Bad CIBIL Loan App List: Low Credit Score Loan Apps

 Bad CIBIL Loan Apps List: To fulfill our financial needs, 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 lenders decide how much risk they can take in giving a loan. Therefore, most of the lenders reject loan applications due to a 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

Interest Rate	Competitive Interest rate starting from 14% per annum.
Loan Amount	₹1000 to ₹5 lakhs
Tenure	90 days to 36 months
Processing fees	3% to 5% of the loan amount
Lender Type	NBFCs (Non-Banking Financial Companies)

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 specialise in providing loans to people with bad CIBIL scores. Even if your credit score is low, these apps can help you get a loan.

Application	Loan Amount	Rate of Interest
KreditBee	₹1000 to ₹4 lakhs	15% to 29.95%
Moneyview Personal Loans	₹5000 to ₹5 lakhs	16% per annum onwards
Fibe	₹5000 to ₹5 lakhs	15% per annum onwards
NIRA Finance	₹5000 to ₹1 lakh	24% to 36%
CASHe	₹1000 to ₹4 lakhs	24% to 30%
Kissht Personal Loan	Credit line up to ₹2 lakhs	14% to 20%
mPokket	₹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
Privo	Loan up to ₹5 lakhs	3.49% to 29.99% p.a.
InCred	Loan up to ₹3 lakhs	16% to 18% p.a.
SmartCoin	₹4000 to ₹1 lakh	20% to 36%

Types of Low Credit Score Loans

Bad CIBIL Loan Apps are 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 RBI-registered 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: A gold loan is a very popular and easily 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 to the bank and take a loan from them. For this, a CIBIL score is not required much, and a loan is also available.

Eligibility Criteria for Bad CIBIL Score 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 Apps

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 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 Bad CIBIL Loan Apps?

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:

1. First, you need to download the app from the Google Play Store or App Store and install it on your smartphone.
2. Next, you need to create an account on the app by providing your basic information like name, phone number, email address, etc.
3. You have to verify your identity using your Aadhar Card, PAN Card, or other documents.
4. Next, you need to provide relevant details about your employment, income, and credit history.
5. Some documents like bank statements, salary slips, or tax returns need to be uploaded to prove your income and repayment capacity.
6. After providing 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.
7. Once you submit your loan application, the app will review it and check your eligibility and creditworthiness.
8. You may get instant approval or conditional approval depending on the app's criteria and policies.
9. 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 Score Loan App

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 from Credit Information Bureau (India) Limited. A score between 300 and 650 is considered a bad CIBIL Score, while a score between 651 and 750 is considered good. A score between 750 and 900 is an excellent score.

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.