Want to apply for a personal loan with a CIBIL score of 600? Know that it can be challenging as most lenders prefer a higher score. Your score represents your creditworthiness, and therefore, holds great significance for your eligibility. Here’s a tabulated overview of what the score implies:
|800 – 900
|750 – 799
|650 – 749
|550 – 649
|300 – 549
|Not Applicable / No History
As you can see, if your score is low such as 600, it doesn’t fall under the category of a ‘good’, making getting a favourable offer difficult. Nonetheless, there are a few tips you can try to secure the funds you need. Read on to know more.
Here are some disadvantages you need to know:
One of the essential criteria to remember is that the lender may offer a significantly smaller loan amount if you have a low score. After all, lenders don’t want to compromise on the safety factor. Worry not, as the following tips can help you get loan approval:
If you have a credit score of 600, personal loans interest rates will be higher. Interest rates form a crucial component of your overall loan costs. Higher rates translate to a higher interest outgo.
Here are a few factors affecting your loan interest rates, apart from your credit score:
When you have a low score, you become a high-risk borrower. To offset this risk, your loan terms will be rigid. For instance, you may have to bear:
Also Read: Know what your credit score says about you
Check out these easy-to-follow tips:
Lenders need to understand how you plan to repay your loan. A higher income translates to a better chance of loan approval. So, remember to disclose all income sources especially when applying for personal loans with a CIBIL score of 600 or lower.
Here’s all you need to know about a secured loan:
So, your score doesn’t have the same weightage, making secured loans accessible even with low scores.
In co-applications, the lender will consider the scores of all applicants. Given this, if all of you have a good average, you can get the funds you need. For this, you need to ensure that the other person has the ideal credit profile.
So, if you want personal loans with a CIBIL score of 600, try submitting the application with:
Getting loans with a low score has certain disadvantages. But you can tackle them by improving your score with the following tips:
Know that building a good score requires a lot of discipline and patience. So, if you need urgent funds, this may not be an ideal option. In such instances, you can get an Personal Loan from Fibe. We have an alternate credit scoring system that allows you to get instant funding with a low or no credit score.
You can get up to ₹5 lakhs at affordable interest rates and tenures going up to 36 months. You also get instant access to funds thanks to a 100% digital application process and minimum paperwork. Download our Personal Loan App or register on the website to apply!
Yes, you can get credit. However, the lender may levy higher interest rates and you may have to meet certain criteria such as:
Ideally, you should have a score between 650 and 750. However, this parameter may vary across lenders. So, check and compare the requirements before you apply.
Try some of these easy tips: