When it comes to applying for a personal loan, you need to check your credit score. It is because the personal loan is unsecured and is given on the basis of your creditworthiness. Your CIBIL score is the mirror of your creditworthiness.
An applicant with a higher CIBIL score can get the loan approval fast and at a lower rate. Thus, it becomes vital to check your credit score. A credit score of 750+ is considered ideal by known lenders to sanction your loan request.
But what if your credit score is lower and you still wish to avail personal loan benefits? Know more in this post!
- Apply with a co-applicant
Another way to enjoy personal loan benefits with a poor credit score is applying for the loan with a co-applicant whose CIBIL score is robust. It may convince creditors that you will pay EMIs on time.
- Prove that you can repay EMIs on time
If you check your credit score and if it is lower, you will need to prove that your income level can support timely loan EMI payments. You can use the online personal loan calculator and know the exact EMI amount you will have to pay per month. If it is under your budget, lenders may approve your request.
- Apply for the lowest amount
Applying for a higher amount with a lower credit score is a recipe for disaster. The trick is to apply for the lowest amount and get the approval. It is because it will minimize the lender’s risk for defaults.
By considering these vital aspects, you can help yourself avail a personal loan with a bad credit score.
Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify loan processing.
You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number.
