Ways to Get Personal Loans for CIBIL Defaulters

 

It will not be easy to get an instant personal loan if you have defaulted in the past since a personal loan is completely unsecured and you need to meet the eligibility criteria. However, this is not the end of life as there are ways in which you do a personal loan apply and get the same easily. If you do not have a good credit score, you need to secure a loan with the help of a property or collateral that is easy for the loan provider to offer you without any risk.

Get a secured personal loan

If you need a personal loan in Mumbai for any kind of emergency but do not have a good credit score, you can always secure your personal loan. This implies that you must attach and pledge collateral or security with the bank or non-banking financial company. security or collateral will help you get a personal loan instantly, and there will not be any risk since the loan provider can recover the outstanding amount if you default on the collateral.

Get a loan guarantor

A personal loan guarantor acts like security or collateral that takes the responsibility of your personal loan repayment. If you do not have a good credit score, the loan guarantor will take the responsibility for your repayment on the basis of which the loan provider gives you personal loan approval. The loan guarantor needs to have a good credit score and a high income in order to be the guarantor for an unsecured personal loan. In this case, the loan guarantor has to make the repayment if you default.

Personal loan secured by a fixed deposit

If you have a fixed deposit with any bank or non-banking financial company, you can always get a personal loan against it. In this case, the fixed deposit will act as a security against which the loan provider can recover if you do not pay the full personal loan amount. Therefore, since it is a secured personal loan with a fixed deposit, the need for a credit score is minimal. Therefore, individuals without a quote credit school can always get it done if they have access to a fixed deposit with the existing loan provider only.

Finishing up

If you do not have a good credit score, you can still get an instant personal loan with security or a loan guarantor. For an unsecured personal loan apply, you always need to meet the credit score and income requirement.

Read Full: Here’s what a personal loan will cost you now, based on your credit score