Apply for a Personal Loan with Low CIBIL Score from Money View

A CIBIL Score is a three-digit numerical representation of your creditworthiness which is determined by financial institutions before sanctioning you the loan amount, credit card, and so on. A credit rating with a CIBIL score of 750 or above is excellent and can help you be eligible for personal loans. Banks and NBFCs would make it more difficult for you to approve the loan if your score is below the stated. In addition, the loan amount you may borrow is largely determined by your CIBIL score, apart from your income criteria, salary, etc. 

Due to Money View’s in-house unique credit model, even with low credit scores you can get a loan, as long as your CIBIL score is over 600 or Experian score is over 650, you can still get a loan from Money View.

Why is CIBIL score important to apply for a personal loan?

To be considered for a personal loan, you must have a credit score of at least 600. Because CIBIL ratings are meant to be a reflection of your money management skills, they are just a result of how you manage your debts. Applying for a personal loan with a low CIBIL score is only possible across private institutions in India. However, it is the first and the most important criteria which most lenders consider while you apply for a personal loan. Your credit score is based on your creditworthiness, or your potential to repay debts, among other factors. 

Individual CIBIL results are computed by the TransUnion Credit Information Bureau (India) Limited or CIBIL considering your loan payback record, existing debts, and other factors. As a consequence, neglecting to reimburse on or before the deadline will earn you a bad score, whereas prompt loan reimbursements will get you a higher score. This simply implies that you should and should make timely settlements of your debts to maintain a good credit score which would make a direct impact on your loan being approved. 

Why apply for a personal loan with a low CIBIL score from Money View?

Money View is a private lender that provides personal loans for salaried and self-employed persons ranging from Rs. 5,000 to Rs. 5,00,000. With this online lender, you can apply for a personal loan with a range of repayment terms ranging from one to five years, through a completely digital procedure. Continue reading to learn more about why you should apply for a personal loan from Money View.

Quick disbursal: With Money View you will get your instant loan disbursal just in a promised time frame of 24 hours.

Flexible tenure: Money View provides flexible loan repayment plans for up to 5 years.

Affordable interest rate: Money View Personal Loans have an interest rate that starts from 1.33 percent per month or around 16 percent annually. Monthly interest rates range from 1.33 percent to 2.5 percent for loan terms of 3 to 60 months, while yearly interest rates range from 16 percent to 36 percent.

Digital process: Money View allows you to apply for a personal loan without compromising your comfort zone as the entire loan procedure is completed online.

Instant eligibility check: Apart from the benefit of instant loan approval, Money View also allows you to check your eligibility criteria just in 2 minutes. 

Apply for a personal loan with a low CIBIL score: Money View has its own credit model, which allows you to apply for a loan with a CIBIL or Experian score of 600 or 650.

Low-income criteria: Money View offers personal loans to both salaried and non-salaried individuals with a minimum income of Rs 13,500.

Lowest charges available on personal loans: Money View charges a 2% processing fee, 2% monthly interest on overdue EMIs, Rs 500 for a cheque bounce, and there are no loan foreclosure fees.

How to apply for a personal loan with a low CIBIL score with Money View?

To apply for a personal loan in a completely digital way with Money View, you need to first keep handy the required documents such as identity proof (PAN or Aadhaar Card), proof of address, and the last three months bank account statement containing salary credits are all required. After keeping all these documents ready you need to visit the official website of Money View or also you can download the mobile application from the default app store of your mobile. 

Upon creating an account online by entering your mobile number you can check your eligibility just in 2 minutes. By specifying your professional details and personal loan details, your loan application will be approved by the lender and you will get the specified loan amount in your bank account within 24 hours. You can also check your application status under the dashboard section of your account by entering your registered mobile number or email address. 

Conclusion

Having a good CIBIL score is not only required to apply for a personal loan, it is also mostly considered by the lenders when you apply for a credit card or any other type of loan such as a home or business loan. But when it comes to personal loans let me inform you that you may also get pre-approved loan offers that allow you to get approved your loan application instantly with minimum paperwork. Maintaining a good CIBIL score can only be done by making timely settlements or payments of your debts that not only increase your eligibility to apply for a loan but also allow you to keep an eye on your credit management. A CIBIL score is, without a doubt, the most important criteria that banks consider when approving a loan. But as an alternative, if you have a poor CIBIL score, you may still apply for a personal loan with Money View to cover your unexpected expenses or short-term financial goals.