How to Get a Personal Loan for a Low CIBIL Score in 2023?


Are you feeling stuck with a low CIBIL score but needing a personal loan? Don’t worry, you’re not alone. Many people face this challenge, and the good news is that there are strategies to secure a personal loan even with a less-than-ideal credit score.

In this guide, we’ll walk you through practical steps and tips on navigating the loan application process effectively, regardless of your credit history.

So, let’s get started!

CIBIL Score: A Synopsis

Your CIBIL score is like your financial report card. It’s an indicator of how well you manage your money. Your score goes up if you’re good at paying your bills on time, not borrowing too much money, and not having lots of debt. But your score goes down if you often forget to pay your bills, borrow too much, or have lots of debt. 

This score usually ranges between 300-900. When you want to borrow money, such as by taking out a loan or a credit card, banks and lenders look at your CIBIL score. They’re more likely to lend you money and give you better deals if it’s high. They might deny you or charge you a higher interest rate if it’s low.

To secure your financial future, it’s essential to maintain your CIBIL score by being financially responsible. However, if you have a low credit score and want to take a personal loan, we have you covered in this blog.

Ways to Get a Personal Loan with a Low CIBIL Score

Here is how to avail of an instant loan for a low CIBIL score-

  • Prove a Good Income to Support Timely EMI Payments

If you’ve recently received a raise or have an extra income source, it can persuade the lender to consider your personal loan application despite your low CIBIL score.

Demonstrating a stable income and job security can increase your chances, but keep in mind that the interest rate may be higher.

  • Apply for a Lower Loan Amount

When you apply for a smaller personal loan with a low CIBIL score, it reduces the risk for the lender.

Less risk means they may be more willing to approve your loan application, as a smaller amount is easier to repay.

  • Secure a Guarantor or Apply with a Co-Applicant

Involving a co-applicant or having a guarantor with a decent CIBIL score can boost your eligibility for a low credit score loan. Their income and credibility will enhance your chances of approval.

But remember, your co-applicant will be held responsible for repaying the loan if you can’t.

  • Check the Credit Report for Errors

Regularly review your credit report for errors related to identity, financial information, or repayments.

Correcting these errors can improve your credit score, making it easier to qualify for a personal loan without a CIBIL check.

You may also want to know the Best Personal Loans in India
  • Request the Lender to Consider NA or NH in Your Credit Report

If your credit report shows NA (not applicable) or NH (no history) due to a lack of credit activity in the last 36 months, discuss this with the lender. They may approve the loan at a slightly higher interest rate.

This can be an option if you have no credit history or a very low CIBIL score.


How to get a loan for a low CIBIL score has been a concern for many. Your CIBIL score plays a crucial role in your financial journey. It reflects how responsible you are with your money and is a major factor when you apply for loans or credit cards.

Now, even if you have a low credit score, there are some easy ways to secure a personal loan.

By proving your income, applying for a smaller loan, involving a guarantor or co-applicant, correcting errors in your credit report, or discussing your credit history with the lender, you can increase your chances of obtaining the financial assistance you need.

Remember, responsible financial habits can improve your credit score and pave the way for a more secure financial future.

You May Also Be Interested to Know-
1.Things to Keep in Mind While Applying for a Loan
2.How to Improve Credit Score in India
3.Why Is CIBIL Score Important – A Detailed Summary
4.10 Reasons Why You Have A Low CIBIL Score
5.11 Common Myths about Credit Score

Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.

By Khushal Jain

I'm an Information Security undergraduate, Cybersecurity & Blockchain enthusiast, and a Web, User Experience, User Interface, Visual, and Graphics Designer from India. I aim to make a difference through my creative solutions.