A financial emergency may strike at any moment. While digging into your savings is the most straightforward option to tackle such situations, it may disrupt your financial plans for future goals. That is when a Personal Loan appears to be the most versatile financing source with no end-use restrictions. However, your Personal Loan eligibility largely depends on your credit profile.
Obtaining a loan might become more challenging if you have a low credit score. However, every problem has a solution. In this case, loans for bad credit in India are the most suitable funding options. Let’s delve deeper into this facility.
What are Bad Credit Loans?
Customer-oriented lending institutions like Hero FinCorp have realised that individuals may have bad credit scores for numerous reasons. For instance, if a person loses a job and remains unemployed for a few months, they may miss their EMIs and credit card bills, causing their credit score to fall. However, if they get a new job, they can better handle their finances now. So, many lenders consider such applicants by offering urgent loans with bad credit in India.
Loans for bad credit are unsecured loans specifically designed for those with poor credit scores. Lending institutions consider factors like income and work experience to determine Personal Loan eligibility rather than the credit record.
Features and Benefits of Urgent Loans for Bad Credit
Before applying for an urgent loan with bad credit, look at the features and benefits of these loans:
- Ample Loan Amount: Get a loan of up to Rs 3 Lakh to tackle emergencies or fulfil your dreams.
- Attractive Interest Rate: Personal Loan interest rates are usually lower than credit cards and many other financial products.
- Collateral-Free: Since these are unsecured loans, they don't require the security of a collateral or guarantor.
- Flexible Repayment: Applicants can choose a loan tenure of up to 36 months according to their monthly repayment capacity.
- Instant Approval: Urgent loans provide customers with a quick and stress-free borrowing experience, thanks to the 100% digital loan procedure.
Eligibility Criteria for Bad Credit Loans
Eligibility criteria for an urgent loan with bad credit in India include the following conditions:
- Age: 21 to 58 years
- Citizenship: Indian
- Work Experience: At least six months for salaried Individuals and two years for self-employed professionals
- Monthly Income: A minimum salary of Rs 15,000 per month
Documents Required for Bad Credit Loans
The documentation requirements for an urgent loan with bad credit include the following:
- Mandatory Documents: Duly filled loan application form, Passport-sized photograph (coloured)
- Identity Proof: Driving licence, passport, PAN card, or Aadhaar card
- Address Proof: Driving licence, passport, Aadhaar card, ration card, or utility bill
For Salaried Employees:
- Residence Ownership Proof: Electricity bills, maintenance bills, or property documents
- Income Proof: Last six months' salary slips, the previous six months' salary account statement, and Form 16
- Job Continuity Proof: Appointment letter from the current employer or experience certificate from the previous employer
For Self-Employed Professionals:
- Office Address Proof: Maintenance bills, utility bills, property documents, or rent agreement
- Business Existence Proof: Copy of tax registration, shop establishment proof, or company registration certificate
- Income Proof: Last six months' bank statements and ITR for the previous two consecutive years
Steps to Apply for a Personal Loan with Bad Credit?
Follow these steps to apply for an urgent loan with bad credit:
Step 1: Visit the Hero FinCorp website or download the personal loan app.
Step 2: Fill out an online loan application form.
Step 3: Scan and upload the necessary documents.
Step 4: Wait for approval and review the loan offer carefully.
Step 5: Accept the loan offer to get disbursal directly into your bank account.
Options for Urgent Loans with Bad Credit
Many people feel devastated when they think, "What do I do when I need money urgently but have bad credit?” Here are a few options to improve Personal Loan eligibility with bad credit:
- Prove Enough Income: If the low credit score is due to a financial crunch in the past, the lenders want assurance that they can repay their EMIs promptly now. For this, they check the applicant’s income, job stability, work experience, etc.
- Apply for a Smaller Loan: Since a low-score individual is a risky borrower for the lender, they will not increase their risk by lending them a big amount. They feel safer lending small loans to borrowers with bad credit.
- Bring a Co-Applicant: A loan seeker with a bad credit score may improve their eligibility by including a high-score co-applicant with their loan application. It gives the lender double assurance about timely repayment.
- Correct Errors in the Credit Report: Errors in the credit report may unnecessarily hold the credit score low. Checking the credit report and correcting those errors may improve loan eligibility instantly.
Conclusion
The information given here will help obtain loans for bad credit without hassle. Follow the options mentioned to get an urgent loan with bad credit in India and repay its EMIs on time to build the credit score. Hero FinCorp offers instant Personal Loans of up to Rs 3 Lakh without a minimum credit score requirement. So apply for an urgent loan at Hero FinCorp and get the required funding in minutes at competitive interest rates.
Frequently Asked Questions
1. Can I get a loan with a 450 credit score in India?
You can get loans for bad credit with a 450 credit score in India. However, the interest rates will be higher, and other terms will be strict.
2. How to get 50,000 rupees urgently?
Apply for a Personal Loan online with Hero FinCorp to get Rs 50,000 urgently.
3. How to get 80,000 rupees immediately?
A Personal Loan is the best way to get Rs 80,000 immediately.
4. Where can I get the money urgently?
At Hero FinCorp, you can get money urgently with a 100% digital application process.
5. How to get money for a financial emergency?
To handle a financial emergency, there are ways to get emergency money like personal loans, loans against property, credit card cash advances, short-term loans, and FD loans.
Disclaimer: The information provided is subject to change and may vary based on research. While we strive to offer accurate and up-to-date information, external factors or developments beyond our control may impact the details provided.
