The range of CIBIL score is between 300 to 900. The better the CIBIL score or credit score, the easier it is to get a loan. If your CIBIL score is excellent, many tasks become easier. But if your CIBIL score is bad, you may face problems in getting a loan. But wait. This does not mean that you cannot get a loan at all. Today, we will tell you about those sure-fire ways through which you can get a loan even if you have a bad CIBIL score. So, if your credit score is a bit messed up, do not be disappointed; these methods can prove to be a ray of hope for you.

Know how you will get a loan

There are some effective ways to get a loan even if you have a bad CIBIL score, by adopting which you can fulfill your financial needs:

Take the help of the joint loan

Through a joint loan, you can get a loan even if you have a bad credit score. However, it is very important that the person you are making your partner has a good CIBIL score. Under a joint loan, your loan burden also reduces. In this way, you can get a loan even if you have a low credit score. This method can prove to be a boon for those who have a bad credit history, but a trusted relative or friend has a good credit score.

Take help from small NBFCs

Small financial institutions (NBFCs) provide loans even if you have a bad credit score. However, in such a situation, these institutions charge a higher interest rate. If you need a loan immediately and you are ready to pay a higher interest rate, then this option can be helpful for you. But before taking a loan, understand all the terms and interest rates carefully.

Choose the option of a secured loan

You can take a loan on gold from normal banks. No bank will refuse for this! Apart from gold, you can also choose other secured loan options. Banks often give secured loans easily as compared to unsecured loans because their property is mortgaged against it. For example, you can take a loan by pledging your property or any other asset. This is a good option for those who have some assets to pledge.

Take a small loan amount

Also, if you take a small loan amount, then the chances of getting it also increase. Banks do not consider small loan amounts as risky and can easily approve them.

Show a steady income

On the other hand, if you can show the bank that you have a steady source of income, then your chances of getting a loan also increase. A regular income assures the bank that you will be able to repay the loan, even if you have a poor credit score in the past.

These methods can help you get a loan even if you have a poor CIBIL score. However, it is always advisable to also focus on improving your credit score so that you can get loans on better terms in the future.