Cibil Score matters a lot in case of loans. If your CIBIL score is very bad, then many times banks refuse to give you a loan because banks consider CIBIL score as a measure of reliability. This shows how your previous repayment history has been. But if you need money very badly and the bank also refuses to give you a loan, then from where will you arrange the money? Here know 5 such options which can arrange money for you in difficult times.
Joint Loan
If your income is quite good, then in case of low CIBIL score, you can also choose the option of joint loan or make someone your guarantor. If the CIBIL score of your joint loan holder or guarantor is good, then you can easily take a loan. One advantage of this is that if your co-applicant is a woman, then you can also get some benefit in interest rates.
Gold Loan
If you have gold, you can take a loan against it. Gold loan is classified as a secured loan. You can get a loan of up to 75% of the current price of gold. There is not much paperwork involved in this, nor is your CIBIL score looked at. This loan is given by mortgaging your loan.
Advance Salary Loan
Some companies give loans in the form of salary advance. This loan can be up to three times your salary. One advantage of advance salary loan is that you do not need much paperwork. Advance salary loan is also like a personal loan. You get it easily and you can repay it at fixed intervals through EMI. Usually it has to be repaid within 15 years.
NBFC
If your CIBIL score is bad, you are not able to get a loan from the bank and you need money very badly, then you can apply to NBFC. Here you can get a loan even with a low CIBIL score. But the interest rates can be higher than the bank.
Loan on Deposit Schemes
If you have made an FD, or have invested in schemes like LIC or PPF, then you can also take a loan against them. In this, you are given a loan based on your deposit amount. A fixed time is given to repay this loan. If your PPF account is at least one financial year old, then you can apply for a loan. Loan facility can be availed on it for five years, after which partial withdrawal facility is available.
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