GromoLogo
  • Download
  • appStoreIcon
  • appStoreIcon
  • How To Apply For A Personal Loan With Low CIBIL Score?

    How To Apply For A Personal Loan With Low CIBIL Score?

    How To Apply For A Personal Loan With Low CIBIL Score?

    Getting approval for a personal loan while applying with a low CIBIL Score might seem impossible but can be made possible by considering some factors. Usually, lenders measure your repaying capacity by checking your CIBIL Score. Along with your score banks also check your credit history and report to get a brief idea of your repaying habits. Your credit report contains all the information about your current and previous loans which enables the bank to evaluate how much amount you have taken and how you have repaid it along with several other factors. Since there is no collateral involved and the lender has no assets to recover the amount, they check your CIBIL Score to make sure that the applicant is capable of repaying the loan and would not default. You can use a personal loan EMI calculator to check your repayment eligibility and apply for the loan accordingly.

    Your CIBIL Score provides a brief indication to the bank whether you would be a creditworthy applicant or a risky applicant. GroMo enables you to check your CIBIL Score free online to stay aware of your creditworthiness before applying for a loan. Moreover, GroMo is the leading fintech application in the Indian market that offers its users to earn money by selling financial products online. You can download the GroMo application to check your CIBIL Score. Also, you can register on the app to become a GroMo Partner and sell financial products online to potential customers to earn money online.

    Measures To Apply For Personal Loan With Low CIBIL Score

    Here are some of the measures that you can implement to apply for a personal loan with low CIBIL Score:

    Prove That Your Income Can Support EMI Payments

    Banks are only concerned about getting their loan amount repaid. Therefore, if you are able to prove to the bank that your income levels are greater than that of the EMI amount and that you will be able to repay the repayment installments without defaulting, then there are chances that you might get your personal loan application approved. Moreover, if you have received an increment in your salary, or have an additional source of income supporting your income. There are chances that the banks might consider your income levels and approve your personal loan application even with a low CIBIL Score. Moreover, even if you are able to convince the bank that you have a high source of income and would be easily able to repay the loan amount, you might have to pay a higher personal loan interest rate because of your low CIBIL Score. You can use the EMI calculator for personal loan to determine your repayment amounts and to make sure that your income is sufficient to repay the loan.

    Lower Amount On Personal Loan

    If you are able to convince the bank that you will be able to repay the loan amount, there are chances that the bank might approve your personal loan application. However, the banks might not approve the amount that you applied for and instead would approve a smaller loan amount. Reducing the loan amount would simultaneously reduce the repayment installments and make it easy for you to repay the loan. You can get approval on smaller loan amounts even if you have a low CIBIL Score. However, it is advisable to avoid applying for higher amounts of personal loans as they can lead to rejection and can even have an impact on your CIBIL Score.

    Guarantor Or Co-applicant To Ensure Loan Safety

    Having a low CIBIL Score can even make it difficult for you to obtain a personal loan. However, applying with someone who has a high score as a co-applicant or providing a guarantor can make it easy for you to obtain a personal loan. The other applicant will also have to provide their KYC details and other formalities at the time of loan application. Banks approve personal loans with co-applicants or guarantors that have a steady source of income and a high CIBIL Score as it ensures that the loan would be repaid on time and the applicants would not default. Check the personal loan calculator to know the EMI amount after applying it with a co-applicant.

    Conclusion

    These are some of the measures that you can implement to apply for a personal loan with a low CIBIL Score. Moreover, you can use tips on how to improve your CIBIL Score before applying to increase your score and then apply for a personal loan to get approval on your loan application. However, having a high CIBIL Score can make you eligible to apply for an instant personal loan. Moreover, you can learn more about CIBIL Score on the official GroMo Academy. Just download the GroMo mobile app and register using your bank account and KYC details to become a GroMo Partner. After successful registration, GroMo Partners can access a wide range of financial products that they can sell to potential customers to earn commissions. The list of financial and insurance products is available over the application that you can refer to potential customers within or outside your social network to receive a commission on every successful conversion.

