If you are looking forward to borrowing a personal loan, you must have seen the features and benefits of this loan. You also must have gone through the eligibility criteria and list of documents required for the same. Although personal loans are easy to apply for and are easy to qualify for, you will still need to have a high CIBIL score and a good credit report. If you are looking for a personal loan for CIBIL defaulters, this is the article for you.
Being a CIBIL defaulter does not mean that you will not be able to avail of a loan. Having a low CIBIL score or poor credit record will make it a little difficult for you to avail of a loan. The credit history ensures the loan provider that you have repaid your loans on time in the past and have not overused your credit limit. This helps them make sure that you are capable of and willing to repay the loan you are applying for. If you are looking for a personal loan for a CIBIL score of 550, read ahead!
In this article, we will be looking at how you can get an online personal loan for CIBIL defaulters. We will be sharing the platform for applying for the same and other details related to loans for CIBIL defaulters.
Table Of Contents
In this article about personal loan for CIBIL defaulters, you can read about the following topics in detail:
- What is Loaney?
- How to get a personal loan for CIBIL defaulters?
- Eligibility criteria for getting a personal loan for CIBIL defaulters
- How to apply for a loan for CIBIL defaulters on Loaney?
- Frequently asked questions
What Is Loaney?
No matter which city you live in, you could be in need of a personal loan. You can apply for this type of loan online and avail of the required amount from the comfort of your home. One of the best platforms for online personal loans for CIBIL defaulters is Loaney.
Loaney offers instant personal loans for its clients at a low-interest rate. The repayment tenures for which the loan is offered are short, and the platform does not ask for much paperwork for approving the loan application; the loan offered is unsecured, and you will not need to pledge collateral for availing of the required amount. Since Loaney is an online loan provider, you can get a personal loan for CIBIL defaulters in Bangalore, Delhi, Hyderabad, Chennai, Coimbatore, and most other cities in India.
How To Get A Personal Loan For CIBIL Defaulter?
Be it a home loan or a car loan for CIBIL defaulters; you cannot really avoid a CIBIL check to get the funds you need. But for a personal loan, you can count upon Loaney for approving the loan application for CIBIL defaulters. Loaney does not ask the applicant to submit their credit report or CIBIL score, and hence you can easily get a personal loan for a CIBIL score of 550.
Other ways how you can get a personal loan for low CIBIL scores are:
- Choosing the loan amount depends on whether you will be able to repay the same along with the interest rate.
- Not exceeding your credit limit.
- Closing all your previous defaulter accounts.
- Borrowing a loan where you can present a guarantor.
You can easily find a private personal loan for CIBIL defaulters in Chennai or other cities like Bangalore, Hyderabad, and Cochin for your financial needs on Loaney.
Eligibility Criteria For Getting A Personal Loan For CIBIL Defaulters
No matter which type of loan you are in need of, a car loan for CIBIL defaulters or even a personal loan, there will be an eligibility criteria list that will have to be checked by you to ensure that you qualify for the loan. For a personal loan for CIBIL defaulters in Delhi or Hyderabad or Coimbatore or any other leading city, the following are the eligibility criteria to apply on Loaney:
- The applicant for the personal loan must be an Indian citizen
- The age of the personal loan applicant must be 18 years or above
- The applicant must have a PAN Card and an Aadhar Card.
- The Aadhar Card of the applicant must be linked to their mobile number for applying for a personal loan for CIBIL defaulters in Hyderabad.
- The applicant must have a bank account that provides net banking services.
In case you are applying for a personal loan for CIBIL defaulters in Coimbatore or any other city in Southern India, you can use Loaney. In the following sections, we will be looking at the procedure for applying for a personal loan for CIBIL defaulters.
How To Apply For A Personal Loan For CIBIL Defaulters On Loaney?
The best part about applying for a personal loan on Loaney is that the complete procedure is seamless and online, so you can apply for a personal loan no matter which city you are in. In this section, we will be discussing the steps to apply for a personal loan for CIBIL defaulters in Bangalore or other big cities like Delhi, Hyderabad, Kolkata, Chennai, and more on Loaney.
- Visit the official website of Loaney and complete the application form for personal loans.
- Upload a copy of your Aadhar Card and PAN Card and provide your bank account details before submitting.
- Loaney will review and verify your details and then approve your loan application.
- The amount applied will then be transferred to your bank account.
If you are looking for a private personal loan for CIBIL defaulters in Chennai, Kolkata, Coimbatore, or any other city, Loaney is the best option for you.
We hope this article would have helped our readers from all major cities understand how to apply for a personal loan for CIBIL defaulters in Coimbatore, Hyderabad, Bangalore, Chennai, etc upcoming section, we have answered a few commonly asked questions for your convenience.
Frequently Asked Questions
1. Can a CIBIL defaulter get a personal loan?
Yes, a CIBIL defaulter can get a personal loan but might have to pay a higher interest rate or present a guarantor. If you are looking for a personal loan for CIBIL defaulters in Delhi, you can apply on Loaney and can easily avail of a personal loan without CIBIL check.
2. Can the defaulter get a loan after 7 years?
The fault on your credit report will be reflected for as long as 7 years. This can make it difficult for you to get a loan. Suppose you are looking for a personal loan for CIBIL defaulters in Hyderabad or any other city – in that case, you must do so on Loaney, to avoid a CIBIL check and rejection of the loan application.
3. Can I get a loan if my father is a defaulter?
Yes, you can get a personal loan even if your father is a CIBIL defaulter. You must have a good credit history and CIBIL score for the same. If you wish to borrow a personal loan for CIBIL defaulters, you can apply online on Loaney.