How to get a personal loan despite a low CIBIL Score?

Personal loans for low CIBIL score

Ajay was happy. His daughter had got shortisted for admission to one of the best school in the town. He now required to pay an upfront payment of Rs. 1 lac to secure the admission.

He did not have the amount readily available with him. So, he walked down to his bank and applied for a personal loan.

After 3 days, he followed up with the bank only to know that his application has been rejected.

On inquiring the reason, he was told that he had a low CIBIL credit score. He was unhappy.

 

Ajay’s is not alone in facing a loan rejection. Several other people face the same ordeal when accessing loans to fulfil one or other other important need that they have.

A CIBIL Credit Score is a representation of your credit worthiness. It is assembled from the data about your loans and credit cards that are supplied by various banks to CIBIL. The score ranges from 300 to 900.

Do you know? Most loan applications that are approved by banks have a CIBIL credit score of 750 or more.

CIBIL score meter

Image Source: CIBIL, June 25, 2015; The number in blue background is the CIBIL score.

As it stands, the CIBIL Credit Score is a key parameter in deciding whether you will get a loan or not.

Ajay discovered that his CIBIL Score was just 650. That is way below required.

His bank manager also told him that with this score, it would be difficult to get a loan from any other bank too.

He had many questions in his mind.

“Why is my credit score low? I don’t even use credit cards anymore.?”

“How can I improve this score quickly?”

“What do I do now to pay the school admission fees?”

Personal loan for low cibil score

Well, there could have been several reasons for a low credit score most important being, no timely payments of loans in the past, taking on too much credit, wrong information provided by banks, etc.

Whatever the case might be, it is not possible to improve your score immediately. It can easily take 6 months to a few years to get your credit score back on track.

Read more: Is your CIBIL Score low? Reasons and how to improve

Ajay didn’t have so much time. For him, the last question of arranging money for the school fees was the most important as of now.

Since the doors of the banks were closed to him, he didn’t want to waste any more time. He was actively looking for other sources for the loan.

As he searched the internet, he came across the alternative loan platform of peer to peer lending.

Individual borrowers and lenders come together on this platform to take and offer loans. He found this interesting.

The platform screened the borrowers on various parameters and allowed them to set an interest rate that they were willing to pay for the loan amount.

The lenders would then connect with the borrowers and on mutual agreement the loan would be made.

The payments are made in monthly instalments.

Ajay decided to try this out. All it required was to sign up and provide some basic details about himself.

The best part was that the screening went beyond the CIBIL credit score and evaluated 30+ other parameters such as financial behaviour, future financial prospects, education, demographics, socio-economic conditions, etc.

This brings out a holistic profile of an individual. Through this model a proprietary credit score is generated by the system, which then enables even someone like Ajay, who has a low CIBIL score, to access a loan.

Ajay provided all the required information and submitted his loan requirement of Rs. 1 lac for 1 year.

The very next day he received offers from multiple lenders that too at a rate of 18%.

Ajay was glad. The platform took care of the entire process and arranged the loan agreement between Ajay and the lenders. As soon as the amount arrived in his bank account, he paid the school admission fees.

Ajay is happy that he could get his daughter admission to one of the best schools in the city. He wants her to have the best possible education.

By the way, the platform Ajay accessed was that of i2ifunding.com.

Do you want to know more about peer to peer lending platform i2ifunding.com?

Know how it works here.

Create your i2iFunding account now.

Are You Looking At The Right Credit Score?

47 comments

  • Very well explained to understand Cibil score, thanks for sharing

  • Jyoti

    What is the cut off CIBIL score for getting personal loans from bank?

    • Dear Jyoti,

      Generally minimum CIBIL score for processing a personal loan request is 750+ at any bank. Anything above this score means that your loan application process will be processes without easily at any bank. If your CIBIL is less than 750, there are good chances that your loan application will be rejected by bank.

      Thanks
      Team i2iFunding

    • Mugesh

      It depends bank to bank…

      Personal loan is should be higher than 750 & auto loan should be higher that 680

  • great description..
    thanks for sharing

  • Satyanarayana

    Cibil score low personal loan urgent

    • Dear Satyanarayana,

      kindly create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • Amit Khude

    Require Loan of 3,00,000 urgently, but no investors available for Pune region.

    low CIBIL scor but gurantee to pay EMI on Timely basis.

  • Kishore Kumar K

    Need 2 laks loan on urgent basis but my cibil score is low. I can pay the EMI on timely basis.

    • Dear Kishore,

      Request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • sneha rai

    I have registered myself as a borrower and have submitted all the required documents,I have a low credit score I have a good source of income ,and can make my monthly payments,this loan is really urgent for me please look into it asap.

