Wanna Know How Personal Loan for Cibil Defaulters Can Also Avail a Loan

Rahul, a 28-year-old,  Senior Graphic Designer by profession was very happy as finally, he was going on his most awaited trip to Europe. He had the savings of ₹1.5 Lakh but that was not enough to travel the mesmerizing locations of Europe. Thus, he approached one of the leading lenders to avail the loan of ₹2 Lakh in order to sponsor his trip. After 12 days, he followed up with the bank and what came as a shock to him is the fact that his personal loan application has been rejected! It was obvious that he was in total shock and on inquiring the reason for the rejection, he came to know that he had a low credit score and was listed as a personal loan cibil defaulters.

Well, this is not only the case with Rahul as there are many people like him who face the loan rejection at the time of apply personal loan online. Moreover, if we are talking about a loan rejection, it is important that we should talk more about this topic. Loan rejection is quite common and one of the prime reasons for the same is the cibil default. That’s Right! If you are someone who has already defaulted on a loan or on a credit card payment, there are high chances that your name is on a defaulters list. Not paying your credit card bills on time, missing out an EMI of a current loan are some of the factors that can drag you towards a defaulter well.

But what to do if someone is already stuck on a defaulter trap? What are the best ways to avail a lucrative deal in terms of grabbing the lowest personal loan interest rates?  Are you someone who wants to apply for personal loan, but being a cibil defaulter couldn’t get the loan? If that is the case with you, nothing to worry at all. Yes, as all you need to do is just read this article further. Today, in this article, we will let you that how a cibil defaulter can also get a personal loan to fulfill his various needs.

Though it is absolutely true that before offering the loan to the applicants lenders do consider the credit/cibil score just to have a quick check on an individual’s credit history and repayment record. But what the lenders will do in case of a cibil defaulter? You might be thinking that his loan application would be rejected and he won’t be able to get the credit until he improves his score, right? Well, that is not true. Even if you are a cibil defaulter, you would be able to get a personal loan online! Yes, that is true my friend!

There are many renowned banks and NBFCs are there in the marketplace which are known for offering the loan to such applicants who are having a low credit score or a cibil defaulter. In such a scenario, these lenders take into consideration various other factors apart from just considering the cibil. Yes, if an applicant is working in a prestigious company (CAT A, CAT B), if an individual is getting a handsome monthly income or if a borrower is working at a higher position/level, there are high chances that he/she might get the loan. I know it sounds almost impossible to you but my friend it is absolutely true that various lenders ready to lend the money to the cibil defaulters just on the above grounds.

But one thing that needs to be mentioned here is the fact that in case of a personal loan cibil defaulters online, lenders offer the loan to the applicants at a higher interest rate. That is true! Being a cibil defaulter, you have to bear some consequences in the form of availing the loan at a higher interest rate. And, with higher rates, you also have to pay the higher EMIs as well as the Interest Outgo. Thus, making a personal loan quite an expensive affair for you to avail.

And, before applying for a loan, if you want to check your credit score online, with the help of many reliable sites you can check cibil score online for free in just 2 minutes. Yes, these sites allow you to know your exact score in just a few steps after taking into account your personal details attached to PAN.

Hope this article was worth reading for you!

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