Being a CIBIL defaulter is not considered as a good sign since banks and financial institutions are less likely to grant loans and credit cards to CIBIL defaulters. Listed below are the steps that an individual can follow in order to get a personal loan if they are a CIBIL defaulter.
opt for loans with higher rate of interest
Most of the banks and financial institutions and banks offer personal loans to CIBIL defaulters but at a higher rate of interest. Banks will be willing to offer the individual personal loans despite them being a CIBIL defaulter but only at a higher rate of interest.
Banks are most likely to focus less on your CIBIL report if you opt for collateral personal loans. Taking personal loans against collaterals such as assets, fixed deposits and shares will get the banks and financial institutions to ignore your bad CIBIL history or score.
An individual with a high income has higher chances of availing a personal loan despite being a CIBIL defaulter. A high salary indicates your ability to repay the loan. Banks tend to trust applicants with higher income more over applicants who earn an average income.
Spouse’s CIBIL score
It can be tough to avail personal loans if you are a CIBIL defaulter and have a bad CIBIL score. Another way to avail personal loan in such a situation is by using your spouse’s CIBIL score to avail a loan. You can make your spouse a joint loan holder if they have a good CIBIL score for your personal loan.