When it comes to the personal loan application, your credit score is one of the key eligibility factors.
Since the personal loan is an unsecured facility, it is given on the basis of your creditworthiness. And your CIBIL score makes a large part of your creditworthiness.
Having a robust credit score can help you get the approval of the low interest personal loan. But what if you have a poor credit score? Can you still get the loan approval? Let’s find out in this quick post!
1. Show that you have the income evident to support repayments
Not all may be Salaried, and some may be freelancing to earn their income. Such applicants need to showcase their income proof to lenders. Once lenders are convinced that you can repay the debt on time, you can get the loan approval. But you may not get to enjoy the low interest personal loan.
2. Apply with a co-applicant
An easy thing to help you enjoy the low interest personal loan will be applying with a co-applicant with a healthy credit score.
3. Resolve errors in your CIBIL score
You can also get loan approval by improving your CIBIL score. To do that, you can resolve errors in your credit history and enhance it drastically.
4. Try to apply for a lower amount
If you apply for a higher amount despite a lower credit score, then you may not get the loan approval. Thus, you can try to apply for the lowest amount. It will convince the lender that you may repay the loan on time.
5. Submit the collateral
Another way to get nearer to the low interest personal loan despite having a low credit score is by submitting collateral.
If you can follow the discussed tips, then you may get approval for the personal loan despite having a lower CIBIL score.
Additional Read: Know How To Avail Personal Loan Having Poor Cibil Score
