Many people face situations like weddings, buying a house, children’s education, or medical emergencies.
During such times, having an emergency fund is helpful.
But if you don’t have savings, taking a loan becomes the only option.
However, banks don’t approve loans easily.
They check many things, especially your CIBIL score.
If your CIBIL score is low, banks may reject your loan application.
But this doesn’t mean you have no options.
There are several ways to get a loan even with a low CIBIL score.
Take a Loan from an NBFC
If banks refuse your loan request, you can approach a Non-Banking Financial Company (NBFC).
These institutions provide loans even when your CIBIL score is low.
But keep in mind that NBFCs usually charge higher interest rates, so read all terms carefully before applying.
Get a Gold Loan
If you have gold or gold jewelry at home, you can use it to get a gold loan.
The best part is that your CIBIL score does not matter, and the interest rates are usually affordable.
It’s one of the easiest loan options in emergencies.
Apply for an FD Loan
If you have a Fixed Deposit (FD) in a bank, you can take a loan against it.
Banks do not check your CIBIL score for FD loans, and you can get up to 90 percent of your FD amount as a loan.
It’s quick, simple, and hassle-free.
Choose a Joint Loan
Another option is to apply for a joint loan with someone you trust who has a good CIBIL score.
Their strong credit score increases your chances of loan approval.
However, the co-applicant must give proper consent.
