In this post, we are going to provide you Bad CIBIL Loan App List. Having a low CIBIL score can make getting a loan difficult from traditional banks and lenders. Thankfully, there are now specialized apps that provide loans for bad CIBIL scores. These new fintech platforms offer an innovative digital borrowing experience with minimal paperwork.
In this post, we will countdown the top 10 loan apps for bad CIBIL in 2023. We have compared and rated them based on loan amount, interest rates, repayment terms, eligibility criteria, and other features. Read on to find the best pick for your needs.
Here is Bad CIBIL Loan App List
1. CashBean
With its completely digital loan process, CashBean tops our list of apps for bad CIBIL borrowers. Highlights:
- Loan amount – ₹50,000 to ₹5 lakhs
- Interest rate – Starts from 11.99% per annum
- Loan tenure – 91 days to 36 months
- Eligibility – Minimum income ₹15,000 per month
- Key features – Instant disbursal, flexible repayment, no prepayment charges, works with CIBIL score as low as 550
CashBean makes borrowing super quick and convenient through their user-friendly app. It uses advanced algorithms and data science for risk assessment. With minimal documents required, you can get funds in your account within 48 hours. The repayment flexibility and no hidden costs make it our top pick.
Download CashBean App
2. MoneyTap
Backed by leading banks, MoneyTap offers collateral-free loans starting from ₹3000.
- Loan amount – ₹3000 to ₹5 lakhs
- Interest rate – 13-24% reducing rate of interest
- Loan tenure – 2 months to 3 years
- Eligibility – Min. monthly income ₹15,000
- Key features – Low interest credit line, flexible repayments, instant approval, works with low CIBIL scores down to 550.
Through their mobile app, you get access to a credit line that allows you to borrow as per need. We like their flexible repayment and low interest credit line functionality.
Download MoneyTap App
3. EarlySalary
EarlySalary offers hassle-free personal loans up to ₹5 lakhs for salaried individuals.
- Loan amount – ₹8000 to ₹5 lakhs
- Interest rate – Flat 24% annual interest
- Loan tenure – 91 days to 24 months
- Eligibility – Minimum ₹15,000 monthly salary
- Key features – Instant approval based on bank statements, flexible repayment, quick disbursal, loyalty benefits for repeat customers
EarlySalary scores for its completely online loan process including e-signing documents and near-instant disbursal. It uses your salary account statements for quick approval decisioning. The flat interest rate structure also makes it easy to understand the payback amount.
Download EarlySalary App
4. CASHe
CASHe is a digital lending app backed by AI and big data analytics. It offers personalized loans based on your creditworthiness.
- Loan amount – ₹3000 to ₹1 lakh
- Interest rate – 1.25% to 1.5% per month
- Loan tenure – 15 days to 12 months
- Eligibility – 21-45 years age, salaried individual
- Key features – Instant approval and disbursal, flexible repayment, loyalty rewards, works with low CIBIL scores.
We like CASHe for its fully digital loan process aided by AI. It provides access to funds even for new credit customers through its mobile-only underwriting. The loyalty program offers rebates and incentives for responsible repayment.
Download CASHe App
5. LoanTap
Owned by KreditBee, LoanTap offers customizable personal loans for salaried and self-employed.
- Loan amount – ₹10,000 to ₹5 lakhs
- Interest rate – 14-25% annual reducing rate
- Loan tenure – 2 months to 36 months
- Eligibility – Age 21-58 years, income >₹15,000 monthly
- Key features – Flexible loan customization, easy eligibility, fast approval, loyalty benefits for repeat borrowers.
LoanTap makes taking a personal loan feel like online shopping. You can customize your loan amount, tenure, EMI, and interest payment schedule. Their eligibility criteria also favors new credit borrowers.
Download LoanTap App
6. CreditMate
CreditMate by Fullerton India offers personal loans tailored for low CIBIL scores.
- Loan amount – ₹25,000 to ₹5 lakhs
- Interest rate – 22-30% annual reducing rate
- Loan tenure – 6-36 months
- Eligibility – Salaried individuals above 21 years
- Key features – Minimum documents, fast disbursal, repayment flexibility, dedicated relationship manager.
CreditMate handholds customers through quick KYC verification, eligibility check, and loan approval. The dedicated relationship manager helps customize your loan offer as per requirement. We like their personalized approach.
Download CreditMate App
7. NIRA
NIRA by Clix Capital offers small instant personal loans through a 100% paperless process.
- Loan amount – ₹1000 to ₹1 lakh
- Interest rate – 1-2% interest per day
- Loan tenure – 7-30 days
- Eligibility – Salaried individuals
- Key features – Short-term small loans, completely digital process, quick disbursal, repayment flexibility.
With loans starting from just ₹1000, NIRA is ideal for urgent small expenses between pay cycles. Everything from loan application to disbursal happens digitally in under 2 hours. The short tenure makes it easier to repay.
Download NIRA App
8. Navi Finserv
Navi Finserv offers personalized loans based on your financial behavior data.
- Loan amount – ₹50,000 to ₹5 lakhs
- Interest rate – 16-24% annual reducing rate
- Loan tenure – 3-24 months
- Eligibility – Salaried and self-employed
- Key features – Digital KYC, customized loan offers, fast approval and disbursal, repayment flexibility.
Powered by financial data analytics, Navi Finserv creates a financial health score and personalized loan offers. The online process allows instant loan access including for low CIBIL scores.
Download Navi App
9. Cashkumar
Cashkumar provides small personal loans along with credit-building products.
- Loan amount – ₹1000 to ₹30,000
- Interest rate – 1-2% per day
- Loan tenure – 15-90 days
- Eligibility – Minimum income ₹15,000/month
- Key features – Small short-term loans, completely online process, flexible repayment options.
Cashkumar offers an easy borrowing experience through their app for urgent small expenses. Along with loans, they also provide tools to help improve your financial profile.
Download Cashkumar App
10. KreditBee
KreditBee offers personal loans, e-commerce financing, credit line and other products.
- Loan amount – ₹1000 to ₹2 lakhs
- Interest rate – 1-2% per day
- Loan tenure – 14-365 days
- Eligibility – 21-58 years age
- Key features – Small short-term loans, fast disbursal, flexible repayment cycles.
KreditBee’s online process allows new-to-credit and low income borrowers access to funds. They offer customized loan products as per your credit profile.
Download KreditBee App
Key Benefits of Bad CIBIL Loan Apps
- Quick disbursal – Get loan approval and money transfer in 48 hours
- Lower eligibility – Minimum monthly income ₹15k-₹20k
- Digital process – Paperless application with minimal KYC
- Higher approval odds – Uses alternate data for credit scoring
- Loan customization – Offers flexible loan amount and tenure
- Repayment options – Allows part-prepayments and periodic instalments
- Credit building – Responsible repayment improves credit score
So if you have a low CIBIL score, don’t lose hope. Try these new digital lending apps and financial startups to get access to emergency funds and credit. Follow timely repayment to also gradually improve your creditworthiness over time.
Disclaimer
This blog post is for educational purposes only. The apps listed here are based on online research and user reviews. The author does not have any affiliation with any of these apps/companies, nor does this article constitute any endorsement or recommendation. Borrowers are advised to conduct their own research and due diligence before choosing any lending app or provider. All financial products and services carry certain risks, so readers should exercise their own judgment and prudence. The author and publisher do not guarantee accuracy of the content and disclaim any liability for financial losses incurred based on this article.
