Urgent Loan with Bad Credit in India: Anyone can feel the need for an urgent loan, in this situation, there are many applications available on the Google Play Store that can provide you with an instant personal loan.
The amount of loan you can get depends on your credit score. A good credit score can increase the loan amount available because it sends lenders a good message that you repay your loan on time.
But this is a bit difficult to do when you Bad credit score. This may be because you might have made mistakes in paying your loans, credit card bills, etc. Therefore, we will tell you how to get an Urgent Loan with Bad Credit in India.
Urgent Loan with Bad Credit in India
|Article Topic||Urgent Loan with Bad Credit in India|
|Interest Rate||Competitive Interest rate starts from 16% per annum.|
|Loan Amount||Rs 3,000 to Rs 10 lakhs|
|Tenure||62 days to 60 months|
|Age||The minimum age required is 18 years.|
|Lender||Non-Banking Financial Companies (NBFC)|
How to get an Urgent Loan with Bad Credit in India?
An urgent loan with bad credit is a type of loan that is designed for people who have a low credit score or a poor credit history.
These loans are typically offered by online lenders, fintech platforms, or non-banking financial companies (NBFCs) and have less stringent eligibility criteria and faster approval processes than traditional banks.
You will find many financial applications on the Google Play Store that provide you with this loan.
If you are looking for instant loans with bad credit in India, you may want to consider some of the options I have found for you in my previous search. The interest rate on the loans available here can be both low and high as the lender decides the interest rate based on the borrower’s credit profile.
Best Urgent Loan Apps for Bad Credit in India
Fulfilling your immediate loan requirement depends on our financial reports.
A good credit score ensures that a reasonable loan amount at a low-interest rate can be obtained with long tenure, but this is not the case with a bad credit score, and it is difficult to say that all people will have a good CIBIL score.
Here, we will tell you about some such applications that can fulfill your urgent loan requirement despite a Bad Credit Score.
|Lender Name||Loan Amount||Require Credit Score|
|InCred finance||Rs 50,000 to Rs 10 lakhs||680+|
|Kreditbee||Rs 3,000 to Rs 3 lakhs||680+|
|Privo Instant Personal Loan||Rs 20,000 to Rs 2,00,000||670+|
|NIRA Personal Loan||Rs 5,000 to Rs 1,00,000||681+|
|MoneyView||Rs 5,000 to Rs 5 lakhs||650+|
|Upwards Personal Loan||Rs 25,000 to Rs 5 lakhs||650+|
|True Balance Personal Loan||Rs 5,000 to Rs 1,00,000||680+|
|Fibe||Rs 5,000 to Rs 5 lakhs||720+|
|Tata Capital||Rs 40,000 to 35 lakhs||720+|
|Money Tap||Rs 5,000 to Rs 2 lakhs||720+|
Features and Benefits of Urgent Loan with Bad Credit
Digital Process: You can apply for an Urgent loan with bad credit by installing any RBI-registered financial app on your mobile phone. This process is fully digital, you do not even need to provide the documents manually.
Flexible Loan Amount: You can choose the loan amount from the Approval Loan Amount at your requirement. This amount may vary depending on the lender you choose.
Collateral-Free Loans: Non-banking financial companies facilitate their customers to meet their financial needs by providing loans at fixed interest rates without guarantee.
Instant funds: One of the best benefits of a bad credit loan is the approval and disbursal time. You can get the funds in your bank account within minutes of completing the online application process.
Credit score improvement: By repaying the urgent loan on time, you can improve your credit score and enhance your future borrowing prospects.
Quick Eligibility Check: To get an instant loan, you need to install an application on your mobile phone, and by completing a few required steps, you can check your eligibility in just 2 minutes.
Eligibility Criteria for Urgent Loan with Bad Credit in India
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 Urgent Loan with Bad Credit in India
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.
- A passport size recent photograph
How to Apply for an Urgent Loan with Bad Credit in India?
The process of applying for a loan is quite easy. You have to follow a few steps, and you can get the loan amount in no time.
- First of all, you need to choose an application that can provide you with instant loans.
- Download and install the application on your mobile phone.
- Now, you have to check your eligibility and register using your mobile phone and email ID.
- After some necessary permissions, you can check your letter.
- Select the eligible loan amount and tenure and click on the Proceed button.
- Upload all the required documents asked by the App, fill out the application form, and click on the submit button.
- Once approved, complete your KYC process and enter your bank account details.
- Within some time, the loan amount will be transferred to your bank account.
FAQs Related to Urgent Loan with Bad Credit in India
What are Bad Credit Loans?
Bad credit loans are designed for people with low or poor credit scores. These loans are generally offered by lenders with flexible underwriting criteria and are willing to accept a higher risk of default. Bad credit loans can help those who need immediate money or want to improve their credit score by repaying the loan on time.
How can I borrow money instantly for bad credit?
To do this, you will have to find some lenders who are willing to take the risk of giving loans to people with low credit scores. To take a loan, you will have to check your eligibility. If you get approval, you will get the loan.
Which app gives instant loans without CIBIL?
There are some applications available on the Google Play Store that provide you with small loans that do not require a CIBIL score, like Kreditbee, InCred Finance, etc. Among secured loans, a gold loan is a loan in which your CIBIL score is not considered, and you get the loan according to the value of your gold.
What is the easiest loan to get with bad credit?
The easiest loan to get with bad credit may depend on your situation, such as your income, assets, collateral, and credit score. One of the easiest loans to get with bad credit is a payday loan, a small, short-term loan paid off with your next paycheck. There are some loans that you take against the mortgage, like gold loans, loans against securities, loans against property, etc.