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Bad CIBIL Score? Here's How You Can Still Get a Loan Easily – No More Worries!

Loan News: Need urgent money but your CIBIL score is low? Don’t worry! Now, you can still get a loan even with a bad credit score. Let’s explore the best options available to you.

CIBIL score is a three-digit number that reflects your credit history and repayment habits. It ranges from 300 to 900, and anything above 750 is considered a good score.

Why does a CIBIL score become low?

  • Delayed or missed EMI or credit card payments

  • Frequent loan applications

  • Overuse of your credit limit

  • Defaulting on loans

If your score falls below 650, most banks hesitate to approve your loan. But don’t worry — there are alternative ways to get a loan, even with a poor score.

Bad CIBIL Score? Here's How You Can Still Get a Loan Easily – No More Worries!

1. Apply for a Joint Loan – Get Support from a Trusted Person

If your CIBIL score is low but a family member, friend, or spouse has a good score, a joint loan can be a perfect solution.

How does it work?

  • Both you and the co-applicant apply for the loan together.

  • The bank considers the co-applicant’s creditworthiness.

  • The loan is approved faster and with better terms.

Benefits:

  • Quick approval

  • Lower interest rate

  • Chance to rebuild your credit score

2. Gold Loan – Your Gold Can Save the Day

Gold is not just a valuable asset; it can also be your emergency fund. A gold loan is an easy and secure way to borrow money even if your credit score is poor.

How to get it?

  • Lenders offer up to 75% of the gold's market value.

  • Minimal paperwork and fast processing.

  • Available from banks and NBFCs (Non-Banking Financial Companies).

Benefits:

  • Fast disbursement

  • No need for high credit score

  • Secured loan with reasonable interest

3. Salary Loan – Borrow from Your Company

If you are a salaried employee, your company may offer you an advance salary or salary loan in times of need.

How to apply?

  • Contact your HR or finance department.

  • Fill out a simple request form.

  • Some companies offer this at zero or low interest.

Benefits:

  • No need to approach a bank

  • Easy repayment via salary deduction

  • No CIBIL score check in most cases

4. NBFC Loans – When Banks Say No, NBFCs Say Yes

When banks reject your application, Non-Banking Financial Companies (NBFCs) can help. These institutions are more flexible in their lending terms.

How does it work?

  • NBFCs are lenient with credit score requirements.

  • If you have a stable income, they are likely to approve your loan.

  • You can apply online or offline.

Benefits:

  • Quick processing

  • Fewer documents required

  • Flexible eligibility norms

Note: NBFCs may charge a higher interest rate than traditional banks.

5. Loan Against Investments – Use Your Savings Smartly

If you have invested money in FDs (Fixed Deposits), LIC Policies, or PPF (Public Provident Fund), you can take a loan against them.

How to get it?

  • Approach your bank or the institution where you invested.

  • The investment acts as security or collateral.

  • Loan disbursal is usually quick and hassle-free.

Benefits:

  • Lower interest rates

  • Minimal documentation

  • Credit score not a deciding factor

6. Instant Personal Loans via Apps – Digital Help at Your Fingertips

Many fintech apps provide small personal loans with minimal CIBIL score checks. These are great for short-term needs.

Popular apps include:

  • KreditBee

  • EarlySalary

  • MoneyTap

  • CASHe

  • Navi

Things to remember:

  • Read the terms and conditions carefully

  • Check for hidden charges and interest rates

  • Repay on time to avoid further credit damage

7. Guarantor-Backed Loans – A Reliable Backup Plan

If someone you trust is willing to become a guarantor, you can secure a loan with their support.

How does it work?

  • The guarantor is responsible if you default.

  • Banks feel more secure lending to you.

  • This increases your chances of approval.

Important:

  • Choose someone who has a good credit score and trusts you

  • Ensure timely EMI payments to maintain trust and credit rating

8. Ways to Improve Your CIBIL Score – Prepare for the Future

While these methods help in emergencies, improving your CIBIL score should be your long-term goal.

Steps to improve your score:

  • Always pay EMIs and credit card dues on time

  • Avoid applying for too many loans

  • Maintain a low credit utilization ratio

  • Review and correct your credit report if there are errors

Conclusion: Low CIBIL Score is Not the End – Smart Choices Can Help

Even with a poor credit score, you have multiple ways to get a loan and manage your financial needs. It’s all about making informed decisions and choosing the right option based on your situation.

Key takeaways:

  • Know your options: joint loans, gold loans, salary loans, NBFCs, etc.

  • Understand the terms before applying

  • Plan repayments in advance to avoid defaults

  • Work consistently on improving your credit score

No more anxiety if the bank says "No"! Use the above methods and get the funds you need – smartly and legally.

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