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Borrowers usually prefer personal loans because they are obtained earlier than the other loans and have very less documentation. Personal loans can be used for any purpose. CIBIL Score is very important in the case of Personal Loans for both the lenders as well as the borrowers.
Quickly Get Personal Loan Through Creditseva
Creditseva is a platform that facilitates you to know every detail of your credit score, analyze and improve it so that you become eligible for the new loans credit score. With the help of Creditseva you can also identify the reason behind your low credit score and improve your credit score by following the guidelines mentioned in this article.
CIBIL Score for Personal Loan
It is generally observed that there is some basic criterion for a loan application to be accepted. Apart from these factors, one thing that is important for a personal loan application to be accepted is credit rating. Given below is the list of factors that are considered important for an individual’s personal loan to be accepted.
The importance of CIBIL Score for Personal Loan
CIBIL Score of an individual explains how creditworthy an individual is when it comes to paying back the loans and their EMIs on time. It is a CIBIL Score that decides whether an individual should be granted a personal loan or not. It is usually advisable not to apply for the new personal loan when your CIBIL Score is less than 700 or when you have made a default on any of your previous loans.
1. Frequent Check of Your Credit Score:
It is very important to keep checking your CIBIL Score before applying for a loan. By checking your credit score on a frequent basis, an individual is able to make sure that the loan they have applied for is accepted.
2. Continuous Application of Loans:
If an individual has requested for a loan and their application has been rejected, then it is always advisable that the individual does not apply for another loan right away.
3. Bargain for Suitable Interest Rates:
If an individual has a CIBIL Score above 750, then it is easy for that individual to bargain for the interest rates that are suitable to them. Higher the CIBIL Score of an individual, higher is the power of bargain of that individual.
4. Check out Your Eligibility:
One of the eligibility criteria for an individual to avail a personal loan is a good credit score i.e. above 750 points. If your credit score is below 750, you should not apply for a loan. Because in such a scenario, there are sure shot chances of your loan getting rejected. If your loan gets rejected, and if you reapply for a loan, there are definite chances of your loan getting rejected.
Ways to Get a Personal Loan with Low CIBIL Score
The following criteria should be met when an individual has applied for a personal loan and has a low CIBIL Score. If you have a bad credit history earlier but now your income is good and also have a good capacity to repay the loan, then the lender will consider your case as an exception and approve the loan application made by you. In such a scenario, you need to submit the following documents.
- Salary statement for the last 6 months
- You should be above 18 years of age
- Minimum age limit should be 18 years
- Statement of Your Salary of last 6 months
- Your Bank Statement for the Last 6 months
- The Income Tax Return of Last 3 years
- All important documents like PAN Card, Aadhar Card, Driving License, Voter ID Card etc.
Main Reasons for Bad CIBIL Score
Basically, there are many reasons for an individual to have a bad CIBIL Score. But some reasons play the more crucial role than the others. Here we have a list of reasons for bad CIBIL Score. If an individual avoids getting into the below situations, then the chances of their loan and credit card approval are more.
- When your Cheque Bounces
- When you have a history of delay in credit card payments
- When you fail to pay your installments of a loan on time
- History of delayed credit card payments
- Multiple applications of loan and credit card at different banks
- Crossing your credit limits countlessly
- Having No Credit Score At All.
Thus it is important for every individual to maintain a good CIBIL Score so that they can get their personal loan requests approved without facing any difficulties and hardships.
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