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Home » How Can You Get Personal Loan if Your Cibil Score is 650

How Can You Get Personal Loan if Your Cibil Score is 650

Personal Loan CIBIL Score

Getting a loan approved is not a walk in the park, even when you have collateral to offer. The CIBIL score plays a very crucial role when it comes to applying for a credit card or loan. The lender may accept or reject your application based on your cibil score. While your CIBIL score is private, when it comes to applying for a loan, it can be extremely useful. Most banks take into account the applicant’s CIBIL score before granting him a loan or a credit card and most individuals want to know what exactly CIBIL Score entails and why it’s important. CIBIL Score is very important and is mandatory for getting a loan. It determines how good you are at managing your finances. The score is calculated from your past credit history and there are many things that are taken into consideration when calculating it.

What is CIBIL Score?

The CIBIL Score is a 3-digit number that rates your commitment to repay the borrowed amount. The score ranges between 300 and 900. 700 and above will be the top credit card users. Cibil scores go down as you take more loans, don’t repay them on time, and borrow a lot. CIBIL was established to help the capital market, banks, and financial institutions, to facilitate the analysis of loan repayment capacity. CIBIL has a vast database and it’s present in every state in India.

How Low Cibil Can Impact Your Loan Application?

No matter how strong your personal profile may be, a low CIBIL score will adversely affect your loan application. A credit information bureau record comprises personal information such as your name and address, loan repayment history, credit score, and many other details. All financial institutions use this information to evaluate your eligibility to access money in the future. Banks and NBFCs assess not only your ability to pay back the loan but also check whether you have a track record of defaulting on payments in the past. If you have a less than desirable credit rating, especially if it is below 750, it can mean you will face quite some trouble applying for any loan.

Whereas, a low CIBIL (Credit Information Bureau of India Limited) score does not guarantee that you will be denied a loan or a credit card. This is just a reality for the majority of people and almost everyone has a CIBIL score below 750. A good understanding of how CIBIL works and ways to improve your score are the first steps towards improving your financial health. There are various lenders who offer loans regardless of what your CIBIL Score must be. Let’s discuss a few such lenders in the market:

CASHe Personal Loan

CIBIL Required

550 or above

Loan Amount

Rs 1,000 to Rs 4,00,000

Tenure

90 Days / 180 Days / 270 Days / 360 Days / 540 Days

Location

PAN India

ROI

2.25% – 2.50% per month

ROI (Fixed/Floating)

Fixed

Payment Delay Charges

0.7% flat interest fee per day

Processing Fees

Rs. 85 to Rs. 1200 based on your loan amount

Foreclosure Allowance

NIL

USP

  • Offers a 7-day interest-free grace period to pay your EMI at the end of every month.

  • Revolutionised the way Credit scoring works with the next-gen AI Software – SLQ.

Faircent Personal Loan

Credit Required

500 or above

Location

PAN India

Loan Amount

Rs. 25,000 to 10 Lakhs

ROI

12% – 30%

Processing Fees

4% to 9%

Tenure

3 to 36 months

Foreclosure Charges

After 3 months ( Rs. 500 charges + principal)

Part Payment Allowance

Yes

USP

Covering all cities and type of companies

Credit History

Min. 1 year – for salaried individuals

Min. 3 years – for self-employed profile

FlexSalary Personal Loan

Credit Required

Offering loans to even defaulters and individuals with low credit scores

Loan Amount

Rs. 4,000 to 2,00,000.

Repayment Tenure

From 10 months to 36 months

Approval

Same Day

Annual percentage interest rate (APR):

Maximum of 36% per year

ROI (Fixed/Floating)

NIL

Payment Delay Charges

No

Processing Fees

Rs.300 – Rs.750 (including GST) – one-time

Foreclosure Charges

No

KreditBee Personal Loan

Credit Required

Offering loans to even beginners and individuals with low credit scores

Application Mode

Online

Location

Most of the Tier-1, Tier-2, and Tier-3 cities in India

Loan Amount

Rs. 1,000 to Rs. 3 Lakhs

Repayment Tenure

3 to 24 months

ROI

Starting from 1.02% – 2.49% p.m.

Processing Fee

From Rs. 85 to 6% of the loan amount

Late Payment Charges

Yes

Loan Disbursal

In just 10 mins*

Money View Personal Loan

Credit Required

650 or more

Mode of Process

Online

Location

PAN India

Lending Size and Tenure

Rs. 5,000-5Lakhs (3 to 60 Months)

ROI

16% to 36%-Reducing

ROI (Fixed/Reducing)

Fixed

Processing Fees

2%

Foreclosure

As per Policies

( Only if you have paid the last 3 EMIs)

USP

Funding to All Profile whether Employee of Proprietorship firm/Partnership firm or Company

Money Wide Personal Loan

CIBIL Required

650 or above

Approval and Disbursement

Same Day

Interest Rates

Interest rate 17% – 29.99%

Security

No Collateral Required

Loan Amount

Rs. 10,000 – 3,00,000

Tenure

6M/ 12M/ 18M/ 24M/ 30M/ 36M

Location

134 locations pan India

Max FOIR

50-65% grid based

Required Salary

Minimum monthly salary should be Rs. 25,000/-

Processing Fees

3% to 3.5% of loan amount

Required Document

None – The entire process is Online and Paperless

Upward Fintech Personal Loan

Cibil Required

500-650

Application Mode

Online

Location

200+ Cities

Loan Amount

Up to Rs. 3 Lakhs

Repayment Tenure

1, 3, 6, 9 & 24 months

ROI

18% to 32% per annum

Processing Fees

2% of the Loan Amount

Collateral Requirement

No collateral required

Late Payment Charges

Yes

FAQ's

Cibil scores provide you with many benefits, such as cheaper interest rates on loans and credit cards with better benefits and rewards. A good Cibil score can help you avail of pre-approved loans, negotiate discounts on loan processing fees and other charges, and receive higher credit card limits.

Improving your CIBIL score is simple — you just need to improve your CIBIL score in four key areas. It’s easier than you think. Following these simple guidelines will help improve your CIBIL score fast. Here are four easy ways to improve your CIBIL score: 1. Repay credit card dues on time 2. Limit credit utilization 3. Apply for new credit cards 4. Keep a check on your CIBIL report, and 5. Know about the different types of credit products and services.

Any CIBIL score number above 700 is considered to be a good CIBIL Score.

Your CIBIL Score is calculated using a number of factors, including your repayment history, credit utilization ratio (the amount of debt you’re using compared to your available credit), and how many times you’ve applied for credit recently.

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