The following are the 11 Factors that lead to low CIBIL Score in India:
1. Late or Missed Payments
A history of late or missed payments on loans or credit cards can significantly lower your CIBIL score.
2. High Credit Utilization
Maintaining a high credit utilization ratio, meaning using a large percentage of your available credit, can also lower your score.
3. Multiple Hard Enquiries
A high number of hard enquiries, such as applying for multiple loans or credit cards, can also lower your score.
4. Excessive number of Loans
Having too many loans can be viewed as a sign of financial instability and can lower your score.
5. High Outstanding Debt
High outstanding debt, such as unpaid credit card balances or unpaid loan amounts, can also lower your score.
6. Default or Settlement of Loans
Defaulting on a loan or settling a loan for less than the full amount can have a negative impact on your score.
7. Closing Credit Card Accounts
Closing credit card accounts, especially if they have a high credit limit, can lower your score.
8. Limited Credit History
Having a limited credit history, meaning you haven’t had any loans or credit cards for a long period of time, can also lower your score.
9. High Credit Card Balances
Carrying high credit card balances can be viewed as a sign of financial instability and can lower your score.
10. No Credit Mix
Having only one type of credit, like only credit card or only personal loan, can lower your score as lenders like to see a mix of credit types.
11. Errors in Credit Report
Errors in your credit report can also lower your CIBIL Score drastically.
Where to get Low CIBIL Score Loan
Omozing
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 25 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options from 3 months to 3 years depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.
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