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