Bad CIBIL Loan App List: To fulfill our dreams, we keep needing a loan, but we cannot get the loan due to low credit scores.
Because the CIBIL score is based on our credit history, it helps the lenders decide how much risk they can take in giving a loan. Therefore, most of the lenders reject loans due to low credit score.
Today, we will provide you with a list here, which is a Bad CIBIL loan app list. Here, you can apply for a loan by fulfilling certain conditions.
Bad CIBIL Loan App List Overview
|Competitive Interest rate starting from 14% per annum.
|₹1000 to ₹5 lakhs
|90 days to 36 months
|3% to 5% on the loan amount
|NBFCs (Non-Banking Financial Companies)
What is the CIBIL Score?
CIBIL Score is a three-digit number that reflects your creditworthiness. It is given to all citizens of India based on data, by Credit Information Bureau (India) Limited.
Banks, NBFCs, and credit unions check the customer’s credit score before giving any loan or credit card. Thus, it plays an essential role in your financial life.
A score between 300 and 650 is considered Bad CIBIL Score, while a score between 651 and 750 is considered good. A score between 750 and 900 is an excellent score.
Bad CIBIL Loan App List
Banks and NBFCs often provide loans only to individuals with good CIBIL scores, making it challenging for people with low credit scores to get loans.
We have compiled a list of apps that specialize in providing loans to people with bad CIBIL scores. Even if your credit score is low, these apps can help you get a loan.
|Rate of Interest
|₹1000 to ₹4 lakhs
|15% to 29.95%
|Money View Personal Loans
|₹5000 to ₹5 lakhs
|16% per annum onwards
|₹5000 to ₹5 lakhs
|15% per annum onwards
|₹5000 to ₹1 lakh
|24% to 36%
|₹1000 to ₹4 lakhs
|24% to 30%
|Kissht Personal Loan
|Credit line up to ₹2 lakhs
|14% to 20%
|₹500 to ₹1000
|24% to 48%
|Zype Personal Loan
|Credit line up to ₹5 lakhs
|18% to 39%
|i2iFunding Personal Loan
|Loan up to ₹50,000
|2% to 4% per month
|Loan up to ₹5 lakhs
|3.49% to 29.99% p.a.
|Loan up to ₹3 lakhs
|16% to 18% p.a.
|₹4000 to ₹1 lakh
|20% to 36%
5 Best Low Credit Score Loan App list
Moneyview is a registered NBFC that provides instant personal loans to the citizens of India to meet their financial needs. Here, you get a personal loan of up to Rs 5 lakh on a 650+ credit score. If you repay the loan on time, Moneyview sends your credit report to the CIBIL company, which helps in improving your CIBIL score.
- Collateral-free loans
- 100% Paperless application process
- Interest rates starting from 1.33% per month (16% annually)
- Processing fee – Starting from 2% of the approved loan amount.
- Loan repayment tenure is up to 60 months.
With the Upwards Personal Loan app, you get instant cash loans ranging from Rs 25,000 to Rs 5 lakhs. Due to a lack of money, most people need a personal loan. In such a situation, the Upwords Quick Instant Loan app can be helpful to you. Here, you get travel loans, student loans, marriage loans, mobile loans, laptop loans, medical emergency loans, home loans, etc. You will also get loans against low CIBIL scores here.
- Loan amount from 25000 to 5 lakhs
- 100% digital & paperless process
- Processing Fee – Starting from 5% of the approved loan amount
- The minimum CIBIL Score required for a Personal Loan is 650+
Privo is a trusted lending platform backed by a Technology-Led Neo-Lending Conglomerate with a Global MNC Parent. It provides financial solutions to customers with no documentation that accommodates their requirements. The amount of credit you can get with the Privo Instant credit line app depends on your income and CIBIL Score. The maximum Credit limit is Rs 2 lakhs.
- Credit line amount ranging from Rs 20,000 to Rs 2 lakhs
- Flexible repayment ranging from 3 months to 60 months
- Interest Starting from 13.49% per annum.
- Pay interest only for the amount that you borrow
- Minimum CIBIL Score: 670+
KreditBee is a famous NBFC registered application that provides facilities like Personal Loan, Credit Card, Shopping Cards etc. It is easy to apply for a loan here. You can apply for an online loan on this application with the help of your PAN or Aadhar Card and other documents. But how much loan you will get depends on your credit profile and CIBIL score. In case of a low CIBIL score, you may be charged a higher interest rate, and the amount received as a loan may also be less.
