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2 mins Read | 1 Year Ago

How to Get Personal Loan with Low CIBIL Score (4 Tips)

How to get a fast cash personal loan without a credit check


Personal Loans are convenient financial options available to borrowers who need additional money to meet personal expenses. These loans come with no end-use restrictions, meaning they can be used for many purposes such as holidays, medical expenses, higher education funding, wedding expenses etc. 

However, Personal Loans require borrowers to fulfil eligibility criteria. When it comes to applying for a Personal Loan, your CIBIL score plays a major role in determining your eligibility. A CIBIL score is a three-digit number that summarises your credit history and helps lenders assess your creditworthiness and how likely you are to repay the money you borrow. There are no special categories of Personal Loans for low CIBIL score borrowers. If you have one, it can be tougher to get a Loan. However, there are ways you can improve your chances of a Personal Loan approval with ICICI Bank. In this blog, we will explore how you can get a Personal Loan with a low CIBIL score and what you can do to improve on it. Read on.

Understanding your CIBIL Score:

Before we look into the tips, let us first understand what is CIBIL score and how it affects your eligibility for a Personal Loan Requirement. A CIBIL score is a quantifying scale that ranges from 300 to 900. The higher the score, the better your creditworthiness. A score of 750 or above is generally considered good, while a score below 600 is considered poor. 

All legitimate lending companies use your CIBIL score to determine whether you are a risky borrower or not. If your CIBIL score is low, a majority of lenders may hesitate to approve your loan application. If they do so, they are likely to charge you a higher interest rate compared to those with a higher CIBIL score. Instead of applying for a loan with a low credit score, try to improve your CIBIL score before applying. 

The table below will give a better idea of a bad and a good CIBIL score for a Personal Loan.

Credit score Is it good or bad? Chances of approval
Less than 600 Very bad Extremely low
600-649 Bad Low
650-699 Satisfactory Possible
700-749 Good High
Over 750 Very good Extremely high

Tips to get a Personal Loan with a Low CIBIL score:

  • Stable income:

    Demonstrate a stable source of income to boost your eligibility.

  • Low debt-to-income ratio:

    Maintain a low debt-to-income ratio to improve your chances.

  • Co-applicant:

    Consider applying with a co-applicant to increase your approval chances.

  • Additional documentation:

    Be ready to provide extra documentation to strengthen your application.


Tips to improve your CIBIL score:

Securing a Personal Loan with a low CIBIL score may be difficult at times, but with the right strategy, it is possible. Improving your CIBIL score is helpful to secure a Personal Loan with favourable Terms and Conditions. Here are some tips to boost your creditworthiness:

1. Check your credit report

Begin by obtaining a copy of your credit report from the credit bureau. Review it carefully for errors or discrepancies.

2. Timely payments

Pay your existing debts like Credit Card dues, EMIs and bills on time. Consistent, on-time payments are among the most significant factors influencing your credit score.

3. Reduce credit utilisation

Keep your Credit Card balance below 30% of your credit limit. High credit utilisation can negatively impact your credit score.

4. Diversify credit

A healthy mix of secured and unsecured credit can positively impact your score. Consider maintaining a mix of Credit Cards, loans and other credit types.

5. Avoid frequent credit applications

Limit the number of credit applications you make. Frequent inquiries indicate financial stress and can lower your credit score.

6. Credit settlements

If you have settled your loans or Credit Card dues, ensure it is updated correctly in your credit report.

7. Old accounts

Keep old Credit Accounts active as they contribute positively to your credit history.

8. Regular monitoring

Continuously monitor your credit score and promptly take action to rectify any discrepancies.

Remember that improving your CIBIL score for a Personal Loan is a gradual process that requires patience and persistence. Following these tips can significantly enhance your creditworthiness and increase your chances of securing a Personal Loan with favourable terms, even if you have a low CIBIL score.


Getting a Personal Loan with a low CIBIL score can and will come with a series of obstacles, but it is not impossible. By following the above tips, you can improve your CIBIL score and your chances of loan approval with ICICI Bank. Ideally, try and improve your CIBIL score, not just for a loan with us, but for any credit-related transactions in general. This will take some time, but will be worth it in the long run.

FAQs on Low Cibil Score Personal Loan

Can I get a loan with a credit score of 650?

Yes, a 650 credit score is typically considered fair and you can qualify for loans, but the terms and interest rates may not be as favourable for you compared to those with higher scores. Lenders may have varying criteria, so shopping around and comparing offers is essential to find the best option.

Personal loan for CIBIL score of 550

Obtaining a Personal Loan with a CIBIL score of 550 can be challenging. A score this low is considered poor, making traditional lenders hesitant to approve loans. You may need to explore alternative lenders, provide collateral, or work on improving your credit score before applying for better loan options.

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