One of the common ways of meeting the financial emergencies is taking a personal loan. In today’s era getting a loan has become too easy as the eligibility criteria have become too basic and documentation process has gone paperless. However, your CIBIL score plays an eminent part in the process of getting your personal loan approved. Since the personal loan is not secured against any collateral, your CIBIL score serves as a major consideration for loan approval. Read this blog to know the steps on how to get personal loan with low CIBIL score.
CIBIL Score is dependent upon multiple factors, which include –
• Past credit repayments
• Rejected loan applications
• Multiple personal loans
• Missing credit history and a lot more
If you are planning to apply for the personal loan then you must check your CIBIL score in order to know your eligibility. Whether you are taking a personal loan in Hyderabad, Pune, Mumbai, Delhi or in any city in India, the requirement for CIBIL score remains same everywhere.
CIBIL loan eligibility calculator
Your eligibility for taking a loan also depends upon your repayment power. The amount which you can get as a loan depends on factors like monthly income, the tenure of loan etc. CIBIL loan eligibility calculator helps you to know your credit score and your eligibility for personal loan in just a blink of an eye.
All you need to do is fill in some of the basic details required followed by the quick document authentication process. You will instantly get to know whether you are eligible to get the loan or not. This eligibility calculator works the same for everyone and every city so, no matter whether you want Business Loan in Hyderabad, Lucknow, Kolkata or in any other city this eligibility calculator will help you know your credit score instantly.
How to improve or increase CIBIL Score?
Having a good credit score is an eminent requirement for getting personal loan approved easily in just a span of a few minutes. So, if your credit rating is low and you want to know how to improve your CIBIL score, take some steps listed below on immediate basis –
• Pay-off your old credits or loans
• Make timely payment of credit cards
• Don’t apply for the loan, if getting rejected
• Follow the 30% credit utilization rule
These steps will surely help you to know the process of how to increase CIBIL Score easily in a short span of time, and will help you easily get a personal loan in Hyderabad.
Minimum CIBIL Score for loan
You need to know the minimum CIBIL score for loan so that you can maintain your rating accordingly. The general range of CIBIL score is 300 to 900 where 300 is the lowest score and 900 is the highest score. Generally, 750 is considered as the minimum score required for a personal loan and the score above it is makes you a creditworthy applicant.
Minimum CIBIL Score for a home loan, car loan, or any type of loan is almost same as the personal loan. Further, the credit score amid 350 to 750 is considered as an average score and if your score is below 350 it is considered as a poor score.
Get personal loan with low CIBIL score
Now, if you CIBIL score is low and you are in need of loan on an urgent basis, you must apply for loan with Rupee Station. It is one of the one-stop destinations for all types of loans, be it unsecured or bad credit personal loans. And, Rupee station offers special benefits for the borrowers of personal and business loan in Hyderabad.