Address Credit Score Issues
- Check Your CIBIL Report: Regularly review your credit report for errors and promptly address any discrepancies. This ensures accurate credit score calculation.
- Improve Repayment Habits: Make timely payments for existing credit card bills, EMIs, and other loans. Consistent on-time payments significantly improve your credit score.
The following table provides a comparison between a poor and a favorable CIBIL score for a Personal Loan, offering a clearer understanding.
Credit Score |
Assessment |
Approval Chance |
---|---|---|
Less than 600 |
Very Bad |
Extremely Low |
600-649 |
Bad |
Low |
650-699 |
Satisfactory |
Possible |
700-749 |
Good |
High |
over 750 |
Very Good |
Extremely High |
How to Avail a Personal Loan Despite a Low CIBIL Score?
A personal loan can be a helpful tool to manage various financial needs, but a low CIBIL score might make getting one seem challenging. However, fret not! Here are some strategies to increase your chances of securing a personal loan despite a low CIBIL score: