Personal loans are one of the most popular financial products in India. They are unsecured loans, meaning you don’t need to provide collateral to get them. These loans can be used for a variety of purposes—whether it’s funding a wedding, covering medical expenses, or consolidating debts. The key factor that determines whether or not you’ll be approved for a personal loan, and at what interest rate, is your CIBIL Score.

The CIBIL Score plays a crucial role in your loan approval process. Lenders, including banks and NBFCs (Non-Banking Financial Companies), assess your CIBIL Score to gauge your creditworthiness. A high CIBIL Score indicates that you are a reliable borrower with a history of timely payments, making it easier to get approved for a loan. On the other hand, a low or poor CIBIL Score can significantly reduce your chances of loan approval.

However, it’s important to note that even with a poor CIBIL Score, getting a loan is not impossible. There are several alternative options available for individuals with a low score, and by improving certain financial habits, you can enhance your eligibility for personal loans in the future.

Importance of the Topic

In India, there is a growing number of individuals with low CIBIL Scores, which can be due to missed payments, over-reliance on credit cards, or loan defaults. Many people find it challenging to get loans because of this. However, it is essential to understand that lenders are not solely dependent on your CIBIL Score. If you have a poor score, there are still ways to secure a personal loan. Various NBFCs and financial institutions offer loans to high-risk borrowers with lower scores. Furthermore, by improving your financial discipline, you can eventually increase your CIBIL Score and access better loan terms.

Understanding a Poor CIBIL Score

A CIBIL Score is a three-digit number that ranges from 300 to 900, reflecting an individual’s creditworthiness. This score is generated by TransUnion CIBIL, one of India’s leading credit bureaus, and is based on your credit history, including credit card usage, loan repayments, and other financial behaviour.
Here’s a breakdown of the CIBIL Score range:

• 300-549: Poor
• 550-649: Fair
• 650-749: Good
• 750-900: Excellent

A score below 550 is considered poor, indicating that you are a high-risk borrower. This is often the result of consistent late payments, defaults, or a high credit utilization ratio. A score in the 550-649 range is fair but still below what most lenders consider safe for unsecured loans.

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What Constitutes a Poor Score?

A poor CIBIL Score can arise from several factors:

• Missed Payments: If you’ve missed multiple EMIs or credit card payments, your score takes a hit.
• High Credit Utilization: Using more than 30% of your available credit limit consistently lowers your score.
• Loan Defaults: If you’ve defaulted on any loans, your CIBIL Score is likely to suffer significantly.
• Too Many Credit Inquiries: Applying for too many loans or credit cards in a short span leads to frequent hard inquiries, which can lower your score.

Consequences of a Low CIBIL Score

1. Difficulty in Loan Approvals: Lenders are reluctant to offer personal loans to individuals with low scores as they are seen as risky borrowers. Most banks set a minimum CIBIL Score requirement of 750 for personal loans.
2. Higher Interest Rates: If approved, individuals with poor scores are often charged higher interest rates as lenders try to mitigate their risk.
3. Reduced Borrowing Limits: A low CIBIL Score may result in lenders offering a lower loan amount than you need, reducing your borrowing capacity.
4. Shorter Loan Tenure: Individuals with poor scores are often given shorter repayment tenures, which can increase the burden of higher monthly EMIs.

Steps to Get a Personal Loan with a Poor CIBIL Score

Getting a personal loan with a poor CIBIL score can be challenging, but not impossible. By following certain strategies and exploring alternative lenders, you can increase your chances of approval. Below are some actionable steps to help you secure a personal loan even with a low CIBIL score.

1. Look for Lenders Who Offer Loans with Low CIBIL Scores

While traditional banks are stringent about CIBIL scores, NBFCs (Non-Banking Financial Companies) and FinTech lenders are often more lenient. These lenders specialize in offering loans to individuals with low CIBIL scores. NBFCs and FinTech companies focus more on your current income and repayment ability than your credit history, making them a good option for borrowers with poor credit.

At Kreditbazaar, we work with NBFCs that provide pre-approved personal loans, even if you have a low CIBIL score. Our lending partners understand that a low score is not always indicative of an inability to repay. This makes it easier for individuals to get the funds they need despite their credit challenges.

Some alternative lenders cater specifically to high-risk borrowers. While the interest rates might be higher, these lenders offer the advantage of quick disbursal and lenient eligibility criteria. Exploring these lenders can help you secure a loan when conventional banks turn you down.

