Do you have a fair credit score and are worried you may not qualify for a personal loan? We have good news for you! Many popular NBFCs, such as Manba Finance, are more flexible with their evaluation parameters. They consider various factors besides credit scores, such as documentation and financial stability. If you prove credible in those areas, lenders may overlook your poor CIBIL report and approve your application for a collateral-free personal loan. Today, we’ll look at six types of personal loans for credit scores 600-700.
If you have a fair credit score and are concerned about qualifying for a personal loan, we have good news! In this guide, we’ll explore six types of personal loans that you may qualify for, even with a fair credit score.
6 personal loan options for individuals with fair credit score
Explore six types of unsecured or collateral-free personal loans that can provide financial support during significant life events:
- Medical emergency loan
A medical emergency in the family can cause immense financial strain. Healthcare costs, such as hospitalizations, prescription drugs, medical treatments, surgeries, and rehabilitation therapies, are often too expensive. You may fall short of money even after making all financial arrangements. In such a situation, instead of stressing out, you can apply for a medical emergency personal loan online to receive instant funds in your account, even with a credit score between 600-700.
- Wedding loan
A recent study found that the average wedding budget for 2024 was ₹36.5 lakh. Even if you opt for a small wedding, you can expect to spend anywhere between ₹10-20 lakhs. Taking out such an exorbitant lump sum from your hard-earned savings can feel burdensome. The solution to this problem is a personal loan for marriage! Even better, you can get this type of personal loan for a credit score of 600-700. Whether you need to book a venue, arrange for caterers, buy attire and jewelry, or hire a videographer, you can use the funds for any wedding-related expenses.
- Vacation or travel loan
Both planned vacations with your family or friends and last-minute, unavoidable trips require big money. If you have limited savings or do not have funds readily available, you can opt for a personal loan for travel. Remember not to break your head over your credit score. It will not matter much if you meet the eligibility criteria, submit accurate documents, and prove a steady job and income.
- Consumer durable loan
Home appliances and gadgets have become an indispensable part of our lives. In our busy schedules, these devices help us save time, increase efficiency, and enhance our quality of life. The only catch is the high price tag that comes along with them! However, you do not need a hefty bank balance to make the big purchases. A more viable alternative is the consumer durable loan. So, whether you need to replace your refrigerator, upgrade your TV and sound system, or invest in a high-end laptop, this personal loan for a credit score of 600-700 is your best bet!
- Debt consolidation
Managing multiple high-interest debts, such as overdue credit card balances, student loans, and personal loans, can be challenging. If you are in such a situation, consider applying for a debt consolidation loan. This collateral-free personal loan is available at affordable interest rates to all types of borrowers, even ones with a fair credit score. Here’s how it works: Borrow the debt consolidation loan > Pay off your existing multiple debts with the funds at once > Focus on repaying just one consolidation loan. Ultimately, this process can help you become debt-free.
- Personal loan for women
Many NBFCs have special personal loan offers for women to empower them with the necessary finances for travel, weddings, higher education, business expenses, and more. A few key features of these loans include easy eligibility, no requirement for high credit scores, minimal documentation, quick approval and disbursal, affordable interest rates, and flexible repayment schedules.
Do you need a personal loan right away? Look no further than Manba Finance!
Your credit score can make a difference to your loan application, and you must keep it above 750. Most financial institutions tend to trust borrowers with high CIBIL scores. However, our approach at Manba Finance is different. We want to ensure every customer has an equal opportunity to get a personal loan for daily or emergency needs, irrespective of their credit reports. We have simplified our eligibility criteria, documentation requirements, and application process.
Even if you are a fair credit score borrower, you can apply online today! Do you need more information? Feel free to contact us—we’ll happily answer your queries.
