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Personal loans bad credit India can help you, just as they have helped many people in India,
Although credit scores continue to be a filter widely used by banks, the market has been changing and the scenario is different. Today, there are Fintechs and NBFCs that analyze risk in a different way, using digital data, spending behavior, and even day-to-day payment patterns.
Therefore, Personal loans bad credit India are a real alternative, but the costs require attention.
And that’s exactly where many get lost. You can even get the credit, but you need to understand the terms well. Fees, deadlines, hidden conditions. That’s what we’re going to talk about in this guide.
We will go through the main companies that offer loans to those with low scores, understand their origins, their strengths and the warning signs.
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In the end, you will have a clear vision to decide if it is worth going with a fast fintech or if it is better to opt for a traditional bank. So, read on to learn all about bad credit India personal loans.
Discover the top 10 alternatives of Personal loans bad credit India
1. Bajaj Finserv (Personal Loans Bad Credit India)
Bajaj Finserv is one of the largest NBFCs in India. Founded in 2007, the company is part of the Bajaj group and has a good reputation in the market.
When it comes to personal loans, it can release up to ₹50 lakh, with rates that start at 10% p.a. and can reach 31%, depending on the customer’s profile.
The deadlines vary from 120 days to 6 years. The good news is that the money will be released within 24 hours. The point of attention is the requirement of a minimum income of ₹25,000 per month, excluding part of the informal workers.
2. Tata Capital
Tata Capital, the financial arm of the Tata group, is synonymous with credibility. Founded in 2007 and headquartered in Mumbai, offering personal loans from ₹40k up to ₹35 lakh.
Rates start at 11.5% p.a. and can reach close to 30%, with terms of up to 6 years.
It is a company that focuses on the salaried public and customers with proven income.
The hiring process can be done digitally, speeding up the receipt of money.
3. SMFG India Credit (Fullerton)
SMFG India Credit focuses on serving both urban and rural areas.
Created in 2007, today it has more than 800 branches spread across India. In addition to offering personal loans of up to ₹30 lakh, with rates starting at 13% p.a. and terms that can reach 60 months.
The positive side is that the company uses alternative methods of credit analysis, allowing people with informal income or no history to have access.
4. Lendingkart (Personal Loans Bad Credit India)
Lendingkart was founded in 2014 seeking to facilitate credit for small businesses and people who do not have access to large banks.
Loans go up to ₹3 lakh, with interest around 15% p.a., and terms that can reach 36 months.
In addition, Lendingkart usually evaluates the digital history of payments, which makes room for those who have bad credit, but regularly move their bank account.
5. MoneyTap
MoneyTap, launched in 2015, offers a personal credit line via app. It works like this, instead of releasing a fixed amount, granting a limit that can be used gradually.
The amounts range from ₹3 thousand to ₹5 lakh, with interest, on average, 13% p.a., and terms of 2 months to 3 years.
6. Moneyview (Personal Loans Bad Credit India)
Moneyview, established in 2014, offers quick loans with simplified digital analytics.
The amounts range from ₹5 thousand to ₹10 lakh, with interest ranging between 14% and 36% p.a., and you can pay in up to 5 years.
The platform uses different credit scores, allowing you to approve customers with CIBIL from 600.
7. Finserv Ships
Navi Finserv has established itself as one of the strongest fintechs in India. At first, it offers loans of up to ₹20 lakh, with rates that reach 26% p.a. The repayment term is up to 7 years.
In it, there is no processing fee, something rarely seen in this type of credit.
Even so, for those who are recovering financially and already have some stability, Navi can be an interesting choice.
8. SmartCoin
SmartCoin focuses on small and quick loans. Values start at just ₹1,000 and go up to ₹25,000, with interest between 20% and 36% p.a.
The negative point is the payment term, which is a maximum of 120 days, the shortest term of the options mentioned.
Still, if this option interests you, you can apply for credit over the internet, without paying fees during the process.
9. CASHe (Personal Loans Bad Credit India)
CASHe, founded in 2016, focuses on young wage earners rejected by banks.
In fact, loans range from ₹45,000 to ₹3 lakh, with interest from 33% to 36% p.a., and terms that can be from 9 months to 18 months
The analysis is done online, using algorithms that evaluate data beyond the score.
10. KreditBee
KreditBee, launched in 2018, is a fintech with loans from ₹6 thousand to ₹10 lakh, with interest from 12% to 28.5% p.a., and terms from 6 to 60 months.
The company accepts customers with low scores and even no credit history. This makes it one of the most affordable options for those who need to start from scratch.
Approval is quick and done via app, but there are additional costs. Among them, you should pay attention to the processing fee can reach 55.1% of the value, increasing the total effective cost.
Conclusion
The bad credit India personal loan market is vast, but it demands a lot of attention from customers.
Fintechs such as MoneyTap, KreditBee, and SmartCoin are very fast, but they charge a lot. NBFCs such as Bajaj Finserv, Tata Capital, and SMFG offer stability but require a proven income.
Does the interest rate worry you and can you wait more days to receive the money? If this is your case, we recommend that you get to know the low interest loans India, which can help you get the money you need.