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Turn your plans into reality with our express personal loan of ₹10 Lakh. Perfect for home renovation, weddings, or medical emergencies with zero collateral.
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Calculate EMI for ₹10 Lakh Low CIBIL Personal Loan
Use our EMI calculator to estimate your monthly payments for a ₹10 Lakh personal loan designed for low CIBIL scores. Adjust the tenure and interest rate to see how it affects your EMI and total interest.
Instant Approval
No Hidden Charges
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Representative Example:
Borrow ₹10,00,000 over 12 months at 9.99% APR. Total repayment: ₹10,54,934.84 with monthly EMIs of ₹87,911.24.
EMI Calculator
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Enter Loan Amount
₹10,00,000
50K50L
9.99
8%30%
1
1Y10Y
Monthly EMI
₹87,911.24
Total Interest
₹54,934.84
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What is a Low CIBIL Score Loan?
A low CIBIL score loan is a personal loan designed for applicants with credit scores between 500 and 650. These loans are typically offered by NBFCs and fintech lenders who use alternative credit assessment methods beyond just the CIBIL score.
Repayment tenures range from 6 to 36 months with fixed EMIs. Interest rates are higher (18%–36% p.a.) to compensate for the higher risk. Timely repayment helps improve your credit score over time.
Basic requirements:
- CIBIL score of 500+ (some lenders accept lower)
- Stable income of at least ₹15,000/month
- At least 1 year of employment stability
- Valid KYC documents and bank statements
Regularly repaying a low CIBIL loan can help rebuild your credit score and unlock better loan terms in the future.
Financial Guide
Personal Loan Interest Rates
Personal loan interest rate offers on Six Finance start from 9.98% p.a. The interest rate is determined on the basis of an applicant's credit profile, income, and employer reputation.
5 Tips to Choose the Best Personal Loan
Choosing the best personal loan requires careful consideration of costs and flexibility. Here's how to choose right:
1
Compare APR, not just Interest Rate
Look at the Annual Percentage Rate (APR) which includes processing fees and insurance, giving you the true cost of the loan.
2
Check Pre-approved Offers
Banks where you have a savings account often provide pre-approved offers with faster disbursal and minimal documentation.
3
Understand Foreclosure Charges
Some lenders charge up to 4% if you close the loan early. Look for lenders with zero or low foreclosure charges.
4
Assess Affordability
Use an EMI calculator. Ideally, your total EMI outgo (including the new loan) should not exceed 40-50% of your net monthly income.
5
Read the Fine Print
Check for hidden costs like bounce charges, penal interest, and duplicate statement charges.
Choose the Right Personal Loan Amount
Low CIBIL Score Loan Eligibility
Check eligibility Getting a personal loan with a low CIBIL score is challenging but not impossible. Certain lenders and NBFCs cater to applicants with lower credit scores:
Credit Score: Applicants with CIBIL scores between 500 and 650 may qualify, though at higher interest rates.
Income Proof: Stable and verifiable income is critical — minimum ₹15,000/month for salaried applicants.
Employment Stability: At least 1 year in the current organization or 2 years of business vintage for self-employed.
Collateral Option: Offering collateral or a guarantor can significantly improve approval chances.
Loan Amount: Sanctioned amounts are typically lower (₹50,000 – ₹5 lakh) to manage lender risk.
Documentation: KYC, salary slips, bank statements (6 months), and address proof are mandatory.
Low CIBIL Score Loan Fees and Charges
Loans for low CIBIL score applicants carry higher interest rates and fees to offset the lender's risk. Here is what to expect:
| Particulars | Charges |
|---|---|
| Processing Fees | 2% to 5% of the loan amount (Higher due to risk premium) |
| Interest Rate | 18% – 36% p.a. (Varies based on CIBIL score and lender) |
| Part-Payment Charges | 2% to 4% of outstanding amount |
| Foreclosure Charges | 3% to 5% (Higher penalties for early closure) |
| Documentation Charges | ₹ 500 – ₹ 2,000 |
| Verification Charges | ₹ 1,000 – ₹ 3,000 (Additional verification for high-risk profiles) |
| Late Payment Penalty | 2% – 4% per month on overdue EMI |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Benefits of Personal Loans for Low CIBIL Score
Even with a low credit score, you can access funds through specialized lenders. These loans help you meet urgent needs while rebuilding your credit.
Key Advantages
- Available for CIBIL Scores as Low as 500
- Helps Rebuild Your Credit Score with Timely Repayments
- Quick Approval from NBFCs and Fintech Lenders
- No Collateral Required in Most Cases
- Flexible Tenure Options from 6 to 36 Months
- Funds for Any Purpose – Medical, Education, or Emergency
Low CIBIL Loan vs Standard Personal Loan
When your credit score is below 650, your loan terms differ significantly from standard offerings. Here is a comparison:
| Low CIBIL Score Loan | Standard Personal Loan |
|---|---|
| CIBIL score: 500 – 650 | CIBIL score: 700+ |
| Interest Rate: 18% – 36% p.a. | Interest Rate: 10.5% – 22% p.a. |
| Loan Amount: ₹50K – ₹5 lakh | Loan Amount: ₹50K – ₹40 lakh |
| Processing Fee: 2% – 5% | Processing Fee: 1% – 3% |
| Approval time: 2–7 days | Approval time: Same day – 3 days |
| May require guarantor or collateral | Fully unsecured, no guarantor needed |
| Limited lender options (mostly NBFCs) | Wide range of banks and NBFCs |
| Best for: Rebuilding credit, emergency needs | Best for: Good credit profile applicants |