Rahul, a 26-year-old working in a MNC Bank in Bangalore, had a CIBIL score of 637 and was facing difficulty in getting a loan due to a past write-off due to a lost credit card in 2017. However, Omozing was able to provide him with a personal loan of Rs. 1.26 Lakhs at a reasonable interest rate.
Here are the alternative factors Omozing used other than CIBIL score and made the decision to do this loan:
1. Income and Employment Status
Omozing evaluated Rahul’s income and employment status to determine his ability to repay the loan. They took into account his salary, job stability, and tenure in the current job.
2. Payment History
Omozing evaluated Rahul’s payment history, including his past payment behaviour on other loans, credit cards, and bill payments, to understand his creditworthiness.
3. Credit Mix
Omozing evaluated Rahul’s credit mix, including the types of credit he had and how responsibly he had used them, to understand his creditworthiness.
4. Current Financial Obligations
Omozing evaluated Rahul’s current financial obligations, including his outstanding debt, expenses and savings, to understand his ability to repay the loan.
5. Reason for the Write-Off
Omozing evaluated the reason for the write-off, in this case the lost credit card, and found that it was an isolated incident and not a pattern of irresponsible behaviour.
Where to get Low CIBIL Score Loan
Omozing
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 25 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options from 3 months to 3 years depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.
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