Consider using collateral for your loans

If you have a low credit score, you may need to offer security to get a Personal Loan. You can use your valuable assets as collateral, making it easier to get approval for a loan from the lender of your choice.

Show your creditworthiness

Lenders always look for borrowers who are capable of repaying their loans. If you have a stable source of income, you can quickly get personal loan immediate approval from any lender. Even if you have a low or no credit score, you can use your salary slip or bank statements to prove your income.

Use a guarantor for your loan

Having a co-applicant or guarantor can increase your chances of getting approved for a personal loan with no CIBIL. However, make sure that your guarantor has a steady income. They will need to complete the KYC process. Lenders will likely approve your loan application if your co-applicant meets their criteria after checking their bank statements and credit history.

If CIBIL, the credit bureau, fails to update your credit report accurately and promptly, or if incorrect information is recorded, you may miss out on getting approved for loans. Therefore, it is crucial for you to regularly check your credit report and ensure that you maintain a good credit score by making timely repayments. This will help you avoid any negative impact on your creditworthiness due to inaccuracies in your credit report.