{"id":4244,"date":"2019-06-14T08:12:46","date_gmt":"2019-06-14T08:12:46","guid":{"rendered":"https:\/\/www.clickfor.net\/?p=4244"},"modified":"2019-06-14T08:12:46","modified_gmt":"2019-06-14T08:12:46","slug":"how-to-get-a-personal-loan-approved-with-low-credit-and-low-income","status":"publish","type":"post","link":"https:\/\/www.clickfor.net\/how-to-get-a-personal-loan-approved-with-low-credit-and-low-income\/","title":{"rendered":"How to Get a Personal Loan Approved with Low Credit and Low Income?"},"content":{"rendered":"

Move on from your worries. Get your quotes received from one or more of the lenders. Kill questions like will there be a bank\/NBFC that will come to my help? The good thing about today\u2019s market scenario is that certain banks and financial institutions are still willing to lend you a personal loan, albeit with conditions attached. Compare and choose the best lenders on Afinoz. And, meanwhile, we would want you to comprehend how you will get your personal loan approved easily.<\/p>\n

What is a low or poor credit?<\/strong><\/p>\n

In simple terms, the credit score is a measure of the financial health of an individual and it also illustrates how good he has been in repaying his credits. Based on it, the lender determines whether he is eligible for personal loans.<\/p>\n

Different banks have different benchmarks to decide on the credibility of the applicants and usually offer different\u00a0interest rates depending upon their credit scores. It can be challenging to get thepersonal loanapproved, if you have a bad credit or low credit. On the other hand, with a good credit score, you will stand a great chance of getting your personal loan approved.<\/p>\n

The impact of low credit score on Personal Loan Interest Rate<\/strong><\/p>\n

When you do a personal loan apply, the lender ascertains the likelihood of yourloan repayment from your credit score. Banks and financial institutions normally adhere to a pre-decided range for the same. The bad credit score normally starts from 630 and below.<\/p>\n

Go for ICICi bank Personal Loan and fulfill your aspirations.<\/p>\n

Thanks to modern financial methodologies, many banking and financial institutionsnowadays render personal loans to individuals with low credit too. However, there is a probability that the bank’s\u00a0<\/strong>personal loan interest rate\u00a0will be on the higher side. Also, at times, people with a low credit may be offered unfavorable or stringent terms and conditions as compared to those with excellent credit scores.<\/p>\n

How to avail a personal loan with low credit?<\/strong><\/p>\n

Improve your credit score<\/strong><\/p>\n

This is the first major step and will help you more if you are not in an emergent need. Three actions together can positively impact about 75% of your credit score. They are – on-time payment, low credit utilization, and staying away from new credit applications.<\/p>\n

Start making \u2018on-time\u2019 payments for your existing EMIs or credit cards and reduce your card balance to below 30% of the allowed credit limit. Taking such proactive steps can raise your credit score at least by a good 100 points within a time-frame of 3 to 6 months.<\/p>\n

Plan an interview with the loan executive of a lender<\/strong><\/p>\n

If you are in dire need of an ICICI bank personal loan<\/strong><\/a>, you can ask for a face-to-face interview with a concerned executive so that you can convince him about your creditworthiness.<\/p>\n

Go fully prepared with all documents that can support case and can convey a better account of your financial stability. Some of such documents that can enhance your creditworthiness are –<\/p>\n