While a low CIBIL score would reduce the chances of getting approved for a personal loan, it is not impossible. Other factors that affect your chances of getting a loan include your status of employment, income, and credit report. … A poor CIBIL score may also affect the interest rate you get for a personal loan.
People also ask, can I get loan with 500 CIBIL score?
A personal loan for CIBIL Score of 500 is difficult to get. Banks and NBFCs prefer CIBIL Score of 750 and above to approve a personal loan. However, a few lenders may approve the loan for score of 550, but at a higher rate of interest, fees, and charges.
- Prove that your income can support EMI payments. …
- Ask for a lower personal loan amount. …
- Apply with a co-applicant or secure a guarantor. …
- Correct mistakes in your credit report. …
- Request your lender to consider your case with a NA or NH in your credit report.
Accordingly, how much loan can I get on 18000 salary?
With a salary of ₹ 18,000, the maximum amount he is eligible for is ₹ 3.75 Lakh. The interest he has to pay for this amount for 60 months is 10.70%.
How much loan can I get on my salary of 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
Which bank gives loan easily?
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.
Which private bank is best for personal loan?
Top Private Sector Banks Offering Personal Loans
| Bank | Interest Rate (p.a.) | Repayment Tenure |
|---|---|---|
| ICICI Bank | 11.25% onwards | 12 months to 60 months |
| Axis Bank | 16% to 24% | 12 months to 60 months |
| HDFC Bank | 15.50% to 21.50% | 12 months to 60 months |
| Kotak Mahindra Bank | 10.99% to 24% | Up to 60 months |