financial institutions
CIBIL score is the Credit score evaluated by Transunion CIBIL Limited. CIBIL Score gets determined based on various factors. It indicates the credit worthiness of a borrower. Banks and financial institutions give more importance to the CIBIL score. This credit score helps banks & lenders to assess the risk involved in loan recovery.
CIBIL score is a three digit number. It can be between 300 and 900. Credit score above 700 in general known to be good. It varies from bank to bank.
Are CIBIL score and Credit score same?
Many people think Credit score and CIBIL score are same. To some extent it is right. Both the scores reflect the financial credit worthiness of a borrower. But CIBIL score is from Transunion CIBIL Limited. But credit score is from other credit info companies. For example Equifax, Experian & High Mark provide credit score. CIBIL score is one of credit score ratings too. These companies have their unique credit rating systems. They have unique pointing system to determine financial credibility.
How CIBIL score can impact personal loan approval ?
CIBIL score is one of the important factor to get your loan approval. It is like how a person in evaluated for a job based on his technical, communication and other skills. Lenders analyse loan application based on loan amount, credit score, income and collateral.
Less risk involved in loan recovery
High CIBIL score indicates there is less risk involved in loan recovery. A Lesser CIBIL score indicates that there are more risk involved in loan recovery from the borrower. A good Credit score helps you to get huge funding at low rates with no collateral and fast money in your account.
Some banks prefer clients with high credit score. But many banks are ready to offer personal loans with low credit score too. But this comes with a price. They may charge more interest rates with extra charges or fees. The loan terms vary due to low credit score
How to get personal loan with low CIBIL score in Chennai ?
It is common that lenders check last 6 months credit score of a loan applicant. They prefer to have a client with good credit score. But there are some banks who do not give too much weight-age to credit score. But this may cost you more. S & P Bank Loan Services offer the best Personal Loan with Poor Cibil Score in Chennai, India.
Simple and easy personal loan with low CIBIL score
Getting personal loan with low CIBIL score is simple and easy with S & P bank loan consultants. Based on your personal loan eligibility we can enlist loan options and products. We have connections with leading banks and financial institutions. Our loan consultants are professional Advocates, Chartered accountants and finance experts.
Loan processing support
S & P bank loan consultants can offer you end to end loan processing support. Top Personal Loan Consultants go the extra mile to help you understand various loan offers. We recommend and advice you to choose the loan option based on your cash flow. Our consultants have decades of experience in handling loan products. We have served all kinds of clients across various industrial sectors.
Eligibility for personal loan for low credit score
The basic factors to apply for personal loan are – applicant’s age should be above 21 years and below 60 years. They can be salary staff or self employed person. Monthly income at least above Rs. 25000. EMI repayment with interest has to be at least 65% of income. Credit score and credit report if available.
Personal loan proposals based on your eligibility
The eligibility for personal score varies from bank to bank. We can match you with many loan proposals based on your eligibility.
In case of low credit score, do not worry. S & P bank loan consultants can guide you through every step of the way. Get in touch with us to check your personal loan eligibility
Documents for personal loan for low credit score
The documents necessary for personal loan approval differ from one bank to another. The following documents are handy when seeking personal loan with low credit score
- PAN Card
- Aadhar card
- Identity proof.- Any one- PAN/Aadhar. / Passport/ others
- Address proof- any one – Passport./ Driving Licence./ Voter ID or others
- Income Proof- Latest 6 months salary slips for salaried staff or IT Returns for self employed
Which is the best personal loan with low credit score?
When choosing the best personal loan you need to consider few points. Your lender should be allow flexibility to choose right loan options . He must guide you through EMI and loan tenure. The bank that offers quick and fast funds is much preferable. You need to take loan cost also into account.
Loan interest rates, processing charges or other fees
The loan cost can be interest rates, processing charges or other fees. The total loan cost should be low for the offer at your hand. Collateral should be a constraint for personal loan. You need to have a good customer support system with your lender. Moreover, He should be able to offer tailored loans based on your needs.
Moreover you credit score should not have too much power on the loan offer too. As many NBFC do not consider credit score for personal loans.
The bank /NBFC that have loan offers with above features is the best personal loan with Poor credit score.
