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The credit score is one of the most crucial parameters determining your loan eligibility. However, if you need a loan but don't have a good CIBIL score, it does not mean you cannot qualify for a loan when required. There are ways to obtain a 50000 Rupees loan with a low CIBIL score. Let’s look into them.
Although getting a 50,000 loan with a low CIBIL score comes with limited options, here are a few ways to increase your chances:
Lending institutions may perceive sufficient repayment capacity if you show them enough earnings to pay your EMIs on time. Mention all your income sources in the loan application to improve your approval chances.
If your income or credit score is low, you can add a co-applicant or guarantor to your application to enhance your approval chances. It will make your application less risky for the lender, convincing them to approve your loan with better chances of timely repayment.
If your credit score is low, the lender will avoid putting a larger amount at risk by lending it to you. However, they may agree to sanction a smaller loan due to the lower risk involved.
Errors in the credit report are common. If your credit score is low due to a mistake or wrong entry in your credit report, file a dispute to correct the error. It will instantly boost your credit score and improve your loan eligibility.
Also, Read: How To Get Instant Personal Loan for Low CIBIL Score?
A low credit score may impact your chances of getting a Personal Loan in the following ways:
A low credit score will make you a high-risk borrower with high chances of missed EMIs and default. Even if a lender agrees to approve your loan application, they may offer you a lower loan amount to minimise their lending risk.
When you apply for a 50,000 Personal Loan without a CIBIL score, only a few lending institutions may agree to sanction your loan. That means you have fewer loan options to compare and finalise.
Getting a 50,000 Personal Loan with a low CIBIL score is challenging. Since lending institutions need assurance of timely repayment, a low credit score may give them a good reason to reject your loan application.
Here are the eligibility conditions to apply for a 50,000 loan without a CIBIL score:
Also, Read: How to Get Urgent Personal Loan for Cibil Defaulters
When applying for an instant Personal Loan for a low CIBIL score, you must scan and upload the following documents online:
Be ready to pay these interest rates and additional charges when applying for a 50,000 Personal Loan with a low CIBIL score. Here are the charges at Hero FinCorp. However, these may vary depending on the applicant’s credit profile.
Fees & Charges | Chargeable Amount |
Interest Rate | Starting at 11% |
Processing Fee | 2.5% to 3.5% |
Foreclosure Charges | 5% + GST |
EMI Bounce Charges | Rs 350/- |
If you fulfil the eligibility criteria and documentation requirements, follow these steps to apply for a 50,000 loan without a CIBIL score from Hero FinCorp:
Also, Read: How You Can Get A Personal Loan With Credit Score 600
Are you looking for a 50,000 loan without a CIBIL score? Use the ways mentioned here to improve your approval chances. Although Personal Loan interest rates might be higher than normal, they can help you build a credit history and get better loan deals in the future. You can apply for a Personal Loan with Hero FinCorp to evaluate your loan eligibility and get the required funding despite a low CIBIL score.
1. How much can I borrow instantly without a CIBIL score?
You can borrow up to Rs 5 Lakh at Hero FinCorp. However, your loan approval will depend on your income, DTI ratio, and other eligibility criteria.
2. What are the repayment terms for a loan without a CIBIL score?
Depending on the lender’s approval, you can opt for a repayment term of up to 60 months when borrowing a 50,000 Personal Loan without a CIBIL score.
3. Will taking a loan without a CIBIL score impact my credit history?
Your credit score will improve if you pay your EMIs on time and deteriorate if you miss EMIs or default.
4. Are there alternative ways to build credit if I don't have a CIBIL score?
Using a credit card or obtaining a line of credit and making their repayments on time are alternative ways to build credit.
Yes, you can get a 50,000 personal loan on your PAN card from various lenders if you meet their eligibility criteria.
Disclaimer: The information provided in this blog is based on research. The amount of a personal loan can vary based on your CIBIL score, with a higher score often enabling you to qualify for a larger loan amount with favorable terms.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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