Bad CIBIL Loan Apps
Bad CIBIL loan apps are those mobile apps that offer instant personal loans to individuals with a poor credit score. A bad credit score is a reflection of a borrower’s poor or short credit history. Financial emergencies do not just knock on the doors os people with an excellent CIBIL score. Monetary downfall can strike anyone. Bad CIBIL loan apps provide personal loans up to ₹10 Lakhs for a flexible tenure of up to 5 years.
Bad CIBIL Loan App List in India
Below is the 10 best Bad CIBIL Loan App List available at present in India:
| App | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| TrueBalance | 2.4% p.m. onwards | ₹5,000 to ₹2 Lakhs | 6 to 12 months |
| Fibe | 18% p.a. onwards | Up to ₹10 Lakhs | 6 to 36 months |
| PhonePe | 13% to 20% p.a. | ₹5,000 to ₹5 Lakhs | Up to 60 months |
| Olyv | 1.5% p.m. onwards | ₹1,000 to ₹5 Lakhs | 2 to 24 months |
| mPokket | 0% to 4% p.m. | ₹500 to ₹50,000 | Up to 4 months |
| KreditBee | 17% to 29.95% p.a. | ₹1,000 to ₹5 Lakhs | 6 to 60 months |
| MoneyTap | 13% to 18% p.a. | ₹3,000 to ₹5 Lakhs | 3 to 36 months |
| Branch Loan | 2% to 4% p.m. | ₹500 to ₹5 Lakhs | 3 to 1 months |
| CASHe | 2.79% to 3% p.m. | ₹45,000 to ₹3 Lakhs | 9 to 18 months |
| PaySense | 14% to 36% p.a. | ₹5,000 to ₹5 Lakhs | Up to 24 months |
Benefits of Using Loan Apps for Bad CIBIL
Here are the benefits of availing a Bad CIBIL loan:
- These personal loans are quick, making them ideal in case of emergencies.
- Flexible repayment tenures and EMI plans enable you to repay the credit in as early as two months.
- These loans can be easily availed online with a 100% digital process.
- No need to submit a plethora of documents for these loans. Just upload soft copies of some basic documents.
- Approval and disbursal of these loans can be completed within a few minutes of application.
- The facility of e-signing the loan documents can be a time saver.
- Sometimes, you can get an instant loan without documents.
- Access to credit for users with poor or no credit history.
- You can apply from anywhere in India.
- Many bad CIBIL loan apps are partnered with RBI-approved NBFCs.
- Any working professional can apply for these loans.
- Applying for a secured loan with bad CIBIL is easier than an unsecured loan. The loan is approved against collateral, thereby lowering risk for lenders.
- If you are unable to pledge any collateral, you can apply for an unsecured loan with a bad CIBIL, provided you have a stable income and a low debt-income ratio. However, the interest rate will be on the higher side.
- In case your CIBIL score is low because of zero credit history, you can apply for a personal loan for bad credit with your existing bank. Having a good relationship with your bank and a healthy financial track record will be helpful for instant approval.
Eligibility Criteria for Bad CIBIL Loan App
You can apply for a bad CIBIL loan if you are:
- Aged 18 years and above.
- Have a steady monthly income source or digital spending history.
- An Indian citizen
- A salaried or self-employed person with the required work experience
Documents Required for a Bad CIBIL Loan App
The following documents are required to apply for a credit with a bad CIBIL loan app:
- Valid PAN Card
- Valid Aadhaar Card
- An active bank account in India
- Phone number linked with Aadhaar
Risks of Bad CIBIL Loan Apps
- High interest rates ranging from 10% to 54% p.a. increase your total cost.
- Hidden processing charges and late-payment penalties can increase your loan amount.
- Some fraudulent apps may misuse your data.
- Easy access to credit may push you to borrow extra funds.
FAQs
A bad CIBIL score is below 625.
TrueBalance, Fibe PhonePe, Olyv, mPokket, KreditBee, MoneyTap, Branch Loan, CASHe, and PaySense are some of the best CIBIL loan apps in India.
Beware of the apps that ask for upfront fees, do not conduct proper verification, ask for excessive phone permissions, charge interest rates beyond legal limits, do not have clear terms, and have aggressive collection methods. Also, check online reviews of existing customers.
Apps that are RBI approved of linked with reputed NBFCs in India are generally safe to use.
They may or may not check credit history. However, they consider other parameters to approve the loan request.
Yes, there are many RBI-approved loan apps available for bad CIBIL scores, including CASHe, Fibe, KreditBee, MoneyView, and Olyv.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.