You may want to take a personal loan for meeting your need for finances. But unable to take the loan due to low or bad credit score.
Yes, it is right that if your credit score is bad or low, you will face difficulties in getting a loan and there are chances that your loan application may face rejection. So, it is always advised to have a good score so that these unwanted situations can be avoided.
But don’t worry, since there are banks you understand your situation and are ready to give you a personal loan on our low score also. But remember the interest rate might be high in this case. Also once you are applying for the personal loan you need to cover all the relevant aspect and need to analyze all the benefits and drawbacks revolve around it.
Now, Let’s have a look at these banks that are providing loans on low credit score:
Tata Capital Personal LoanWith Tata Capital, you will be able to get a personal loan even on the low credit score. With Tata Capital, you can get the minimum of Rs 75000 and maximum of Rs 25 lakhs of the loan. The processing time is just 72 hours. The loan term can be from 12 months to 84 months. Here are some of the key features of Tata Capital:
- You can get this loan with low credit score also.
- You get the facility of paying your principal amount in parts along with your EMIs.
- The processing fee is also less as compared to others which are maximum of 2% of the loan amount and minimum of Rs 999.
- The documents required will be your age proof, income proof, residential proof, identity proof, KYC documents and any other as asked by the bank.
- You can also take Tata 50-50 wedding loan for equals, interest-free travel loan, step up flexi EMI loan if you are a fresher and expect higher income in future, and step down flexi EMI if initially, you can pay higher EMIs.
- You can also take personal loan top up which is also a loan that you can take on your loan amount for the time of 8 months to 18 months if you need more funds.
Capital First Personal loanAnother non-banking financing institution that offers loan to the persons having a low credit score is Capital First. The personal loan you can get from this institution is a minimum of Rs 1 lakh and a maximum of 25 lakhs. This loan comes with the repayment time period of a minimum of 12 months to the maximum of 60 months. Here are some key points of this financial institution:
- This loan is only for salaried or self-employed professionals but not for the self-employed businessman.
- The processing time of Capital First is also very quick. The funding time is within 12 hours.
- The processing of the personal loan is just 1.50% of the loan amount.
- You will get doorstep service for collecting your documents required for the loan.
- Another interesting thing is that there are no loan cancellation charges if you cancel your approved loan.
- You are allowed to do any part payment and also you can’t change your EMI date. So, for salaried people, this can be an issue if the date of EMI is before their salary date.
Bajaj Finserv personal LoanAnother financial institution that gives you personal loans on average credit ratings is Bajaj Finserv. Forgetting the loan at the low credit score, you must be completely legible and have a good repayment track record. If you have these two with you, then the chances of getting a personal loan even at the low credit score. Here are some of the features of Bajaj Finserv:
- If you want a quick dispersal of the loan, then Bajaj Finserv is the right choice for you as you will get the amount within 24 hours of submitting the documents.
- You can get the loan of a maximum of Rs 35 lakhs and the time for the repayment of the loan is a minimum of 12 months and a maximum of 96 months.
- The things that need to watch out here is that pre-payment charges, processing charges, and default charges are high.
- Like Capital first, here also you can’t change your EMI date.
Indiabulls Personal LoanThe next name giving personal loans to average score bearers is Indiabulls. This is the institution that can give you the loan on a very nominal amount. The processing time here is super fast. Here are some of its important points:
- If you need funds in an emergency, then this is the place where you can get them. Within 3 minutes of submitting your KYC documents, you can avail of your funds.
- The interesting thing here is that if you are in need of a very small amount such as Rs 1000, even on this amount you can take a loan at Indiabulls.
- Even the processing fee is also very low. It is 1.50% of your total loan amount.
- The maximum amount for which you can get a loan here is Rs 15 lakhs.
- You can choose Indiabulls if you want zero documentation, interested in any part payment, and zero prepayment charges on the loans up to Rs 20000.
- The things you will need to watch out here is you can’t change your EMI date, high prepayment, processing, and late payment charges. You can not have a co-applicant with you for the loan.
- Availing loan without Aadhaar ID is not possible.
Fullerton India Personal LoanThe last but not the least in the list Fullerton India. If your monthly income is more than Rs 75000, then Fullerton India can be a good choice for you since these type of persons come under the elite category. This category gets some special benefits such as doorstep collection of documents for loan and a customer relationship manager for assisting them with their personal loan queries. Here are some things that you need to know:
- The loan amount can be minimum of Rs 50000 and a maximum of Rs 20 lakhs for salaried people & Rs 30 lakhs for self-employed
- The loan repayment term is a minimum 12 months and a maximum of 60 months.
- If you can wait for some time for getting the loan, then you can go to Fullerton India as the processing time here is 1 to 3 days..but if you will apply online, you can get instant approval.
- The things that need to watch out here are is a high processing fee, high-interest rate, no part payment is allowed and not good in case of any emergency.
So, these were the loans that can help you when you have a bad credit score. Who knows this could become your chance of improving your bad score.