It can be difficult to navigate India’s financial system, particularly if you need a loan quickly and have bad credit. Knowing your options is essential, whether it’s for emergencies or unforeseen costs. You’ll get all the information you need from this guide to get an Urgent loan with bad credit in India.
What are Bad Credit Loans?
Lending companies that focus on serving customers, such as different finance company, have realised that there are a variety of reasons why people have low credit scores. For example, if someone loses their job and remains unemployed for several months, they may fail to pay their credit card bills and EMIs, lowering their credit score. However, now that they have a new job, they can better manage their finances. As a result, many Indian lenders consider people with bad credit when making urgent loans.
Bad credit loans are unsecured loans that are specifically designed for borrowers with low credit scores. Lending institutions consider factors other than credit history when determining a borrower’s eligibility for a personal loan, such as income and work experience.
Features and Benefits of Urgent Loans for Bad Credit
- Ample Loan Amount: Take out a loan for up to Rs 3 lakh to pay for urgent needs or realise your goals.
- Attractive Interest Rate: Interest rates on personal loans are typically lower than those on credit cards and a variety of other financial goods.
- Collateral-Free: These loans don’t need collateral or guarantors because they are unsecured loans.
- Flexible Repayment: Depending on their ability to repay the loan each month, applicants may select a loan term of up to 36 months.
- Instant Approval: The fully digital loan application process for urgent loans makes borrowing quick and easy for borrowers.
Options for Urgent Loans with Bad Credit
- Prove Enough Income: Lenders want assurance that borrowers can repay their EMIs on time in the present, especially if their low credit score was caused by a previous financial crisis. They investigate the applicant’s income, employment stability, work history, etc. for this.
- Apply for a Smaller Loan: Since a borrower with a low score poses a risk to the lender, they will not take on additional risk by making a large loan to them. Lending small loans to borrowers with poor credit makes them feel safer.
- Bring a Co-Applicant: Including a co-applicant with a high credit score with a loan application can help a borrower with a low credit score become more eligible. The lender is doubly assured of prompt repayment as a result.
- Correct Errors in the Credit Report: The credit score may be unnecessarily lowered by errors in the credit report. Improving loan eligibility right away might be achieved by reviewing the credit report and fixing any mistakes.
Urgent loan with bad credit in India Eligibility Criteria
- Age Between 21 to 58 years
- The candidate should be an Indian Citizenship
- A minimum salary of Rs 15,000 per month
- A minimum of two years for self-employed professionals and six months for those on salaries.
Documents Required for Bad Credit Loans
| Identity Proof | Address Proof | Income Proof |
| Please upload a copy of any one of the following documents- Aadhaar Card Valid Indian Passport Valid Voter ID Valid Driver’s License | Please upload any one of the following documents- Aadhaar Card Valid Indian Passport Valid Voter ID Valid Driver’s License Utility Bills (Electricity, Water, Gas) dated within the last 60 days | We may request proof of income based on your eligibility and credit rating. If requested, the following documents will suffice: For Salaried Applicants bank statements for the last three months in PDF format, displaying salary credits Last 3 months’ salary slips with important details For Self-Employed Applicants Last 3 months’ bank statements in PDF format |
How to Apply for an Urgent loan with bad credit in India?
- Check Eligibility: Open the MoneyView app or go to the website. Give us all the information we need, and we’ll let you know if you qualify in two minutes.
- Select Loan Tenure: Depending on your eligibility, choose the loan amount and repayment duration of your choice.
- Upload Documents: Upload every document online with ease.
- Amount Disbursed: The loan amount will be credited to your bank account within 24 hours of your documents being verified and your loan agreement is submitted.
Conclusion
With bad credit, navigating India’s financial system can be challenging, but urgent loans offer a practical solution. By being aware of choices such as unsecured loans, proving steady employment, and correcting mistakes on your credit report, you can raise your chances of being approved. Thanks to digital processes and adjustable terms, getting a loan even with bad credit is now easier than ever.