Last updated: Aug 2025 — interest rates are sourced from each lender’s official product pages (links referenced below). Always verify with a written quote before applying.
Getting a personal loan with low CIBIL score is possible if you follow the right approach. This guide answers common concerns like how to get a personal loan with low CIBIL score 600, where to look for a personal loan for CIBIL 650 approved, and practical personal loan options for low CIBIL self employed applicants. You’ll also find steps for personal loan after CIBIL default how to apply, tips for those with low income, and an honest assessment of personal loan for CIBIL 580 what are my chances.
Updated live comparison — starting rates from major banks & NBFCs
Below is a snapshot of starting personal-loan rates, typical processing fee info and max loan amounts for major lenders. These figures are pulled from each lender’s official pages — click your preferred lender’s site to verify exact terms for your profile. Note: final rate depends on your credit profile, income and relationship with the bank.
| Lender | Indicative starting rate (p.a.) | Processing fee (typical) | Max loan amount | Source |
|---|---|---|---|---|
| State Bank of India (SBI) | From ~10.05% – 15.05% (spread over benchmarks; ranges published). | Varies by product; check product page. | Product dependent. | Official SBI personal loan pages (verify live). |
| HDFC Bank | Example rates cited around ~10.85% (check live page for personalised offer). | Processing fees vary by offer. | Up to ₹40 lakh (product dependent). | HDFC product page & EMI tool (verify live). |
| ICICI Bank | Range published ~10.60% – 16.50%. | Up to ~2% (varies) + taxes. | Product dependent. | ICICI product pages (verify live). |
| Axis Bank | Advertised entry rates from ~9.99% p.a. (subject to profile). | Up to ~2% + GST (typical). | Up to ₹40 lakh (product dependent). | Axis Bank personal loan page (verify live). |
| Kotak Mahindra Bank | Advertised starting rates around 10.99% p.a. | Processing fees depend on product. | Up to ₹35 lakh (product dependent). | Kotak personal loan information (verify live). |
| IDFC FIRST Bank | Entry rates advertised from ~9.99% p.a. (profile dependent). | Processing fee details on lender site. | Product dependent. | IDFC FIRST official pages (verify live). |
| Bajaj Finserv (marketplace) | Starting offers often around 9.99%–10.00% via marketplace partners. | Varies by lender on marketplace. | Product dependent. | Bajaj Finserv / marketplace lender pages (verify live). |
| Tata Capital | Advertised starting rates ~11.50% p.a. (subject to profile). | Processing & charges listed on site. | Product dependent. | Tata Capital product pages (verify live). |
1. What a 580–650 CIBIL score means for loan approval
CIBIL scores reflect credit history. In general:
- 580–599: High risk — approvals are limited and often need collateral, co-applicant, or specialist lenders.
- 600–649: Moderate risk — better chances with NBFCs, fintechs, or secured options; some banks may consider with co-applicant.
- 650+: Borderline to acceptable — approval odds rise, and banks may offer better pricing if other credentials are strong.
Decisions depend on more than score: recent delinquencies, income stability, existing debt and documentation quality all matter.
2. Realistic chances by score band
CIBIL 580 — what are my chances?
Approval is challenging but possible. Typical paths: a small secured loan (fixed deposit or gold), a loan with a co-applicant, or an offer from a niche NBFC. Expect higher interest rates but prioritise a repayable product to rebuild history.
CIBIL 600 — how to get a personal loan with low CIBIL score 600
For CIBIL 600, focus on improving debt-to-income, preparing clean bank statements, and approaching NBFCs or fintech lenders that accept alternate proof. If you have a co-applicant with good credit, your approval chances and rate improve substantially.
CIBIL 650 — is a personal loan for CIBIL 650 approved?
A CIBIL of 650 often opens doors at banks and better NBFCs — especially for applicants with stable income and low existing obligations. Rates will vary; request written quotes and compare total cost including processing fees.
3. Which products and lenders to consider
Match product to need and risk:
- Unsecured loans from NBFCs / fintechs — faster approvals, accept alternate income proofs, but typically higher rates.
- Secured personal loans (FD, gold) — lower rates and higher approval odds if score is low.
- Co-applicant / guarantor route — a common and effective way to improve approval and pricing quickly.
