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Does Bajaj Finserv Check Credit Score to Approve Personal Loans

When you apply for a personal loan, you need to remember that lenders look into many factors before approving your application for the loan. Your CIBIL score is one of the primary parameters that influence the lender’s decision to approve or reject your loan requests. Lenders always look at the CIBIL score for personal loan applications, since it reflects your credit history and your credibility as a borrower. You can obtain greater insight into your credit score and your finances by downloading your Financial Health Check Report(FHCR) on Finserv MARKETS. This report is more than a mere peek into your credit history, because it gives you a detailed look at your loans and credit cards and offers suggestions to maintain your financial health. 

On Finserv MARKETS, you can avail personal loans that offer you a variety of benefits, ranging from zero collateral requirements to flexible repayment tenures in easy EMIs over a period of 12 to 60 months. If you’re considering availing a personal loan on Finserv MARKETS, you’re perhaps wondering if your CIBIL score plays a key role here as well. Let’s take a closer look at the details.

Does Bajaj Finserv check your CIBIL score to approve personal loans?

Yes, Bajaj Finserv does check CIBIL your score before approving your request for a personal loan. And, as with all credible lenders and lending platforms, the approval of loan applications submitted on Finserv MARKETS also depends on your CIBIL score. To qualify for an approval, the minimum CIBIL score for personal loan applicants must be 750. So, if your credit score is 750 or higher, it indicates a healthy credit history and automatically makes the approval for your personal loan application smoother, provided other criteria are satisfied.

Will low CIBIL score personal loan applicants be rejected?

Now, given that a CIBIL score of 750 or higher is required for personal loan approvals, you may perhaps be wondering if applicants with a lower credit score will be rejected outright. You need not worry about this, because the good news is that when you apply for a personal loan on Finserv MARKETS, in some cases, you can still obtain financing with a slightly lower CIBIL score provided all other criteria are satisfied. So, if you’re a low CIBIL score personal loan applicant, you may still be able to avail a loan on Finserv MARKETS, depending on the internal policies that are in place.

What should you do if you need a personal loan with a bad CIBIL score?

Sometimes, there may be emergencies where you require financing to tide over rough patches in life. With a low CIBIL score, personal loan approval may be hard to obtain. But there are some ways in which you can still obtain a loan. Here’s what you can do if you need a personal loan with a bad CIBIL score.

Ask for a lower loan amount

Attempting to obtain a large amount of loan with a low credit score can often backfire, because lenders view these as high-risk propositions. To improve your chances of the loan being approved, request for a lower loan amount. This way, it’s easier for you to repay, and from the lender’s perspective, it also reduces the likelihood that you would default on your repayments.

Provide proof that your income can cover your EMIs

Sometimes, you can convince a lender of your repaying capacity by providing proof of your income. Evidence that your income is capable of covering your EMIs can work in your favor, even if your CIBIL score is less-than-favorable. It can also be helpful to show any recent hikes in your salary, if any, or any supplementary sources of income that you may have.

Look for errors in your credit report

Since lenders like banks and financial institutions look at the CIBIL score for personal loan applications, you might want to verify if your credit report is updated and if it correctly reflects your credit profile. Look for errors in your report and get them rectified at the earliest, so you can apply for a personal loan without any roadblocks. Your Financial Health Check Report, available on Finserv MARKETS, can also help you get a better idea of how your credit report stands.

Take the help of a co-applicant or a guarantor

If you need a personal loan with a bad CIBIL score, you could also consider taking the help of a co-applicant or a guarantor. If your bank or lending institution finds that the co-applicant or guarantor has a steady source of income and a good credit score, your chances of obtaining financing improve significantly.

Conclusion

All things considered, there’s still no replacement for a good CIBIL score. So, while you may still manage to obtain a personal loan of lower value despite a not-so-favorable credit score on occasion, it’s best to ensure that your credit rating is strong. That way, you need not worry about the possibility of your application being rejected. You can obtain your Financial Health Check Report on the Finserv MARKETS app beforehand, so you can get a better idea of how your credit history and your finances stand. 

It also pays to keep in mind that low CIBIL score personal loan applicants may also suffer the burden of high interest rates. So, if you’re applying for a personal loan Finserv MARKETS, it’s best to ensure that your credit score is 750 or higher. With that taken care of, you can easily obtain financing as long as other criteria are satisfied.

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