Synopsis: Struggling with a low credit score? You can still qualify for fast, reliable personal loans. This guide reveals the best lenders in India who approve applicants with scores around 600+ interest rates, loan terms, and smart tips to boost approval chances.
An applicant with a lower credit score doesn’t always mean they’re entirely out of options. Though it is important to note that many lenders treat 600 as ‘fair/low-risk’ or ‘borderline’ and below 580 is more often deemed ‘poor’.
This results in making the search for a personal loan a bit lengthy and broad. However, specialized lenders and certain types of loans are designed to serve borrowers in this credit tier – though they often come with higher costs.
Olyv Personal Loan
- Best Suited For: Short-term loan
- Loan Amount: ₹1000 to ₹5,00,000
- Interest Rate: 1.5% per month (Depends on factors like your CIBIL score, income, loan amount, and repayment tenure)
- Processing Fees: 2%-15% of the approved loan
Key Takeaways
- Funds may take minutes to 72 hours to get in your account after approval
- Repayment tenure is generally 12 to 18 months
- A minimum monthly income of ₹15,000 to ₹20,000 is required
- 100% Digital process via App/Website
KreditBee Personal Loan
- Best Suited For: Short-term financial needs
- Loan Amount: ₹6,000 to ₹10,000,00
- Interest Rate: 12% to 28.5% p.a.
- Processing Fees: Processing fees typically range between 2% and 5% (plus taxes)
Key Takeaways
- Designed for borrowers with limited or weak credit history
- Entire process is 100% digital
- Min ₹10,000 salary to monthly household income above ₹25,000
- Tenures range from 6 to 60 months
- Useful when you need urgent cash with minimal paperwork
Also read: Axis Flipkart Credit Card vs SBI Flipkart Credit Card: See Which One Provides Maximum Benefits
CASHe Personal Loan
- Best Suited For: Salaried Professional
- Loan Amount: ₹45,000 – ₹3,00,000
- Interest Rate: 2.79% per month
- Processing Fees: 2.5% of loan amount
Key Takeaways
- Salaried individual as key requirement
- Loan tenure ranging between 3 to 18 months
- Provides Instant approval and same-day disbursal
PaySense Personal loan
- Best Suited For: Salaried/Self-Employed
- Loan Amount: ₹5,000 – ₹5,00,000
- Interest Rate: 15% p.a. and can go up to 36% p.a.
- Processing Fees: 3% of loan amount
Key Takeaways
- Instant approval (higher limits may require additional checks)
- Options available for affordable EMI plans
- Available via PaySense quick personal loan app
NIRA Personal Loan
- Best Suited For: Salaried professionals
- Loan Amount: ₹5,000 – ₹1,50,000
- Interest Rate: 24%–36% per annum
- Processing Fees: 2.5% of the loan amount
Key Takeaways
- Disbursal and approval of loan within 24 hours
- Interest rates typically start around 2% per month (may vary based on profile)
- Catered towards individuals with low CIBIL users
- Process done through Nira loan app
- Tenure: Minimum 3 months, up to 24 months
Tips to Improve CIBIL Score
For better loan options you have to maintain a healthy CIBIL score. A fair score increases the chances of getting the loan approved more and with a lower interest rate. Follow these simple steps to increase your score.
- Always pay bills on time: On time payments or slightly advance repayment before the date build trust with the lenders and eventually increase the credit score over months.
- Decrease debts: Maintain your credit card usage below 30% of the credit limit and don’t forget to clear all the pending balances regularly.
- Check credit reports regularly: Keep an eye on the errors in your report and have them corrected immediately to maintain a fair score.
Disclaimer
All the information – loan amounts, interest rates, fees, eligibility criteria, and approval timelines – mentioned in this article are based on publicly available information at the time of writing and may vary depending on the lender’s internal policies and the applicant’s profile Readers are encouraged to verify the latest terms directly with the respective lenders before applying for any loan.
Written by Kenbi Riba