Best Bank Loan Consultants for Quick and fast loan processing
S & P bank loan consultants provide best personal loan for low credit score. In fact, We offer flexibility to our clients to choose loan options. Our qualified and experienced consultants are ever ready to guide you. The Best Finance Consultants help you get low rate loans with competitive terms suitable for you. Quick and fast loan processing is our specialty in Chennai, India. Top Personal Loan Consultants help you to get tailored loan proposals to suit your needs better.
For more info, please get in touch with our loan consultants today.
Loan Consultation in the following areas are available
| North Chennai | Karambakkam | Kanathur | Erukanchery |
| Manali new town | Vadapalani | Muttukadu | Broadway |
| Kodungaiyur East | Saligramam | Kelambakkam | Ponneri |
| Kodungaiyur West | Shakthi Nagar | Kovalam | Athipattu |
| Madhavaram | Sri Iyyappa Nagar | Siruseri | Coimbatore |
| Madhavaram Milk Colony | Virugambakkam | Jamalia | Sholavaram |
| Mathur MMDA | Alwarthirunagar | Kallikuppam | Minjur |
| Puzhal | Valasaravakkam | Pattabiram | Red Hills |
| Moolakadai | Thirunindravur | Kosapet | Ennore |
| Kolathur | Thirumangalam | West Chennai | Avadi |
| Parry’s Corner | Thirumullaivayal | Alapakkam | Kodambakkam |
| Royapuram | Thiruverkadu | Anna Nagar | Thirunindravur |
| Villivakkam | Nandambakkam | Annanur | Iyyappanthangal |
| Perambur | Nerkundrum | Agathiyar Nagar | Kattupakkam |
| Korukkupet | Nesapakkam | Ambattur | Poonamallee |
| Tiruvottiyur | Nolambur | Bhuvaneshwari Nagar | Thirumazhisai |
| Vyasarpadi | Ramapuram | Chinmaya Nagar | Thiruvallur |
| Manali | Mugalivakkam | C.M.D.A Colony | Pallavaram |
| Tondiarpet | Mangadu | Defence Colony | Pozhichalur |
| Vallalar Nagar | M.G.R Nagar | Padi | Anakaputhur |
| Ennore | M.G.R Garden | Ayappakkam. | Pammal |
| Old Washermenpet | Pallavan Nagar | Thiruvallur | Kundrathur |
| Kavangarai | Porur | Arakkonam | Mangadu |
| New Washermenpet | Poonamallee | Korattur | Chrompet |
| Korukkupet | Moulivakkam | Mogappair East | Thiruneermalai |
| Mannadi | MMDA Colony | Mogappair West | Keelkattalai |
| George Town | South Chennai | Arumbakkam | Chitlapakkam |
| Seven Wells | East Chennai | Avadi | Tambaram |
| Basin Bridge | Mylapore | Pudur | Selaiyur |
| Sowcarpet | Perungudi | Maduravoyal | Madambakkam |
| Park Town | Sholinganallur | Koyambedu | Medavakkam |
| Periametu | Alandur | Ashok Nagar | Sithalapakkam |
| Choolai | Adyar | KK Nagar | Kovilambakkam |
| Veppery | Besant Nagar | KK Nagar West | Nanmangalam |
| Pattalam | Triplicane | KK Nagar East | Karapakkam |
| Pulinanthope | T. Nagar | Oragadam | Pallavaram |
| M.K.B Nagar | Thiruvanmiyur | Ayapakkam | Tambaram |
| Sharma Nagar | Saidapet | Pattravakkam | Perungalathur |
| Selavoyal | Guindy | Thirumullaivoyal north | Palavanthangal |
| Edapalayam | Madipakkam | Avadi north | Peerkankaranai |
| MAnjambakkam | Nanganallur | Redhills | Mudichur |
| Ponniammanmedu | Velachery | Ajax | Vandalur |
| Sembiam | Taramani | Kathivakkam | Kolappakkam |
| T.V.K Nagar | Pallikaranai | Ernavur | Kandigai |
| ICF Colony north | Keelkattalai | WIMCO | Mambakkam |
| Central | Kovilambakkam | Sathangadu | Pudhupakkam |
| Padi | Thoraipakkam | Rajakadai | Palavakkam |
| Korattur | Neelankarai | Kadambakkam | Varadharajapuram |
| Lakshmi puram | Injambakkam | Kathirvedu | Medavakkam |
| Ambattur north | Chromepet | Moolakothiram | Pazhaverkadu |