2. Apply for a Secured Personal Loan

A secured personal loan is an excellent option if you have a low CIBIL score. Unlike an unsecured loan, a secured loan requires you to pledge collateral such as property, Fixed Deposits (FDs), gold, or other valuable assets. This reduces the lender’s risk, increasing the likelihood of loan approval.

For individuals with poor CIBIL scores, using collateral like a home or savings account as security can significantly improve loan approval chances. By pledging assets, lenders are assured that they can recover their money if the borrower defaults, thus making them more comfortable offering a loan, even at lower interest rates.

3. Get a Guarantor or Co-Applicant

Another effective way to secure a loan with a poor CIBIL score is by including a guarantor or a co-applicant. A guarantor is someone who promises to repay the loan if the primary borrower defaults. The guarantor’s CIBIL score and credit history are considered by the lender when assessing the loan application.

If you have a friend or family member with a strong credit history, asking them to become a guarantor can improve your chances of loan approval. Lenders view a co-applicant or guarantor as an additional layer of security, reducing their risk and increasing your loan eligibility.

If you decide to apply with a co-applicant, it’s important to choose someone with a stable income and a good CIBIL score. This will boost your overall application and enhance your credibility in the eyes of the lender. Ensure that both you and the co-applicant understand the terms and responsibilities involved.

4. Opt for a Lower Loan Amount

When you apply for a personal loan with a poor CIBIL score, it’s wise to opt for a lower loan amount. Lenders are more likely to approve smaller loan requests because the perceived risk is lower. Asking for a large loan with a poor credit score increases the lender’s risk, leading to rejections or higher interest rates.

Before applying, evaluate your financial situation carefully. Calculate your monthly income and current debts to determine a loan amount that you can comfortably repay. Applying for a smaller loan can help you improve your chances of approval and make your EMIs more manageable.

5. Negotiate with Your Existing Bank

One strategy that borrowers with poor CIBIL scores often overlook is negotiating with their existing bank. Banks are more willing to offer loans to long-term customers who have maintained a stable banking relationship. If you have been with the same bank for several years and have a history of timely payments on other financial products, your bank may offer you a personal loan despite your poor score.

When approaching your bank, emphasize your consistent banking history and highlight any past instances of timely payments. Mention your long-term relationship with the bank as a loyal customer and demonstrate your ability to repay the loan despite your low CIBIL score. Your bank might offer you a loan with flexible terms as a goodwill gesture.

6. Improve Your CIBIL Score Before Applying

While it’s possible to get a loan with a poor CIBIL score, it’s always a good idea to improve your score before applying. Some immediate steps to consider include:

• Clear Existing Dues: If you have any overdue bills, clear them immediately to avoid further damage to your score.
• Reduce Outstanding Debts: Lowering your current debts can significantly boost your CIBIL score.
• Maintain a Low Credit Utilization Ratio: Aim to use less than 30% of your credit limit, as high usage can lower your score.
• Avoid Multiple Loan Inquiries: Don’t apply for multiple loans in a short span, as it can negatively impact your score.

Regularly check your CIBIL report to ensure there are no errors that might be dragging down your score. If you notice any inaccuracies, dispute them with CIBIL immediately. Correcting errors in your report can lead to an instant improvement in your score, increasing your chances of loan approval.

A balanced mix of secured and unsecured loans can improve your creditworthiness. Additionally, ensure that you make timely payments on your existing loans and credit cards to gradually increase your score.

Personal Loan Alternatives for Poor CIBIL Score

When you have a poor CIBIL score, traditional personal loans may not always be accessible. However, there are several alternative options to secure funds even with a low credit score. These alternatives often have more lenient approval criteria and can serve as valuable options when personal loans are out of reach.

1. Gold Loans

A gold loan allows borrowers to pledge their gold ornaments as collateral in exchange for funds. These loans are easier to secure because the loan is backed by physical assets, reducing the lender’s risk. Gold loans typically have flexible repayment options and can be disbursed quickly.

Advantages Of Personal Loans

One major advantage of a gold loan is that it doesn’t require a CIBIL Score check. This makes it a suitable option for borrowers with poor credit scores. Additionally, gold loans usually offer lower interest rates compared to unsecured personal loans, and the loan amount is based on the value of the pledged gold.

Easier Approval for Low-Score Borrowers

Since gold loans are secured loans, the lender is more focused on the value of the gold rather than the borrower’s creditworthiness. This makes them one of the most accessible loan options for individuals with low CIBIL scores.

