Will you get personal loan with Low Cibil Score 500-600 or not? Know in this article.

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Low Cibil Score 500-600 Will we get personal loan or not: Due to the rapid increase in inflation, many times we suddenly need a lot of money. In such a situation, we can get instant loan for our need through many banks, NBFCs and loan applications. When you apply for a loan for your personal needs, your CIBIL score is checked. If your CIBIL score is good then you get the loan immediately but with a bad CIBIL score it is very difficult to get the loan.

If your CIBIL score is also low then you would definitely want to know whether you can get a loan or not and if you get it then who gives it and how much does it give, you will get the complete information in this article today. For this, read the article carefully till the end. should read

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What is CIBIL score?

CIBIL score is a number between 300 to 900 points which tells us how capable we are in making transactions or paying installments through the bank. If you take a loan from your bank, then your CIBIL score is checked. Is. In this, the record of your loan repayment is generally seen. If you have taken a previous loan and repaid it on time, then generally your CIBIL score is good.

What is the CIBIL score required to take a loan?

If you are applying for a personal loan, then your CIBIL score is the most important tool. If you want to take an unsecured loan, then it is necessary to have a minimum CIBIL score of 700. There are many NBFCs or financial institutions which have a CIBIL score lower than this. They also give you loan but most of the banks do not give you loan if your CIBIL score is less than 700.

How much loan is available if CIBIL score is less than 700?

Your CIBIL score is not checked when you apply for a loan for the first time. But when you apply for the loan for the second time, how did you repay the previous loan? It is definitely checked that if the CIBIL score is less than 700 then the bank can give you the loan only after agreeing and investigating the entire matter.

If you have not repaid the previous loan on time, yet you are applying for the loan again, then you will never get the loan. In such a situation, no bank institution gives you loan easily.

How much loan can one get if CIBIL score is 500 to 600?

There are many NBFCs which give you loan even if you have 500 or 600 CIBIL score. But generally you are given a very small loan amount for this which can be between ₹ 5000 to ₹ 25000.

Which NBFC gives loan against low CIBIL score?

Some leading NBFCs like KreditBee, Navi Loan etc. have such loan applications where you can get loan as per your need through your Aadhar card and PAN card even if you have low CIBIL score. Although you have to pay a lot of interest on getting a loan in this way, but if you have an emergency need then you can take a loan from this type of application.

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