If you reside in the City of Joy, Kolkata and want to apply for a personal loan, then you ought to keep your credit score, repayment history, and employment record higher.
Since the personal loan in Kolkata is an unsecured loan, the significance of the cibil score is of higher value while processing your loan application.
But what if you have a lower cibil score? Can you still get the personal loan in Kolkata approval? Read on!
1. Prove your lender that your income can support EMI payments
In case if you have recently released an appraisal or have any other sources of income, then it is the right time to use it to your advantage. If you submit your claim on these parameters, then your lender may consider it and sanction the loan application. You may have to deal with the payment of the higher interest rates in this regard.
2. Apply for a lower loan amount
When you are already battling the issues of having a lower cibil score, then it may indicate more risk to your lender if you apply for a large amount. They may assume that you may not be consistent with your personal loan repayments. Hence, what you can do is – ask for a lower loan amount so that a lender finds it easier that you will repay it without defaults.
3. Apply with a co-applicant
The next trick to getting a personal loan in Kolkata approval despite having a poor credit score is applying with a co-applicant with a higher cibil score. This way, you may get hassle-free loan approval. But you must ensure to pay timely EMIs; else it will further downgrade your cibil score and your co-applicants’. On the other hand, paying your EMIs on time can improve your credit score and help you prepare for the next loan.
So, what are you waiting for? Implement these discussed tips and begin applying for the personal loan in Kolkata despite having a poor credit score now!