2. Loans Against Fixed Deposits (FD)

Another alternative for those with a poor CIBIL score is a loan against a Fixed Deposit (FD). Most banks and financial institutions allow you to borrow a percentage of your FD amount (typically 70-90%), making it a safer and more convenient option.

Benefits of Loans Against FD

A key advantage of borrowing against an FD is that the interest rates are generally lower than traditional personal loans. Additionally, since the loan is backed by your deposit, lenders are more willing to approve the loan even if you have a poor CIBIL score. Another benefit is that your FD continues to earn interest even while you use it as collateral.

Higher Chances of Approval

Since the loan is secured by the FD, the risk for the lender is minimal, which results in higher approval chances for the borrower. This option allows individuals with low credit scores to obtain financing without going through a stringent credit evaluation process.

3. Peer-to-Peer (P2P) Lending Platforms

Peer-to-peer (P2P) lending platforms offer an alternative financing model by connecting individual lenders directly with borrowers. These platforms typically consider factors beyond just the borrower’s CIBIL score, making them a viable option for those with poor credit.

Advantages of P2P Lending

On P2P platforms, lenders may assess your creditworthiness based on other criteria, such as income, employment history, and repayment capability. This allows individuals with low CIBIL scores to secure loans. While interest rates may vary depending on the perceived risk, borrowers often find the terms more flexible than traditional loans.

4. Credit Unions or Cooperative Banks

Credit Unions and Cooperative Banks are community-based financial institutions that often provide more lenient lending terms compared to larger commercial banks. These institutions prioritize the financial well-being of their members and are more likely to approve loans for individuals with low CIBIL scores.

Why Credit Unions Are Helpful for Low-Score Borrowers

Since these institutions focus on their community and often operate on a smaller scale, they tend to offer a more personalized approach to lending. Borrowers with a low CIBIL score may find it easier to get a loan here because of the union’s commitment to helping its members. Additionally, interest rates at cooperative banks can sometimes be lower than those at commercial banks.

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Factors to Consider When Applying for a Personal Loan with a Low CIBIL Score

While securing a loan with a low CIBIL score is possible, there are certain factors you need to consider before applying. Borrowers with low credit scores often face different loan conditions compared to those with high scores. Here are some important considerations to keep in mind.

1. Higher Interest Rates

Lenders perceive borrowers with low CIBIL scores as high-risk, which often results in higher interest rates. The logic is simple: the lower the CIBIL score, the higher the likelihood of default, and lenders compensate for this increased risk by charging more.

It’s crucial to compare interest rates across different lenders to find the best deal. While NBFCs, FinTech platforms, and alternative lenders may offer more lenient terms, the interest rates can vary significantly. Make sure to research and choose a lender that offers a competitive rate despite your low score.

2. Shorter Loan Tenure

Lenders are more cautious when offering loans to borrowers with poor CIBIL scores, which often leads to shorter repayment tenures. While shorter tenures reduce the risk for the lender, they can result in higher monthly payments (EMIs) for the borrower.

While a shorter tenure means that you can repay your loan quickly, it also means higher EMIs. If you’re confident in your ability to meet the repayment schedule, a shorter tenure may work for you. However, if you’re unsure, it’s better to opt for a longer tenure, even if it comes with higher interest rates, to ensure you can comfortably manage your payments.

3. Processing Fees and Other Hidden Charges

Lenders may charge higher processing fees for individuals with low CIBIL scores to cover the additional risk. These fees can vary from lender to lender, so it’s essential to clarify all costs before committing to a loan.

Make sure to read the fine print and ask for a complete breakdown of fees before signing any loan agreements. Some lenders may charge hidden fees, such as prepayment penalties or documentation charges, that can significantly increase the cost of the loan. Opt for transparent lenders who disclose all charges upfront.

4. Risk of Loan Rejection

Repeated loan rejections can further damage your CIBIL score, making it even more challenging to secure loans in the future. Every time you apply for a loan, the lender makes a hard inquiry on your credit report, which temporarily lowers your score. Multiple rejections in a short period can have a lasting impact.

To avoid unnecessary rejections, it’s important to choose the right lender. Research and apply only to lenders who are known for approving loans for individuals with low CIBIL scores, such as NBFCs, cooperative banks, or P2P platforms. Applying selectively will help protect your CIBIL score and improve your chances of approval.

