Budget Homes

Loan can be given to CIBIL defaulters. If your CIBIL status is not cleared, you can avail loan. Your chances of getting a personal loan would be less without security. Loan against property may be possible to you. ICICI offers loan against property. ICICILAP.

You can also convince your new creditor/bank as why did you defaulted in your previous loan. If your reason is valid new creditor may consider your case and issue loan.

More number of people getting credit card than loans. Credit Card defaulters are listed in CIBIL more than loan defaulters. More defaulting happening in Credit Cards than Loan repayment.

Sooner or later the creditors/banks will find it difficult to locate a debtor cleared from CIBIL due to growing number of valid and invalid defaulters list.

In the future, creditors may have to relax the standard as defaulting can be considered but NPA (Non Performing Asset) should not be considered.

So soon, defaulter status in CIBIL may not be a hindrance for getting loan.