Credit Score: The transaction history of a person is known through the CIBIL score. In the case of taking a loan, the CIBIL score is considered a criterion of reliability. If your CIBIL score is bad and due to this you are not able to get a loan, then now you do not need to worry. Today, through this news, we are going to tell you how you can arrange money for yourself in difficult times despite having a bad CIBIL score (low cibil score loan).

You can take a loan from NBFC-

If you need money in an emergency and your CIBIL score is bad, then due to a bad CIBIL score, the bank is refusing to give you a loan. So you can apply for an NBFC (Non-bank financial institution). Despite having a low CIBIL score, you can take a loan from NBFC. However, its interest rates are higher than banks. Therefore, whenever you take a loan, first check the interest rate.

The joint loan will be useful in emergencies-

Apart from this, you can also choose other options to take a loan. If your CIBIL score is low (Bad Cibil Score), then you can choose the option of a joint loan to take a loan. If you want, you can make someone your guarantor to take a loan. If your guarantor or joint loan holder has the best CIBIL score, then you can easily take advantage of Joint Loan. Along with this, if your co-applicant is a woman, then for this you also get the benefit of some discount on interest rates.

You can take a gold loan-

In today's time, you know that the trend of investing in gold has increased a lot. If you have gold or biscuits etc. as savings, then you can also take a loan against it in an emergency. Gold loan is kept in the category of secured loans. There is not much documentation on the gold loan (Gold loan kaise le) and your CIBIL score is also not checked for this loan. Through gold, you can easily get a loan up to 75 percent of the current price of gold. Or in a way, you have to mortgage your gold to get a loan.

You can take a loan through a PPF account-

Along with this, you have other options available. If you have already made an FD, or have invested in schemes like LIC or PPF (Loan on Deposit Schemes), then in case of emergency, you can take a loan through them. For this, you just have to follow some rules. According to the rules, the loan is given only based on your deposit amount. Along with this, a fixed time limit is given to repay the loan you get. If your PPF account is at least one financial year old, then you can apply for a loan and this loan can also be approved.

You can also take a loan in this way-

Some companies provide loans in the form of salary advances (Advance Salary Loans) to provide financial services. You do not have to go through much documentation process to take this loan. This loan can be up to three times your salary (Benefits of Advance Salary Loan).

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.