Low Cibil Score Loan Options: People often need money at the time of marriage, house, higher education of children or any serious illness. At such a time, if they have maintained an emergency fund, then their work gets done easily. They fulfill their financial needs, but if you do not have any kind of funds, then people think of taking a loan from the bank.
However, banks investigate many things related to you before giving a loan. The bank passes your loan only on the basis of your CIBIL score. If your CIBIL score is low and the bank refuses to give you loan. Even in such a situation, you have some options in which you can get a loan despite low CIBIL score. Let us know about some such options…
1. Non-Banking Financial Company (NBFC) Loan
If the bank is refusing to give you a loan, then you can take a loan from an NBFC company. NBFC companies pass loans even on low CIBIL score. However, their interest rates may be higher than those of banks. Therefore, before taking a loan, this information must be obtained.
2. Gold Loan
If you have gold or gold jewellery, you can also take a gold loan. The interest rates on gold loan are also quite low. Also, your CIBIL score is not considered for this.
3. FD Loan
If you have got an FD in the bank, then you can apply for FD loan. Your CIBIL score is not considered for FD loan. You can easily get a loan up to 90 percent of your FD amount.
4. Joint Loan
Someone you know who has a very good CIBIL score. You can take a joint loan with them. However, for this, the consent of the other person is necessary.
Also read: Groww Share Price Today: Groww’s shares turned red like tomatoes, know the reason for this sudden decline.
