Axis Bank requires a minimum credit score of 750 and above to get a personal loan. You might qualify for a personal loan with a lower credit score, but the interest rate and other loan terms will not be very favorable to you.
Yes, getting an Axis Bank personal loan with such a low credit score will be tough, but it is not impossible. To guarantee that everything is in order, you can take a few simple steps before commencing the loan process.
A low credit score indicates to a lender that you are a high risk. A high credit score suggests that the borrower will make on-time payments on his or her expenses. Your credit score is influenced by how well you've paid back previous loans, whether you've defaulted or pre-paid any loans, the types of loans you've taken, and how much of your income goes toward loan repayment.
- Mention any additional sources of income you may have to demonstrate to the lender that you can make regular EMI payments.
- Display your previous payback history to demonstrate your debt management prowess.
- Select a lesser loan amount - Consider a secured personal loan
- Consider adding an earning member of your family as a co-applicant
Although a low credit score shows a borrower's poor creditworthiness and makes obtaining a loan difficult, the following are some actions you may take to secure a loan despite a low credit score.
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