  • Manoranjan Prasad

    awesome process and system for all even for cibil defaulter also..
    I liked the story of “Ajay was Happy”

  • jyotsna ramesh bordikar

    please note that i need badly rs.200000 .for five yrs.

    • Dear Jyotsna,

      Request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • Shyam l shroff

    I m looking for personal loan but I can’t get I have applied in HDFC Bank also but rejected

    • Dear Shyam,

      Request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • Suman prakash

    Urgent repuired loan but getting rejected due to cibil prob,

    • Dear Suman,

      Request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • LAKSHMI DORAI BURU

    I want loan

    • Dear Lakshmi,

      Request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • Raghunath

    Pls advice me about personal loan

  • Ashwin Sabat

    Dear Team,

    Please provide your contact details. i would like to apply for loan

    • Dear Ashwin,

      You can contact us on +91- 971 742 0307 or +91- 120 43 23 003

      Alternatively, to apply for a loan,request you to create your borrower’s account on our website & post your loan request. Sign up as borrowers by using following link:

      i2iFunding Signup

      Once your loan request goes live, your loan will be funded by interested individual lenders.

      In case you need any help, please feel free to contact us.

      Thanks
      Team i2iFunding

  • Vinay Rao

    hello, sir my score is 555, can i get 4lakh as loan, im from bangalore

    • Dear Vinay,

      Thanks for your query.

      At this CIBIL score, you can get a Loan from our platform. All you need to do is, create your Borrowers account & put your loan request. Once your loan request is approved from our team, you loan request will go live on website & interested investor will start showing interest in your loan.

      In case you have any questions/queries please feel free to write us as funding@i2ifunding.com or contact us at +91- 971 742 0307.

      Here is Signup link for creating Borrowers account.

      Thanks,
      Team i2iFunding.

  • Robin

    Well said, Good info. There is no doubt that for a new business setup, most of the people take business loan but some people’s loan application is rejected by the banks and lots of people don’t know what the reasons behind are. But thanks for the post, it’s really informative for those people which are need business loan.

  • PANKAJ

    DEAR SIR
    LOWEST INCOME 15100/- PERSONAL LOAN NOT AVAILABLE WHY EMI 4500 PER MONTHLY

  • PANKAJ

    BANK REJECTED OF LOAN APPLICATION WHY

  • PANKAJ

    LOAN 1 LAKH ONLY

  • Akshay chinchkar

    I have bad cibil. As i require personal loan of INR 2 lacs.
    Pls help me out

    • Dear Akshay,

      Thank you for posting your query.

      You can get personal loan of Rs 2 Lacs from i2iFunding. You need to create your borrower’s profile at i2iFunding & post your loan requirement. Once your loan request goes live, you will start receiving fund proposals from individual investors.

      In case of any further queries, feel free to contact us

      Thanks
      Team i2iFunding

  • Ankush

    I have bad cibil….but urgent needs 80000 loan amount. …my monthly income salary 18000, currently working with jindal saw ltd….plz help me

  • Pradeep Mishra

    Dear Team, My CIBIL score is 570 and i am working with TATA group. Getting salary of Rs.44215/- in my bank account. I need fund for Rs.2 Lacs. Applied to bank but the same was rejected.
    Can you please let me help to finding personal loan for Rs.2 Lacs.

  • Shashikant Mitkari

    hi team,

    I work for fiserv inc.(a fortune 500 software company) in Pune. my monthly salary is 41000/- but have very bad cibil score. I urgently need loan of Rs. 2 lacs. Gaurantee you to pay EMIs on time. I have also created a borrowers profile and uploaded all documents except current address proof(i dont have one with me). Please let me if i can get the required loan amount from i2ifunding.com? or it just another waste of time and money thing for.

  • puneeth

    i have a less cibil score i need personal loan very badly. Puneeth

  • poojitha

    I have cibil score but i have urgent need 100000 laksh loan but what can i do pls help me i am in chennai 83

  • Sumeet

    my cibil score in 512. i need a personal loan

  • raniswapna

    I have low civil score I need 3 lakhs can I get a personal loan

  • Manoj

    I have bad cibil score. As i require personal loan of INR 2 lacs.
    Pls help me &

    Reply

  • Bhupendra

    Need a loan of 1L but my salary a little under 3L will I still get a loan?

    • Dear Bhupendra

      Yes you can get loan from i2iFunding. You need to create your borrower account & put your loan request. Once your loan request is approved, individual investors can fund your loan.

      To complete your registration, click here. i2iFunding Sign up.

      Thanks
      Team i2iFunding

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