The credit bureaus' information and analytics are both large in number and high in quality (as it captures details on all of an individual's loan accounts). This aids underwriters in determining the risk associated with a particular application.
The CIBIL score ranges from 300-900. Typically, a person with a score below 680 finds it very difficult to get a personal loan. Whenever you apply for a fresh loan or credit from the lender, your credit score is checked to ensure you have the potential to repay it on time. Lenders consider your credit score as a significant factor in the decision-making process.
The long and short answer to this is that people with bad credit have very few options to get personal loans.
There are some NBFCs which are region specific which lend to people with bad credit. But these are by far small, have limited scale and are limited to some cities.
Now, this is the problem that Saral Credit is trying to solve. While Formal lenders such as Banks and NBFCs avoid lending to people who don't have a good credit score. Saral Credit's mission is to give such people a chance to borrow. So, if you have been told no in the past, Saral Credit will try and lend you a helping hand with a loan that is affordable and which helps you get back to credit healthy ways.
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