    FAQ

    Can I get personal loan with low CIBIL score?

    Yes, you can avail of a personal loan by involving a co-applicant or a guarantor if you have a low CIBIL Score.

    Can I get loan if my CIBIL score is 600?

    Yes, you may still be able to get a personal loan with a credit score between 600 and 700. However, it is important to understand that the lower your score, the lower your approved loan amount will be.

    What if my CIBIL score is 300?

    A CIBIL Score between 300 and 549 is deemed to be poor and it might be difficult for you to get approval for a loan or credit card with such a poor CIBIL Score.

    Can I Check my CIBIL Score free online?

    Yes, you can download the GroMo mobile app to check your CIBIL Score online for free.

    Does bank check CIBIL score?

    Banks and financial institutions check CIBIL score formerly before granting any loan. The higher your score, the higher your chances of getting approval on your loan application, and vice versa.

    share

    item0
    item1
    item2

    Tags :-

    personal loan

    Credit Score

    finance

    emi payments

    Related Blogs

    see more blogs
    logo
    Sell financial products & earn ₹1 Lakh/month

    Products

    Credit Card

    Savings Account

    Demat Account

    Loan

    Line of Credit

    Investment

    Sell Insurance

    Contact Us

    +91 1246933315

    contact@gromo.in


    © 2022 GroMo. All rights reserved.

    About GroMo

    Do you want to earn money online without investment? Download GroMo to earn extra income from home today!

    What is GroMo ?

    GroMo is the best money-earning app that will help you in starting a business without any investment. Become a GroMo partner by downloading the GroMo app from Play Store and sell financial products from different brands to customers and earn over ₹1,00,000 every month.

    You can attend free training, learn how to sell financial products to customers and start earning.

    Who can become a GroMo Partner ?

    You can be a working professional, a businessman, a student or a housewife - our app is a one-stop solution for anybody looking to learn and earn money by selling financial products. Other than your primary source of income, you can easily earn extra money from home by joining GroMo.

    GroMo is one of the best side income sources where you can engage customers by sharing content with them and getting the financial product activated.

    What are the benefits of working with GroMo?

    1 Zero Investment business : Start your own business with 0 investment

    2 Work from homes : Get one of the best at-home job opportunities

    3 Quick payout : Shortest payout cycle in the market

    4 Side income source : One of the best extra income sources

    5 Great customer service : Grow your business with help from our customer support team

    What financial brands can you sell ?

    You can start your online business @0 investment with us today. Sell insurance and financial products from next-gen brands like Axis bank, Kotak 811 bank, Upstox, Paytm Money, Freecharge, Bajaj Finserv, etc. and earn extra income online without investment.

    You can sell financial products from the following brand categories:

    • Savings accounts
    • Insurance
    • Credit cards
    • Demat accounts
    • Credit accounts
    • Loan
    • Investments

    ...and many other fantastic financial products with our at-home money earning business. Like what we do? Great, there's more!

    What are the features of GroMo ?

    GroMo is a great platform to sell financial products. Trust us, you won't find a better way to earn extra online without investment. Your customers will be happy to get access to multiple financial products with you and you will be happy to earn more income from home, all in one app.

    You can even build a team through referrals and boost your earning with our app to make money. Here's is a list of GroMo features you would love:

    1 Get educated: Upskill with our free online courses and webinars and become a certified financial advisor while still doing home based work.

    2 Manage customers: Manage your customers and track their status in your GroMo App. Moreover, you can set up reminders to follow up with your customers.

    3 Engage your customers: Keep your audience engaged with personalized content, website and visiting cards to sell financial products.

    4 Refer and earn: Take full advantage of our fantastic referral policy and refer people in your network to GroMo on a regular basis.

    5 Track your earnings: Use your in-app wallet to keep track of your earnings and transfer money to your bank account.

    6 Data security: Securely maintain customer data in your financial app without worrying about any data safety issues.

    Get ready to eam money without investment with GroMo. Download our financial app todayGoogle Play StoreandApp Storeand start your job from home.