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While assessing your personal loan application, the lending institutions consider multiple factors before approving your loan. A credit score is one such important parameter that can either make or break your chances of availing a personal loan. 

According to experts, a credit score of more than 750 is considered optimal to secure a low-interest loan. However, sometimes our score falls due to non-timely payments. Various lenders refuse to give personal loans with such low ratings, and even if they do, high interest is charged.

But, the good news is that some non-banking financial institutions approve loans of people with a credit score of 600-700.

Many NBFC offers various types of loans according to the needs of the customers, such as two-wheeler loans, home loans, working capital loans, personal loans, etc. Personal loans are granted to both salaried and self-employed professionals for up to Rs.20,00,000 and Rs.30,00,000, respectively. Further, the interest rates start at 17% per annum.

Must Read: 5 Smart Tips to Increase your Personal Loan Eligibility