North India Statesman
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Think, you have suddenly needed money. There is a medical emergency, the child’s fees have to be paid or any important work has come in the house. You apply for a loan in the bank with full confidence, but a few days later the answer comes from the bank – “Sorry, your loan cannot be approved.”
The largest villain behind this ‘Na’ is often the same – your Bad Cibil Score.
This is a three -digit number that tells your entire financial horoscope. If you have ever delayed paying an EMI or credit card bill, then it spoils your CIBIL score. And the bank is afraid to give money to the poor score.
But does this mean that all the doors are closed for you? no way! Even if your CIBIL score is weak, there are some ways that can give you money at the time of need.
These are 5 smart ways to get a loan on poor CIBIL:
1. Gold will come in the house (Gold Loan)
It is one of the easiest and fastest methods. Every Indian house has some gold. You can take this gold in exchange for a bank or NBFC (Non-Banking Finance Company) and take a loan in return. In this, the bank does not see your CIBIL score, because they have your gold as a guarantee.
2. If you have FD (Loan Against Securities)
If you have invested money in a fixed deposit (FD) or any government scheme (like NSC) in the bank, then you can easily take a loan in return. The bank gives a loan of up to 80-90% of your FD amount. Here too, there is no tension of CIBIL score, because your own money is guaranteed by the bank.
3. Joint Loan with ‘Hum Saath Saath Hain’
If someone in your family (such as your spouse or parents) is very good, then you can apply for a joint loan with them. When the bank sees that the credit score of an application is good, it does not hesitate to give a loan.
4. NBFC correct if not bank
There are many NBFCs and new digital lending apps which are also ready to give loans to those with bad CIBIL scores. Their rules are slightly flexible than banks. But yes, keep in mind one thingThey can charge you a little more interest.
5. Does less money need? (Small Personal Loan)
If you need a small loan ranging from 20,000 to 50,000 rupees, not a huge amount, then there are many fintech companies and apps that also give this loan on a low CIBIL score. Their process is very fast and the money comes to your account quickly.
One important thing
It is difficult to find a loan on a bad CIBIL, not impossible. But remember that the rates of interest on the loan received by these methods may be slightly higher. Therefore, take a loan only when there is a lot of need and try to repair your EMI on time in future, so that you do not need to knock on the door next time.
