Can I get a loan for low CIBIL score?

It's difficult but not impossible to get a loan with a low credit score. You may still get a loan at a higher rate of interest as the financial institution may find your profile risky due to past defaults.

However, before applying for a loan always check your current credit score as it's the first step to check if your loan will get approved or not. The minimum required credit score is 750. If you have 750 and above the chances of getting a loan are higher.

In case, if your score is below that then you need to improvise it and then apply for a loan. You can always reverse your bad credit score into good score by concentrating on certain parameters which had defaulted earlier such as:

Payment history: 35%

Amounts owed: 30%

Length of credit history: 15%

How many types of credit in use: 10%

Account inquiries/New credit: 10%

Your credit score only affects when you start defaulting on your payments. And ones your score is affected the chances of you getting unsecured loan minimises. In this case, you can start rebuilding a new credit history by applying for secured loan or credit cards. Secured loans has a positive impact on your score and also helps you to increase the score. Once you rebuild a credit history you can then think of applying for a small loan amount.