Business Loan For Low CIBIL Score
Getting a Business loan for low CIBIL score has gotten much easier! If you have an existing business or are just starting out with a new venture as an entrepreneur, but have a low CIBIL score, fear not! You’re at the right place!
Before we talk about how you can get a business loan for low CIBIL score & that too with lowest interest rate, let’s first address those individuals who don’t know about CIBIL scores at all, by talking about it first. Note: If you want to skip through this and apply directly, you can click here to open our loan application portal on our website.
What is CIBIL Score and How does it Influence Your Loan Eligibility?
In layman language, CIBIL score is basically like a report card for your financial health. It’s a three-digit number that shows how responsible you are with your money. Consider it as your financial indicator which tells banks whether they should give you a loan or not. And if they should, then at what interest rate?
If you have a high CIBIL score (above 750), it means that you’ve been good at paying bills and loans on time. This makes banks more likely to trust you and give you loans easily. But if your CIBIL score is low, for instance, between 350 – 549, they might find it risky to lend you a business loan and might mark you as ineligible to avail a loan. Therefore, in a nutshell, a good CIBIL score can make it easier to get loans with better terms and interest rates.
7 Factors responsible for lowering your CIBIL score:
- Late Payments: Not paying your loan EMI on time is one of the most common reasons for the decrease in CIBIL score of borrowers.
- High Credit Utilisation: Using too much of your available credit limit can be seen as a risky move by the banks.
- Defaulting on Loans: Failing to repay loan EMI completely can severely damage your CIBIL score.
- Multiple Loan Applications: Applying for several loans in a short time can signal financial instability.
- Closing Old Accounts: Closing old credit accounts can completely remove your previous credit history.
- Settlements: Settling loans for a lesser amount than owed can negatively impact your score.
- High Debt Levels: Carrying too much debt relative to your income can be harmful.
Get The Best Business Loan for Low CIBIL Score:
We at Arena Fincorp also give business loan for low CIBIL score customers. We feel proud to say that we have processed many loans that had previously been rejected by many other well known banks in India because of the low CIBIL score of the borrower. That’s why we say, if you’re one of them & want a business loan for low CIBIL score, we might be able to help you with it! There’s also a saying at Arena Fincorp that goes like this: “Even if you have a very low CIBIL score, we got a loan for you!”
How to Apply for a business loan for low CIBIL score:
Follow our step-by-step guide to apply for a business loan for low CIBIL score. You can start your online application and resume it at a later instance.
- Click on Here to open our online application form.
- Fill in a few details and verify the OTP sent to your phone.
- Enter your KYC and income data.
- Choose the loan amount you want to borrow.
- Submit your application.
- Done! Our loan experts will call you to proceed further with the application.
Why choose Arena Fincorp for Business Loan?
- Higher Success Rate Than Other Banks: With our rich history giving loans, we proudly say that our loan approval rate is significantly higher than most of our competitors.
- Easy to Apply: With Arena Fincorp you can easily apply for a business loan for low CIBIL score in just a few steps with minimum documents required.
- Quick Processing: Don’t worry Our team will help you with quick approval and disbursal, so that you can get the money in your hands as soon as possible.
- Competitive Interest Rate: With Arena Fincorp you can avail loans at very low interest rates, saving you a ton of money from EMI payments.
- High Loan Amount: We offer loans with a much higher amount cap as compared to other banks, saving you from the hassle & complications of applying for multiple loans to get the loan amount.
- Minimum Documentation: We provide business loans with comparatively lesser document requirements than our competitors.
Conclusion:
So, If you’re looking for a business loan for low CIBIL score, choosing Arena Fincorp can be a great decision. Our team can help you get the business loan, even if other banks denies giving it to you because of your low CIBIL score. Contact us today at +91 9251647949 or email us at info@arenafincorp.com to avail a business loan!
