"Need Personal Loan with Bad CIBIL score? Read how My Mudra helps you get instant personal loan from different partners like L&T finance, Credifyn, Faircent."
Published: 29 August 2023
Updated: 20 September 2023
Do you need personal loan with Bad CIBIL Score, then you have landed in the correct place. A personal loan can be taken at the bad CIBIL Score these days. Many NBFCs are providing the feature of Bad CIBIL Loan. However, the noticing fact here is that there shall be higher interest rates for such loans. A bad CIBIL Personal Loan can become a medium to improve the CIBIL Score of a person. A borrower who is facing financial instability can apply for an instant loan and can get quick approval and disbursement of the personal loan.
This article is an attempt to help you in getting financial assistance if you have Bad CIBIL Score. Get to know about the bad CIBIL loan provider, the eligibility criteria, the documents required for a bad CIBIL Score Loan, etc. NBFCs like L&T Finance, Credifyn, and Faircent are providing bad CIBIL personal loans. Apply for an instant personal loan from these NBFCs if you have a Bad CIBIL Score.
Let us understand why Bad CIBIL Score is the problem in getting the personal loan approved and disbursed. A bad CIBIL score is a hurdle in obtaining a personal loan because it signifies a higher likelihood of loan default to lenders, making them reluctant to extend credit. This leads to higher interest rates, lower loan amounts, stricter eligibility criteria, and potentially outright loan rejections, as lenders aim to mitigate the perceived risk associated with borrowers who have poor credit histories.
L&T Finance is one of the leading lenders providing personal loans at relaxing eligibility criteria. You can avail of a personal loan with no income proof instantly online. Apply for Personal Loan online without income proof from L&T Finance.
L&T Finance is an NBFC founded in 2008 to help people in getting financial aid. The lender is providing online financial assistance and making people financially independent by providing them loans at low-interest rates and less documentation.
Loan Amount: Rs 50,000 - 7,00,000 lakhs.
L&T personal loan interest rate: 11% R.O.I
Tenure of Instant loan: 12-48 months
Processing Fee: Up to 2.5% of principal outstanding + taxes
Part-payment charges: Up to 5% of the prepaid amount + taxes (Up to 25% allowed twice in a year).
PAN Card
Aadhar Card/ Voter ID
Banking Statement for the past three months.
Two latest months' salary slips
1. Visit My Mudra website to apply for the Instant Loan and then click on Apply Now.
2. Apply for an L&T instant loan online by filling up the application form.
3. Fill in the application and get to know your Loan Eligibility with two clicks.
4. Complete documentation through a paperless process and track your loan application status.
5. Get the loan approved and the amount disbursed instantly.
Credifyn is one of the leading NBFC which is providing Loan on Bad CIBIL to potential borrowers. The organization is a helping hand to borrowers who have low CIBIL scores. With the relaxing eligibility criteria for personal loans, borrowers can take advantage of the same and can apply for personal loans.
Credifyn instant loans are the perfect solution for your financial shortfalls Salaried users can avail loans up to 10 lakhs and Self Employed business owners can avail loans up to 15 Crs to quench their financial thirst easily.
Credifyn provides instant loans for Bad CIBIL borrowers. It is a good way to maintain and enhance the credit score. You can directly apply online, get the documentation done, and get instant approval of the loan. The company is providing the feature of a Loan in 11 minutes.
Mentioned below is the list of documents required for the loan approval from Credifyn.
Pan Card
Aadhaar Card
Last six months' salary account statement.
Visit the website www.mymudra.com
Go to the section of Instant Loans.
Select Instant Loan by Credifyn. A page will display on your screen.
Click on Apply Now and Fill in the required details.
Click on Submit. You will receive a confirmation message on your registered phone.
A screen will appear giving you information about the approved loan amount and interest rate.
You will receive a confirmation message of the disbursal of Loan in your account.
Faircent is the NBFC that allows you to take personal loans at a low CIBIL Score. You can get a Personal loan in a few minutes and you shall decide the loan amount. Faircent is a unique P2P platform that brings potential borrowers and lenders together to facilitate their transactions. Faircent is a fair and open online marketplace where borrowers can borrow money directly from individuals and institutional lenders thereby removing intermediary costs and margins.
Get a Personal Loan with the lowest interest rate starting from 12% to 28% and the loan tenure from 6 months to 36 months. Bad CIBILpersonal loan has become a cakewalk with Faircent. Apply online and get an instant approval for the bad CIBIL personal loan.
Mentioned below are the documents that you need to get the personal loan from Faircent.
2 Photographs
Identity Proof
Date of Birth Proof
Signature Proof
Address Proof
Contact Proof
Proof of Income
NACH Mandate
e-Mandate
Visit the website, and go to the section of Instant Loan by Faircent.
Fill in the form and then click on submit.
Create a profile on Faircent and then complete the documentation.
Once the loan is listed, multiple lenders can view the listing and send proposals to fund it at the suggested interest rate.
Get instant approval from the lenders and sign the loan agreement.
Once the agreements are signed and Post Dated Checks are received, the loan amount is transferred through electronic transfer from the Lender's escrow account to the Borrower's bank account.
The article above shall provide you with brief information about the NBFCs and Banks that are providing bad CIBIL personal loans. Get your personal loan approved on a Bad CIBIL Score. Get instant loan for bad CIBIL from the NBFCs and accelerate the growth of your life. Apply for a personal loan with My Mudra and pass the financial hurdle easily.
Also read: How to get Personal Loan Online through L&T Finance
