Ever Heard of Personal Loan For CIBIL Defaulter

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While people know that there is always a solution to problems, when it comes to CIBIL, people still get scared. So, even if you have heard and read that CIBIL defaulters can not get a loan, there is a slight possibility that these people can still get a loan.

Talking specifically about a personal loan, CIBIL defaulters still have a choice. Below is the situation for a personal loan for CIBILdefaulter.
  1. Take a personal loan with spouse and if they have a good credit history it will be easier to get approval.
  2. Use your existing professional growth as an advantage to get credibility from the lender.
  3. Get secured personal loans where the importance of CIBIL is less.
  4. Be ready to have a few options as only a few lenders accept applications for this case.
How much personal loan can you get

While you know that you will be left with only a few options, you would still be eager to know how much loan amount can you get. In that case, you can check your eligibility with the help of a personal loan eligibility calculator. The process is simple and quick with the following steps:
  • Select the city where you live
  • Mention your date of birth
  • Full Name
  • Mobile Number
  • Your relationship with the bank
  • Work Information (Type of employment)
  • Click on the check eligibility button
What is the connection between personal loan and CIBIL?

A person who has ever applied for a loan knows that lenders would want to know your credit score or history. CIBIL being the most popular credit bureau company is given weightage. So, a person who has a good credit score as per CIBIL has an advantage of negotiating with rates and loan amount. The one who has a poor score or in that case a defaulter may or not be getting a loan. However, who have never taken any kind of debt (credit card or loans) would not have a credit history but they are still eligible for all types of loans. So, those who do not have a credit history are still at a better position as compared to a CIBIL defaulter. The minimum CIBIL score required for a personal loan is 750.

What should you do to improve your CIBIL score?

Below are the pointers that are going to help you shift from defaulters list to a good CIBIL score holders list.
  • Apply for any loan or credit card just to improve your payment record or create one.
  • Avoid using unnecessary credit cards.
  • Do not increase your credit limit until and unless it’s very urgent.
  • Increase the limit to avoid over limit expenditures.
  • Try not to use more than 30% of your credit card limit, forget that you have more than that.
  • Pay your credit card bills or EMIs on time.
  • Paying the bill means all of it.
  • If possible, do not go for prepayment of the loans.
On the basis of the above information on CIBIL and its relation with a personal loan, you may be able to identify what you lack and how can you work on it.


Location: India

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