Can I get a personal loan with a poor CIBIL Score or Credit Rating?
With a poor Credit score lenders may be unwilling to approve a personal loan
But it is not impossible. You either have to know the lender personally, or have someone with a good credit history be willing to guarantee your loan, or you might need to provide acceptable collateral to the lender. Therefore, it is vital to maintain your Credit Rating in order to remain 'loan eligible'. However, at times, unknowingly we do things that might impact our credit score and hence leads to rejection of our loan application. If your credit score is less than 650, even if you get a loan, the intrest rate is likely to be very high. Whereas if your credit score is above 750, then you can get a loan at a reasonable interest rate. In order to improve your CIBIL Score, there are a few things that you could do that are outlined below: • Pay your EMI’s on time. • Clear all past due pending repayments. • Obtain new credit and ensure timely repayment in order to demonstrate good credit behaviour..