Corona Crisis; Coronavirus; Loan; Cibil Score; Credit Score; Loan can be available even with bad CIBIL score, loan can be easily obtained by adopting these 10 methods | Loan can be available even with bad CIBIL score, loan can be easily obtained by adopting these 10 methods


  • If your CIBIL is not good then it would be okay to apply for a loan in NBFC
  • If you are unable to get a loan due to bad CIBIL, then you can take a joint loan.

Daily newspaper

Jul 14, 2020, 12:16 PM IST

new Delhi. Many people are facing economic crisis due to Corona Crisis. In such a situation, many people are taking loans to deal with this crisis. If you are also planning to take a loan but you are unable to get a loan due to poor CIBIL score or credit score, then we are telling you about 10 ways that you can get a loan.

One can get loan by looking at current income

Most of the lending institutions consider your CIBIL score as well as other things like your current salary or income. If you have a low credit rating, you can still give a bank statement with proof of an increase in your salary, annual bonus or other additional income sources. This proves that you are financially capable to repay the loan on time.

Apply for a loan from an NBFC

If your CIBIL score is poor and you are in urgent need of money then it is better not to apply for a loan from the bank, so it would be better to apply for a loan from NBFC. Because they also give loans to customers with low credit scores. However, the interest rate charged by NBFC is higher than that offered by banks.

Apply for a small amount
Due to poor CIBIL, any lending institution may consider you a risky customer. That is why it is important that your loan amount is reduced. To make a good CIBIL score, you can opt for a lower amount and repay it regularly. This will correct your CIBIL.

Can take a joint loan
If you are unable to get a loan due to bad CIBIL, then you can take a joint loan. Apart from this, you can also take a loan through a guarantor whose CIBIL score is good. This method will get you loan easily.

Can take advance salary
Some financial services companies offer loans as salary advance. Through this, half of your monthly salary gets in the form of loan. With its help, you can fulfill your short term requirement. The process is simple and the loan amount reaches your bank account directly.

Gold loan
Gold loan is a type of secured loan. In this, you keep your gold as a bail. Its most important thing is that there is little paperwork in it and banks do not even check your credit score before giving it. In this, you can get a loan of up to 75 percent of your current gold price.

Take a personal loan in lieu of a fixed deposit
If you want to take a personal loan, then bank or post office FD can also be helpful in this. After sleeping, you can take a loan quickly and easily through a fixed deposit. Generally, its interest rates are one or two per cent higher than the deposit rates of fixed deposits.

Insurance policies can also provide loans
If you have taken an insurance policy, then you can take a loan on this also. Its interest rates are lower than personal loans. In such a loan, the insurance policy has to be assigned to the bank. If you repay the loan, the bank re-assigns the policy back to your name.

Loans can also be availed from P2P platform
The trend of peer-to-peer lending is growing rapidly in India. P2P platforms can lend despite a poor credit score. Yes, interest rates can be high according to risk. Apart from the above options, you can take a loan despite a poor credit score by applying for a loan with a co-applicant.

Check CIBIL score
Many times it happens that your CIBIL score gets spoiled even by the bank's mistake. To avoid this, it is important to keep checking your CIBIL score once every 6 months. When you are a victim of fraud, your credit score may still be low. Contact your bank to correct it.


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