Will you get a personal loan with a low Cibil score of 500-600: With the rate at which inflation is increasing, sometimes we suddenly need a lot of money. In such a situation, we can get an instant loan for our needs through many banks, NBFCs and loan applications. When you apply for a loan for your personal needs, your CIBIL score is checked. If your CIBIL score is good, you get the loan immediately, but it is very difficult to get a loan with a poor CIBIL score.
If your CIBIL score is also low, then you must want to know whether you can get a loan or not and if you get it, then who gives it and how much, you will get complete information in this article today, for this you should read the article carefully till the end
What is CIBIL score?
CIBIL score is a number between 300 to 900 points which tells how capable we are in doing transactions through the bank or paying installments or not. If you take a loan from the bank, then this CIBIL score of yours is checked. In this, generally your loan repayment record is seen. If you have taken a previous loan and repaid it on time, then generally your CIBIL score is good.
How much CIBIL score is required to get a loan
If you are applying for a personal loan, then your CIBIL score is the most important tool. If you want to take an unsecured loan, then it is necessary to have a minimum CIBIL score of 700. There are many NBFCs or financial institutions that give you loans even with a lower CIBIL score, but most banks do not give you loans if your CIBIL score is less than 700.
How much loan do you get if your CIBIL score is less than 700?
Your CIBIL score is not checked when you apply for a loan for the first time. But when you apply for a loan for the second time, how you repaid the previous loan is definitely checked. If the CIBIL score is less than 700, then the bank can give you a loan only after agreeing to it after checking the entire matter.
If you have not repaid your previous loan on time and still you are applying for a loan again, then you will never get a loan. In such a situation, no bank institution gives you a loan easily.
How much loan can be obtained if the CIBIL score is 500 to 600
There are many NBFCs that give you loans even if you have a CIBIL score of 500 or 600. But generally you are given a very small loan amount for this which can be between ₹5000 to ₹25000.
Which NBFC gives loan on low CIBIL score
Some major NBFCs like KreditBee, Navi Loan etc. are such loan applications where you can get a loan as per your requirement through your Aadhar card and PAN card even if you have a low CIBIL score. However, on getting a loan in this way, you have to pay a lot of interest, but if you need an emergency, then you can take a loan from this type of application.
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