Yes, you can apply for a loan even with a poor credit history—but approval is harder and the terms won’t be as friendly.
Here’s how it usually works:
- Banks like State Bank of India or HDFC Bank may still consider your application, but they’ll likely charge higher interest rates or ask for collateral.
- You might have better chances with NBFCs (Non-Banking Financial Companies) like Bajaj Finserv, which are generally more flexible with credit scores.
- Adding a co-applicant with a good credit score can significantly improve approval chances.
- Some lenders offer secured loans (like against gold, property, or FD), which are easier to get approved.
Important: Avoid taking loans with extremely high interest just for quick approval—it can trap you in debt.