Tips to Avoid a Future Poor CIBIL Score

Maintaining a good CIBIL score is crucial for securing favourable financial products and services. A poor CIBIL score can have a lasting impact on your ability to obtain credit and the terms you receive. To avoid a future poor CIBIL score, consider implementing the following strategies:

1. Make Timely Payments

One of the most critical factors in maintaining a good CIBIL score is ensuring timely payments on your EMIs, credit card bills, and utility bills. Timely payments demonstrate your reliability as a borrower and contribute positively to your credit history.

To avoid missed payments, set up reminders or auto-debit options for your bills. Many banks and financial institutions offer facilities to automate your payments, ensuring that you never miss a due date. Consistent, on-time payments help build a positive credit history and prevent a decline in your CIBIL score.

2. Avoid Excessive Credit Utilization

Maintain your credit utilization ratio below 30% of your total credit limit. High credit utilization indicates to lenders that you are heavily reliant on credit, which can negatively impact your CIBIL score. Aim to use only a small portion of your available credit to keep your score in good standing.

Monitor your credit card balances and spending habits regularly. By keeping an eye on your spending, you can ensure that you stay within a manageable limit and avoid overspending. Regular checks help prevent accidental overutilization of credit and its adverse effects on your score.

3. Maintain a Credit Mix

A healthy credit mix includes both secured loans (such as home loans) and unsecured loans (such as personal loans and credit cards). Having a mix of different types of credit can positively influence your CIBIL score over time. It demonstrates that you can handle various types of credit responsibly.

Maintaining a balanced credit mix helps establish a robust credit history, which can improve your score in the long term. Ensure that you have a blend of credit types to show lenders that you are capable of managing different kinds of credit effectively.

4. Review Your CIBIL Report Regularly

Regularly reviewing your CIBIL report is essential to ensure its accuracy. Mistakes or discrepancies in your report can negatively affect your score. By checking your report frequently, you can spot any errors and take corrective action promptly.

If you find inaccuracies in your CIBIL report, follow the necessary steps to dispute and correct them. Contact the credit bureau to file a dispute and provide any required documentation to support your case. Correcting errors promptly helps maintain an accurate and favourable credit history.

5. Avoid Multiple Loan Applications

Frequent loan applications and hard inquiries on your credit report can lower your CIBIL score. Each time you apply for credit, the lender performs a hard inquiry, which can negatively affect your score, especially if multiple applications are made within a short period.

Apply for credit only when necessary and limit the number of applications you submit. Focus on understanding your credit needs before applying and avoid unnecessary applications to protect your score.

Conclusion

Maintaining a good CIBIL score requires consistent effort and good financial habits. While a poor CIBIL score poses challenges, implementing these strategies can help you avoid future credit issues and secure better loan terms. Regularly reviewing your credit report, managing your credit utilization, and making timely payments are essential steps to ensure your score remains healthy.

Final Thoughts

By adopting these practices, you can enhance your credit profile and improve your chances of obtaining favourable financial products in the future. Kreditbazaar is here to assist you in finding pre-approved loans from our lending partners and NBFCs, even if you have a low CIBIL score. Start improving your credit today and explore the best loan options available to you with Kreditbazaar’s support.

Frequently Asked Questions on Personal Loans for Poor CIBIL Score

Q1. Can I get a personal loan if my CIBIL score is low?
Ans1. Yes, even with a low CIBIL score, you can still get a personal loan. Kreditbazaar, in partnership with multiple NBFCs, helps individuals with low CIBIL scores access personal loans, although the interest rates may be higher due to the perceived risk.

Q2. Can I get a personal loan if I have a bad credit score?
Ans2. Yes, personal loans are available even if you have a bad credit score. Kreditbazaar offers personal loans through its NBFC partners, who specialize in lending to those with lower credit scores, though loan terms may vary depending on the risk.

Q3. Can I get a loan with a 500 CIBIL score?
Ans3. A 500 CIBIL score is considered low, but you may still qualify for a personal loan through NBFCs. Kreditbazaar, working with top NBFCs, provides loan options for individuals with low credit scores, though at higher interest rates.

Q4. How can I get a personal loan if my credit score is bad?
Ans4. If your credit score is bad, you can still get a personal loan through Kreditbazaar, which partners with multiple NBFCs that offer flexible terms for borrowers with poor credit histories. Improving your credit score can also help you get better rates in the future.

Q5. Which loan app is for poor CIBIL?
Ans5. While many loan apps cater to those with poor CIBIL scores, Kreditbazaar collaborates with multiple NBFCs to provide a reliable and transparent platform for borrowers with low credit scores to get personal loans quickly.

