Saral Credit - Loans Guides Blogger

Anisha Mehta wants to avail general purpose (personal) loan. But she is a little worried because her application got rejected 2 times due to her poor CIBIL score. The reason for her low CIBIL is a delay in previous repayments. Now her credit score is 600. Is she still eligible for loan for poor CIBIL score ? What are the most common causes for loan for poor cibil score? In most cases, people do not aware of why they have a low credit score till the application gets rejected. The same things happened with Anisha, first of all, she needs to find out the possible causes while applying for a loan for poor cibil score. ·         Default in payment and have more credit card dues. ·         Credit utilization ratio is higher than required. ·         Multiple active debts that enhance the debt-to-income ratio. ·         Previous rejection of any...

The Lenders give weightage to cibil score to provide a personal loan because it is an unsecured loan, they need to check your loan repayment eligibility. This score represents the complete details of your credit history, amount, credit duration, take repayment as a responsibility, and other factors.   Generally, individuals who have a minimum credit score of 700 are preferred by lenders and their chances are high to get their personal loan application approved.   It is not completely true that you may not get a personal loan for low cibil score . Here are some measures through which you can get a personal loan with a bad cibil score as well:- 1. Prove that your income supports loan repayments. If you have a low credit score but you have various and stable sources of income, it is favourable for your personal loan application approval, You can communicate with them with proofs available to you, it is possible they may charge a higher rate of interest. It also works for ...