Instant Loan for CIBIL Score under 300 Score

Personal loans are the best option to opt for when you need instant finance but it could be quite challenging to avail instant loan for low CIBIL score. CIBIL score is one of the most important criteria considered by Banks or lenders for granting loans. CIBIL score ranges from 300 to 900 and a low score indicates that you have a bad or no credit history which makes granting a loan could be a risky proposition for the lenders. CIBIL score above 750 is considered good while a score below 550 makes it difficult to avail of an instant loan for low CIBIL score.

Although having a good CIBIL score will make it easy to avail of the loans but it is not that you won’t get instant loan. Here are some measures you can take while applying for an instant loan for low CIBIL score.

Present your income documents that support EMI payments:-

Urgent loans for low credit score can be availed if you have a hike in your salary or have an additional steady income source which makes a good chance of your loan application getting approved. Additionally, if you can present the documents stating that you have a secure job with a regular income flow, the probability of getting a loan with a low CIBIL score increases. But you might need to pay a higher rate of interest for a condition where you need Urgent loans for low credit score.

Apply a instant loan for low CIBIL score-

In case you have a requirement for an urgent loan with bad credit score you can consider applying for a low amount for a loan since the odds of the loan granted by the lender is higher. If you apply for a high loan amount then lenders find it risky to lend because of the chances of defaulting increase.

Consider applying for a joint loan or get a guarantor-

Urgent loan with bad credit can also be availed with a co-applicant or a guarantor. In case you are in a dire need of funds and you have a low CIBIL score, a co-applicant or a guarantor with a good CIBIL score and a steady flow if income increases the chances of availing a loan from the lenders.

Get your Credit report rectified-

It could be that your credit report might not be updated with the latest information or may have errors. So it is important to check your CIBIL report regularly and get the errors corrected from the concerned authorities.

Consider applying for a secured loan-

If you want an instant loan without credit check in India you can avail of it by applying for a secured personal loan wherein a credit check would not be done generally and your ability to repay the loan amount would be considered. Instant loan without credit check in India is usually subjected to higher rates of interest.

The above-mentioned measures can help you to avail loan even if you have a low CIBIL score but make sure you have a sufficient regular flow of income to pay off the EMIs.

Instant loan without documents online

Instant loan for low cibil score can be availed online without documents by following a simple process. Many of the lenders have given the facility to avail instant loans without or with very minimum physical documents. You just have to visit their website or download the mobile application and signup. You would be asked to fill in a few personal details to check your eligibility for the instant loan and once this is done you need to get yourself registered as the loanee by entering the details related to your salary, credit score and KYC. Once everything is done successfully expect the loan amount credited in your bank account in a day or two.