Q6. How to get a 5 lakh loan without a CIBIL score?
Ans6. Getting a ₹5 lakh loan without a CIBIL score can be challenging, but Kreditbazaar works with NBFCs that assess other factors like income stability and repayment capacity to provide loans to those without a credit history.

Q7. Which bank gives a loan easily?
Ans7. The ease of getting a loan depends on your financial profile, but Kreditbazaar simplifies the process by partnering with NBFCs known for their fast loan approvals and flexible eligibility criteria, especially for borrowers with low CIBIL scores.

Q8. Can I get a personal loan with a bad credit history?
Ans8. Yes, even with a bad credit history, you can still get a personal loan. Kreditbazaar partners with NBFCs that specialize in lending to borrowers with bad credit, though the loan may come with higher interest rates and stricter terms.

Q9. What is the easiest loan to get immediately?
Ans9. Personal loans from NBFCs, especially through platforms like Kreditbazaar, are some of the easiest to get. Kreditbazaar connects borrowers with NBFCs that offer fast approvals, even for those with low credit scores.

Q10. Can I get a loan with a really bad credit score?
Ans10. Yes, you can get a personal loan with a really bad credit score through Kreditbazaar, which partners with NBFCs that provide loans to high-risk borrowers. While interest rates may be higher, loan options are available.

Q11. Who is the best lender for bad credit?
Ans11. NBFCs tend to be more flexible with bad credit scores. Kreditbazaar partners with top NBFCs that specialize in lending to individuals with poor credit, offering personal loans with tailored terms.

Q12. Who is the easiest to get a personal loan from?
Ans12. NBFCs generally offer easier access to personal loans compared to banks, especially for those with low credit scores. Kreditbazaar makes it easy to get a personal loan by partnering with NBFCs known for fast approvals and flexible eligibility.

Q13. How to get a loan if CIBIL is bad?
Ans13. If your CIBIL score is bad, you can still get a loan through Kreditbazaar by applying with NBFCs that consider factors beyond credit scores, such as income stability and employment history.

Q14. Can a CIBIL defaulter get a loan?
Ans14. Yes, a CIBIL defaulter can still get a personal loan through Kreditbazaar. NBFCs partnered with Kreditbazaar often lend to individuals with poor credit histories, though at higher interest rates and stricter repayment terms.

Q15. How to increase your CIBIL score immediately?
Ans15. To improve your CIBIL score quickly, pay off outstanding debts, avoid late payments, and reduce your credit utilization ratio. Consistently managing your finances will reflect positively on your CIBIL score over time.

Q16. How to get a loan with a poor credit history?
Ans16. To get a loan with a poor credit history, apply through Kreditbazaar, which collaborates with NBFCs offering personal loans to individuals with low credit scores. You may need to provide additional documents to prove income stability.

Q17. How to get a loan when no one will approve you?
Ans17. If you’re facing rejection due to a low credit score, apply through Kreditbazaar. NBFCs in partnership with Kreditbazaar offer personal loans even to high-risk borrowers, with terms adjusted to their financial profile.

Q18. What is the lowest credit score to borrow?
Ans18. While most lenders prefer a CIBIL score of 750 or above, NBFCs partnered with Kreditbazaar may approve personal loans for borrowers with scores as low as 500, depending on other factors like income and repayment capacity.

Q19. Which bank is giving loans easily?
Ans19. Many NBFCs offer loans more easily than banks, especially for borrowers with low credit scores. Kreditbazaar works with high-ranked NBFCs to offer personal loans to a broad range of customers, ensuring quick approvals.

Q20. Which bank gives personal loans easily without salary slips?
Ans20. While banks may require salary slips, NBFCs are more flexible. Through Kreditbazaar, you can apply for a personal loan with NBFCs that may approve loans based on other income proofs, making the process easier for self-employed individuals.

Q21. What is the safest place to get a personal loan?
Ans21. The safest place to get a personal loan is through a reputable NBFC or bank. Kreditbazaar, in collaboration with top NBFCs, ensures a secure and transparent lending process for borrowers, providing peace of mind.

Q22. Can I get a loan on a 666 CIBIL score?
Ans22. Yes, a CIBIL score of 666 may still qualify you for a personal loan through Kreditbazaar, as NBFCs are more lenient with scores in this range. However, the interest rate might be slightly higher due to the risk involved.

Q23. How can I hide my loan from CIBIL?
Ans23. It is not possible to hide any loan or credit activity from CIBIL, as all financial institutions report to credit bureaus regularly. To maintain a healthy credit score, focus on making timely repayments.

