How to Get a Personal Loan If You’ve a Low CIBIL (666) Score?


  • Seeking a personal loan but have a Low CIBIL Score? Worry not, there are ways that can help you get the loan with a low score
  • Read here the ways to get the loan

There are many ways by which you can get a personal loan with a low CIBIL score of 666. These include Collateral Loan, Joint Personal loan, a loan with a guarantor, Personal Loans from NBFCs, and others. 

We will be telling you about these methods in detail so there is no need to lose hope if you have a low CIBIL score of 666. But first, you must know the reason why the CIBIL score plays such a huge role in getting you a personal loan. Your credit score tells about your debt repayment behavior and a low score indicates that you are not good at paying your debt on time. And with this irresponsible track record, no lender will like to risk its money by lending you. This is the reason why your credit score is important. A CIBIL score of 666 is not that poor as it lies near the 700 but it would still be considered as a low score. 

Still, there are some ways by which you can get a personal loan with a low CIBIL score of 666. 

Methods to Get a Personal Loan for Low CIBIL Score of 666

1. By Opting for a Collateral Loan

Although personal loans are considered to be unsecured loans, if you want to get a personal loan with a low CIBIL score, you can opt for secured loans. In this type of loan, you have to pledge a collateral against the loan amount you require. It can be property, fixed deposits, gold, or any other thing. The amount will depend on the value of the asset you’re pledging as collateral. This kind of loan is considered to be risk-free for lenders as they have the cushion of the asset pledged by you. In the case of loan default, they can recover the money by selling the asset.

People Also Look For  On What Basis a Personal Loan is Given?

2. By Opting for a Joint Loan with your Spouse/ Family Member

If you do not have a good CIBIL score, you can opt for a joint personal loan with your spouse, family members or siblings who have a good score. A good CIBIL score is important to get a joint loan. As the combined credit score of both of you will help in getting the required personal loan. In a joint loan, your co-applicant is assuming to take the responsibility of your personal loan. Lenders consider credit scores and monthly incomes of both persons before making a decision. Also, in the case of default, credit scores of both applicants will dip.

3. By Taking a Loan With a Guarantor

Other than a joint loan, you could also choose a family member with a good credit score as your guarantor of the personal loan. If your lender finds the credit score and income of your guarantor good enough, chances of getting a personal loan even with a low CIBIL score are pretty high. 

4. By using the Tie-up between the Lender and your Employer

If you have a low CIBIL score and work in a reputed organization, there are fair chances of having a tie-up between your company and some lenders. So search for lenders that have tie-ups with your organization. In such cases, lenders also offer special facilities and exclusive facilities to the borrower. 

5. By Opting for Other Sources Such as NBFCs

If you are finding it difficult to get a personal loan from banks, you can apply at Non-Banking Financial Companies (NBFCs). It may be possible that with a low CIBIL score, you will have to pay the loan at a higher rate of interest than banks but there are high chances of you getting a loan. 

People Also Look For  What is a Credit Card in Simple Words?

So, these are ways by which you can get a personal loan even if your CIBIL score reads 666 if you have a low CIBIL score of 666 and want to get a personal loan. Moreover, after getting a personal loan, you would want to pay your EMIs on time so that your credit score may improve gradually.

Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%