Apply For a Personal Loan With Bad Credit Score From MoneyView: Here’s How

If you have been thinking about getting a personal loan for sometime now, one of the questions which must have definitely pondered your mind is whether you can get approved for one with a bad credit score? While the answer to this question is fairly complicated, it can, however, be understood as being a yes; however, only if you follow certain pre-approved step-by-step instructions, and in today’s article, we will share exactly those with you.

Thus, without further ado, let’s get started.

How Can You Get a Personal Loan With a Bad Credit Score?

One of the first and most important aspects you need to understand is the fact that there are only a select few lenders in India who approve personal loans to borrowers with a bad credit score, and Money View, an NBFC based out of Bangalore, is one of them.

With that being said, mentioned below are the steps you will need to follow in order to get approved for a loan from MoneyView.

  • You will come across a list of lenders who offer personal loans in India. Initiate the application, or you can alternatively download the smartphone application onto your mobile.
  • In either case, you need to share your personal information, which includes your name, email address, and Aadhar linked phone number, to initiate the application process.
  • Click on next and on the following screen, share your income information which includes your type of employment (that is salaried or self-employed), monthly in-hand income, and organization details.
  • Hit Submit, and on the next screen, upload all your relevant documents, that is your Aadhar Card, PAN Card, latest salary slip, bank statement, ITR returns, etc.
  • Once all the documents are submitted, wait for the lender’s approval and share the loan amount you require. Once approved, the loan amount will reach your bank account in less than 48 business hours.

Loan Eligibility Criteria

Although as a lender, Money View does approve loans for even those who have poor credit scores, however, there are still certain eligibility criterias you will need to meet, and they are as follows.

  • You must be between the ages of 21 years and 57 years in order to qualify for the loan.
  • You must be a salaried employee with any public or private sector organization.
  • You must have a minimum monthly in-hand income of ₹13,500.
  • Your monthly salary must compulsorily be credited directly to your bank account every month.
  • You must have a minimum CIBIL score of 600 and an Experian score of 650 out of a total of 900 to be eligible for the loan.

Documents You Will Need

Along with the standard set of documents requested by every lender in India, you might need to share some additional documents with MoneyView in order to get approved, and the most significant of them are as shared below.

  • A soft copy of your PAN Card
  • A soft copy of your Aadhar Card
  • A soft copy of your residential address, such as utility bill or rental agreement
  • A soft copy of your latest salary slip
  • A scanned copy of your last 3 months’ bank statements (the same account where your salary is credited).
  • A scanned copy of last 3 years ITR reports, if asked

Tips to Get Approved Faster

1. Apply Only From One Lender

When you have a bad credit score, we understand that out of desperation to get approved for a personal loan, you will tend to apply with multiple lenders at once with the hope that at least one of them will approve your application; however, in reality, this could not be further from the truth.

Let us understand this better.

In India, there are two main credit rating agencies, CIBIL and Experian, and more than 85% of the lenders in India take into account the credit scores provided by these agencies for their loan applications. Now every time you place a request for a loan with a lender, one of the first aspects they invest their resources into is to request the credit bureau for your latest score, and this request is treated as a hard inquiry by the bureau.

Everytime there is a hard inquiry on your credit report, the bureau decreases your score by a few points, and thus with enough ripitations, you will decrease your score so much that you won’t be approved by any lender.

Thus, a better way to go about this and actually increase your chances of approval is by applying with only one lender and at max two and wait for their approval.

Check Beforehand

Along with the point we mentioned earlier, another tip you can follow to increase your chances of approval is to conduct a thorough research on the various lenders present in India before sending in your application. What we mean by this is simple, instead of just scanning through the lender’s loan offering, invest the time to read between the lines and explicitly investigate their eligibility criteria to better understand if they actually offer loans to borrowers with poor credit scores.

While this process might appear redundant at first glance, in reality, this will save you a lot of time and increase your chances of approval further down the line, as you can efficiently filter out all the lenders who do not extend loans to borrowers with poor credit scores, just by investing a little extra effort at the beginning of the process.


Getting a personal loan with low CIBIL/Credit score can be a tough, time-consuming, and draining process; however, with lenders like Money View taking an active interest in raising financial inclusivity, the process has luckily become easier.

Now that you know of the entire process, go ahead and apply for a personal loan today from MoneyView.

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