Can I get a personal loan with a CIBIL score of 300?
Accepted Answer ✓ Accepted
A CIBIL score of 300 is extremely poor (range: 300-900) and indicates severe credit issues like defaults, write-offs, or settlements. Getting a traditional personal loan is nearly impossible. Limited options: (1) P2P lending platforms (high risk, 30-36% interest); (2) Specialized NBFCs for bad credit (very high interest 36-42%); (3) Gold loan/Secured loan against assets; (4) Family/friends; (5) Microfinance institutions (small amounts). Not recommended: Approaching unauthorized/predatory lenders. Better strategy: Don't apply - each rejection further damages score. Fix credit first: Check CIBIL report for errors and dispute, pay off all pending dues, settle old accounts, wait 6-12 months while building credit through secured credit card, aim to reach 600+ before applying. At 300, focus on credit repair, not new loans.
Suggested Answers
With a 300 CIBIL score, getting a traditional personal loan is nearly impossible. This score indicates serious credit problems. Instead of applying and getting rejected, focus on repairing your credit first by paying off debts, correcting report errors, and building a payment history over several months.
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