CIBIL score is very important in case of loans. If its score is bad then it often becomes difficult to get a loan. However, it is not impossible. There are many options available through which you can get a loan despite a bad CIBIL score.
If your CIBIL score is good, then it is easy for you to get a loan. However, if the credit score is bad, then there is a problem in getting a loan because banks consider CIBIL score as a measure of reliability and loans can be given to a common man only after checking it.
If you need a loan but are unable to get a loan due to your CIBIL score being very poor, then there is no need to worry. Here are several ways that can help you arrange money for yourself in difficult times. So let us know about those 5 Jugaads with the help of which you can arrange money.
You can take help from NBFC
If you are not able to get a loan from the bank due to your poor CIBIL score and you need money urgently, then you can apply to NBFC. You can take a loan from here even if you have a low CIBIL score. However, its interest rates can be higher than that of the bank. Be sure to check the interest rate before taking a loan.
Joint Loan can help those with low CIBIL score
If your income is quite good and you are facing difficulty in taking a loan from the bank due to low CIBIL score, then you can choose the option of joint loan. If you want, you can make someone your guarantor. If your guarantor or joint loan holder has a good CIBIL score, then you can easily avail the benefit of Joint Loan. Another advantage of this is that if your co-applicant is a woman, then you can get some discount in interest rates.
Gold Loan can be a good option
If you have gold ornaments or biscuits etc., then you can also take a loan against it. Let us tell you that gold loan is kept in the category of secured loan. Through this you can get a loan up to 75 percent of the current price of gold. The special thing is that in this process, not much paperwork is done nor is your CIBIL score looked at. In simple language, you can understand it like this that you have to mortgage your gold to take a loan.
Loan on Deposit Schemes
If you have already made an FD, or have invested in schemes like LIC or PPF, then you can also take a loan against them. The special rule for this is that you are given a loan only on the basis of your deposited amount. Also, a time limit is given to repay this loan. If your PPF account is at least one financial year old, then you can apply for a loan.