I have a low CIBIL score,can I get a personal loan for my business?

#1

I am thinking of taking a personal loan for my business but I think the CIBIL is quite low.

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#2

How much is your CIBIL score?

Generally a low CIBIL score is from 600-700 but it also depends upon the lenders and their eligibility criteria.
A good CIBIL score ranges from 800-900.

Here is how you can get a personal loan for your business with a low CIBIL score:

  • Firstly check your CIBIL report for any mistakes and get them corrected immediately.
  • Prove your income,mention any additional income as well.
  • Involve a guarantor as it will increase your chances of getting a loan if the guarantor has a good credit score and a stable income.
  • Apply only for a small amount loan as applying for a high amount loan would lower your chances of getting a loan with low CIBIL.
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