Q24. What is the minimum CIBIL score for a personal loan?
Ans24. The minimum CIBIL score required for a personal loan typically starts at 600. However, Kreditbazaar partners with NBFCs that may approve loans even for individuals with lower CIBIL scores, based on other factors.

Q25. How to clear CIBIL history?
Ans25. You cannot entirely clear your CIBIL history, but you can improve your CIBIL score by paying off debts, avoiding defaults, and ensuring all outstanding payments are made on time. Over time, this will improve your credit profile.

Q26. How can I get an urgent loan with a low CIBIL score?
Ans26. To get an urgent loan with a low CIBIL score, apply through Kreditbazaar, which connects you to NBFCs that specialize in quick approvals for individuals with low credit scores, ensuring fast disbursals.

Q27. How can I get a 900 CIBIL score?
Ans27. Achieving a 900 CIBIL score requires consistent good financial habits, such as paying all bills on time, reducing debt, and maintaining a low credit utilization ratio. It takes time and disciplined financial management to reach such a high score.

Q28. Can I get a loan if my CIBIL score is zero?
Ans28. Yes, if your CIBIL score is zero, it typically means you have no credit history. Kreditbazaar, in partnership with NBFCs, offers personal loans to first-time borrowers with no credit history, though the terms may vary.

Q29. What is the minimum CIBIL score for an HDFC personal loan?
Ans29. While HDFC prefers a CIBIL score of 750 and above for personal loans, individuals with lower scores may still be eligible based on their income and overall financial profile.

Q30. What is the minimum CIBIL score for an SBI personal loan?
Ans30. The minimum CIBIL score required for an SBI personal loan is generally 700 or higher. However, additional factors such as income and repayment history also play a role in loan approval.

Q31. Can I get ₹50,000 with a 700 credit score?
Ans31. Yes, with a 700 CIBIL score, you are likely to qualify for a ₹50,000 personal loan. Through Kreditbazaar, you can access loan options from NBFCs that provide quick approval for individuals with such credit scores.

Q32. Does fixed deposit increase CIBIL score?
Ans32. A fixed deposit itself does not increase your CIBIL score, but using it to secure a loan or pay off debts with the interest earned can indirectly help improve your credit score.

Q33. What is loan type 36 in CIBIL?
Ans33. Loan type 36 in CIBIL refers to personal loans. Each type of loan is categorized with a number in the CIBIL report, and 36 is assigned to unsecured personal loans.

Q34. How to get ₹30,000 rupees immediately?
Ans34. You can get ₹30,000 immediately by applying for a personal loan through Kreditbazaar, which works with NBFCs that specialize in fast loan approvals and disbursements for smaller amounts.

Q35. Who is eligible for a 5 lakh personal loan?
Ans35. To qualify for a ₹5 lakh personal loan, you typically need a stable income, a minimum CIBIL score of 600, and a good repayment history. Kreditbazaar partners with NBFCs that offer ₹5 lakh loans based on these factors.

Q36. Can I get a loan without a job?
Ans36. Getting a personal loan without a job can be challenging, but some NBFCs partnered with Kreditbazaar may approve loans based on other sources of income, such as rental income or investments.

Q37. What is the minimum salary for a personal loan?
Ans37. The minimum salary requirement for a personal loan varies by lender, but most NBFCs, through Kreditbazaar, expect a monthly income of at least ₹15,000 for loan eligibility.

Q38. What is the minimum CIBIL score for IDFC First Bank?
Ans38. The minimum CIBIL score required for a personal loan from IDFC First Bank is generally 700, though some applicants with slightly lower scores may still be considered based on their overall profile.

Q39. Can personal loans increase CIBIL scores?
Ans39. Yes, paying off a personal loan on time can improve your CIBIL score. Regular, timely EMI payments demonstrate responsible credit behaviour, leading to a better credit score.

Q40. Why am I not eligible for an SBI personal loan?
Ans40. You may not be eligible for an SBI personal loan if your CIBIL score is below their minimum requirement, your income does not meet the threshold, or you have a high debt-to-income ratio. Kreditbazaar can help you find alternative loan options with flexible criteria.

Q41. How can I get a personal loan if my CIBIL score is low?
Ans41. If your CIBIL score is low, apply for a personal loan through Kreditbazaar. NBFCs in partnership with Kreditbazaar offer loans to individuals with low credit scores, ensuring quick approval and flexible terms.