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Must Remember, If you are applying for a loan in a low CIBIL Score

Prove that your income can support EMI payments

If you have received an increase in your salary, or have an additional source of income, a lender may consider your application for a personal loan even if you have a low credit score. If you can communicate to the lender that you have a stable job and steady income, they are more likely to grant you the loan despite a poor CIBIL score. However, you may have to pay higher rate of interest when you prove your eligibility in this manner.

Ask for a lower Loan amount

Asking for a high amount with a low credit score only indicates more risk to the lender. From a lenderโ€™s point of view, these are indicators that you may default on repayment. If you apply for a lower amount of a personal loan, a lender may feel more comfortable granting the loan to you, as a lower amount is easier to repay.

Correct mistakes in your credit report

It is possible that your CIBIL report contains errors. This is usually when the latest information hasnโ€™t been updated against your record. Mistakes like these can take a toll on your credit score for no fault of yours. So, it is important to check your CIBIL report for free on a regular basis and correct them If any. This will boost your credit score and make you a better candidate for the loan.

*For this type of services pre and post charges might be applicable*

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