- Bank loans — best pricing for stronger profiles; banks may approve borderline scores when combined with strong income/co-applicant.
Personal loan options for low CIBIL self employed: NBFCs commonly accept ITR + GST + bank statement evidence; a CA certificate strengthens the case. Keep invoices or contracts ready to show future receivables.
4. Documents & checklist — salaried, self-employed, low income
Prepare a complete pack before you apply. Missing documents slow decisions and reduce odds.
Salaried applicants
- PAN, Aadhaar / ID proof
- Last 3 months’ salary slips
- Bank statements (6 months)
- Latest Form 16 / ITR (if required)
Self-employed applicants
- PAN, Aadhaar / ID proof
- Last 2 years’ ITR (if available)
- Bank statements (12 months)
- GST returns and invoices / client contracts
- CA certificate of income (recommended)
Low-income applicants
- Proof of alternative income (rental, side business)
- Co-applicant documents if available
- Any government ID supporting residency and identity
If you’re applying after a CIBIL default, include settlement letters, evidence of resolved dues, and an explanation note — transparency helps underwriters.
5. Step-by-step strategy to improve approval odds (30–90 day plan)
- 30-day wins: Clear any small outstanding EMIs or credit card dues; reduce card utilisation below 30%.
- 45–60 days: Add a co-applicant or secure a small fixed-deposit backed loan to build positive history.
- 60–90 days: Correct any credit report errors (file disputes) and keep statements clean; request lender pre-approvals.
- Ongoing: Avoid multiple loan enquiries — each hard pull can lower approval odds.
6. Quick decision table — when to pick which option
| Scenario | Recommended product | Main advantage |
|---|---|---|
| Urgent small sum, low score | Fintech / NBFC small-ticket loan | Fast approval, minimal docs |
| Need lower rate | Secured loan (FD / gold) | Lower interest, higher approval odds |
| Self-employed / irregular income | NBFC with alternate doc underwriting | Flexible proof accepted (invoices, CA letter) |
| Rebuilding credit post-default | Small secured loan + on-time EMIs | Rebuilds payment history quickly |
7. Short case examples
Case 1 — CIBIL 580, salaried
Raj (CIBIL 580) secured a small FD-backed loan by placing a fixed deposit with the lender as security. He accepted a slightly higher rate but completed 12 on-time EMIs to rebuild score and refinance later at a lower rate.
Case 2 — CIBIL 600, self-employed
Priya (CIBIL 600) submitted 12 months’ bank statements, GST returns and a CA certificate. An NBFC approved a small unsecured amount with a co-applicant; timely payment and partial prepayment improved her score within a year.
Case 3 — CIBIL 650, co-applicant route
Arun (CIBIL 650) applied with his spouse as co-applicant. The bank offered a better rate than NBFCs and approved the loan thanks to combined income and lower overall debt-to-income ratio.
8. How to apply after a default
If you had a default, first obtain settlement papers and make sure your credit report reflects the settlement. Explain causes in a short cover letter and show consistent bank statements since settlement. Lenders appreciate clarity and proof that past issues have been remedied.
9. Final checklist & next steps
- Check your CIBIL report and correct any errors.
- Decide priority: speed, cost or rebuild credit.
- Prepare document pack (use the checklist above).
- Get 2–3 written pre-approvals (bank, NBFC, fintech).
- Consider co-applicant or secured option to improve odds.
- Apply through a trusted channel (for example, Infinity Finance — Apply).
FAQs
Can I get a personal loan with a CIBIL score of 580?
Yes — but options are limited. Consider secured loans, co-applicants, or NBFCs that accept alternate documents.
How long after a default should I apply?
Wait until you have settled dues and maintained clean bank statements for several months; getting settlement papers and showing consistent payments improves chances.
Which lenders accept self-employed applicants with low CIBIL?
Some NBFCs and fintech lenders underwrite self-employed borrowers using GST, bank statements and CA certificates; scope varies by lender.
Conclusion
Securing a personal loan with low CIBIL score requires planning: pick the right product, prepare a clean document pack, and use co-applicants or secured options when appropriate. Follow the 30–90 day plan above, get written quotes, and then apply. For personalised assistance, compare offers and apply via Infinity Finance.
Article note: guidance is general. Lender policies differ — always request an individual written quote before applying.