Having a bad cibil score now a day is not a big issue. Don’t worry. These problems can be easily fixed at a small cost or without any cost.
You only need to follow some approach on a continuous basis for improvements and monitor your credit activities in a disciplined manner.
Mentioned below are the best-proven ways of increasing your score and getting personal loans for poor cibil score as well. First, it is your responsibility to prevent your score.
Stop taking more loans in financial hardship
Don’t reduce your net worth by it taking more loans. Always try to fix cibil score and keep monitoring and making targets from time to time. Applying for more loans with banks and financial institutions without repaying previous ones also reduces credit scores.
Reduction in credit card expenses
Reducing the frequency of credit card utilization is an important part of your credit score. If your credit card utilization increases, your credit score starts reducing. The Financial institutions or Banks start avoiding giving more loans or credit cards to you if your percentage utilization is too high.
Make Repayment of all left EMIs
Delays on EMIs are one of the biggest reasons to reduce CIBIL scores. For every EMIs you missed, the bank / financial institution reports this to credit bureaus. This shows in a red mark on your credit report. Repay your late EMIs or credit card bills as early as possible. You can also make part payments; it will reduce extra additional charges.
Increase in budgeting
Financial hardship is one of the big reasons in delay payment. You need to make a target cibil score and try to achieve this. Make cost-cutting in your personal expenses to increase your budget, It will enhance your repayment capacity.
Monitoring
You need to check your credit report from time to time for review. “Prevention is always better than cure” as per an old saying.
Role of CIBIL score improvement agency
You can also get a personal loan with the help of cibil score improvement agency. They have all the required skills and knowledge. You can file a dispute with the help of these agencies by providing supporting documents to them. Cibil score repairing is the process of rectifying or correcting your score.
But if you are stuck in an emergency situation and need a loan on an immediate basis so there are other ways:-
Additional Information:-
Apply through NBFCs because their policies are more lenient than other financial institutions.
Select secured (collateral) loans rather than unsecured loans.
Provide strong income evidence to proof your income stability.
Apply for a lower amount than a higher amount because it contains less risky for lenders.
You can apply with the co-applicant.
You can apply for the joint loan with any of your family members and relatives with a good cibil score. They are also responsible to you for repayment.
Conclusion- Personal loans are also available for people with low cibil scores. But you only need to take right actions on right time. All the things we discussed above it will definitely helpful for you.