Whether your CIBIL score is bad or ‘0’, these 3 solutions can help you get a personal loan and credit card

If your CIBIL score is poor or none at all, then there is no need to worry. In today’s digital era, there are many options available with the help of which you can easily get personal loans and credit cards. Traditional banks may hesitate to give loans to those with low scores, but some smart Jugaad can help you.

Take a gold loan, it does not require a credit score

If you have gold, you can easily get a gold loan by mortgaging it, and there is no need for a CIBIL score for this as it is a secured loan. In this type of loan, you can get an amount of up to 75% of the value of gold. For this, only basic documents like Aadhar card, PAN card and gold valuation report are required. The biggest advantage of a gold loan is that its approval process is very fast and the interest rate is also relatively low, making this option financially very convenient.

You can take a loan with a co-applicant or guarantor

If a member of your family has a good CIBIL score, then you can easily get a loan by becoming a co-applicant with them. The strong credit score of the co-applicant increases your loan eligibility, which makes banks or financial institutions more comfortable in giving loans. In this system, both have the responsibility of repaying the loan, which reduces the risk and increases the chances of approval. The same method is also effective for credit cards, where you can get a card through a joint application, even if your individual score is weak.

You can take the help of NBFCs and digital loan apps

Nowadays many fintech platforms and NBFCs are providing such options that easily provide loans even to people with low or zero CIBIL score. Apps like KreditBee, CASHe, PaySense, Fibe and MoneyTap are prominent in this category, offering loan amounts ranging from ₹5,000 to ₹5 lakh. These loans only require basic documents like Aadhaar card, PAN card and bank statements. While interest rates can range from 12% to 36%, the biggest feature of these platforms is that they provide instant loan approval, making it easy to get financial support at the time of need.