Help Needed: Personal Loan Options with Low Salary and Low CIBIL
Hi everyone,
I’m in a difficult financial situation and would appreciate your advice.
Here’s my story:
- About Me:
I work in tech and earn a CTC of ₹2.2 LPA (₹14,000 in-hand monthly).
My CIBIL score is 633 because a bank failed to report some loans correctly.
- The Situation:
Two years ago, my dad passed away, leaving behind a bank loan. I settled it by borrowing ₹4 lakh from a friend.
I’ve been repaying him ₹2,000/month, but now he needs the full amount and can’t accept installments anymore.
I also have a ₹1 lakh educational loan, and repayments for it will start in January.
- Challenges:
I’ve approached a few banks for a personal loan, but they’ve rejected my applications due to my low salary and CIBIL score.
I’m actively applying for jobs to switch after my company’s hike in March, but the job market is tough. The offers I’ve received so far only provide a ₹2,000–₹3,000 increment.
- Deadline:
I need to arrange ₹4 lakh by March 2024 to repay my friend.
Questions for the Community:
Are there any NBFCs, online lenders, or other financial institutions that would consider my case despite my low CIBIL and salary?
Should I consider taking smaller loans from multiple sources to manage the ₹4 lakh?
Any tips to quickly improve my CIBIL score so I can apply for a loan?
Any other suggestions to handle this situation with my current income and obligations?
I’d be really grateful for any advice or insights. Thanks in advance!
PS: I have formatted my post using ChatGPT