Loan With Poor Cibil Score: There are many such occasions in life when a person needs money immediately. In such a situation, if they have kept some fund aside for emergency, then their work gets done easily. But many people do not have any emergency fund to deal with this situation.
In such a situation, there is no option left except taking a loan from the bank. At the same time, before giving loan, the bank investigates the financial information and other things of the person. The bank mainly takes information about the civil score of the person. Banks refuse to give loan if the civil score is bad. If a person has a bad civil score, can he get a loan? Let us know how you can take a loan from the bank if your CIBIL score is bad.
This is how you will get loan if CIBIL score is bad
If your CIBIL score is bad and the bank has refused to give you a loan, then there is no need to panic. In such times, your bank FD can become your support. In most of the cases, the bank approves loan against FD even if there is a low CIBIL score. However, the loan amount depends on your FD amount.
Loan against FD is a type of secured loan. In this, banks do not look at your credit history, because your FD is the complete guarantee of your loan. If for some reason you are not able to repay the loan, then the bank compensates the loan amount from your FD. Therefore, in case of bad CIBIL score, taking loan against FD can prove to be an easy and reliable option.
CIBIL score will improve like this
Loan can be taken up to 90 percent of the FD amount. That means, if your FD is worth Rs 1 lakh, you can take a loan up to Rs 90 thousand. If you repay the loan amount taken against FD on time, your CIBIL score can improve. You can improve your CIBIL score by up to 100 points by paying the FD loan amount.
Also read: Tremendous jump in valuation of 8 big companies out of top 10, these 2 stocks gave huge profits to investors