- Loan amount ranging from Rs 1000 to Rs 3 lakhs
- The entire application process is online
- Interest rates range from 15% to 29.95% per annum.
- Minimum CIBIL Score: 680+
InCred Finance is a new-age financial services platform that leverages technology and data science to make lending quick and easy. It offers a variety of loan products for personal, educational, business, and merchant purposes. It also provides financial wellness and investment solutions for its customers. It has over 900 employees and serves more than 500,000 borrowers across India.
- Loan amount ranging from Rs 50,000 to Rs 10 lakhs
- Enjoy the interest rate between 16% – 36% per annum.
- Minimum Credit Score of 650 or more
- Be between the ages of 21 and 55 years.
Types of Low Credit Score Loans
Bad CIBIL Loan App is a boon for those who can get loans to meet their financial needs despite having bad credit. Some examples of low-credit loans are given below:
Loan against property: Due to Low Credit Scores, most people face difficulty taking loans. Banks and NBFCs do not give these loans, but if a customer is ready to mortgage his property for a Personal Loan, then he can get the loan. The loan amount and interest rate depend on your property value and repayment capacity.
Gold Loan: Gold loan is a very popular and smoothly available loan. To take this loan, you have to pledge the gold you have with a bank or NBFC, and the loan is provided to you according to the current price of gold. The Gold Loan Amount is decided per gram of gold value and its purity, and you get a gold loan.
Loan against securities: It is a secured loan for which you pledge your shares, mutual funds, bonds, etc., with the bank. Most of the business people take this loan, they pledge some percentage of the shares of their company in the bank and take a loan from them. For this, a CIBIL score is not required much, and a loan is also available.
If you fail to repay the loan, the bank recovers its money by selling your shares in the market.
Eligibility Criteria for Bad CIBIL Loan Apps
Before applying for a loan on any financial app, it is necessary that you know the eligibility criteria, which will help you understand what qualifications you should have to apply for the loan.
- The applicant must be a citizen of India.
- The age of the applicant should be between 18 to 60 years at the time of application.
- He must have a regular source of income, which he gets every month.
Documents Required for Low Credit Score Loan App
To avail of an Instant loan, you need to provide the necessary documents, but due to a low credit score, some additional documents may be required, which are mentioned below.
- Pan Card
- Aadhar Card Should be linked with a Mobile Number.
- Address Proof: Any one of the documents – Passport, Aadhar Card, Voter ID Card, Driving Licence.
- Identity Proof: Any one of the documents – Passport, PAN Card, Ration Card, Aadhar Card, Voter’s ID Card, Driving Licence.
- Income Proof: Last Six months’ bank statements, Income Tax Return, Salary Slip, Balance Sheet, etc.
How to Apply for a Loan on the Bad CIBIL Loan App List?
Many apps offer loans for people with bad credit, but the process of applying for a loan may vary depending on the app. Here are some general steps that you can follow to apply for a loan on a bad credit loan app:
- First, you need to download the app from the Google Play Store or App Store and install it on your smartphone.
- Next, you need to create an account on the app by providing your basic information like name, phone number, email address, etc.
- You have to verify your identity using your Aadhar Card, PAN Card, or other documents.
- Next, you need to provide relevant details about your employment, income, and credit history.
- Some documents like bank statements, salary slips, or tax returns need to be uploaded to prove your income and repayment capacity.
- After giving all the information, you can apply for the loan. You can choose the loan amount and repayment tenure to suit your needs and budget. You can also view the interest rate, processing fee, and other charges applicable to your loan.
- Once you submit your loan application, the app will review it and check your eligibility and creditworthiness.
- You may get instant approval or conditional approval depending on the app’s criteria and policies.
- If your loan gets approved, the app will disburse the loan amount to your bank account within a few hours or days.
FAQs Related to Bad CIBIL Loan App List
How to get a loan with bad CIBIL?
A poor CIBIL score makes it difficult to obtain a loan. You can apply for a secured loan by pledging an asset as collateral or approach an NBFC which may have lower CIBIL score requirements and flexible norms.
How to get Rs 5000 instantly with a low credit score?
If you have a low credit score and need an instant loan of Rs 5000, consider applying for a secured loan. Since it is a secured loan, your CIBIL score is not given much importance. The lender also has less risk in giving you the loan.