I had taken a loan form one of nbfcs mobile application of 6000 rs and i hadn’t paid it from 1 year and and i had reacently paid yesterday now i am planning to take an education loan from nbfc then i want to know what are the chnaces of getting loan aproval.
@yashmdhakecha This will have had an impact on your credit score which is something that banks / NBFCs look at while processing an application. If you hadn’t paid the smaller loan, what is the confidence that a lender will get when it comes to your willingness to pay the larger loan.
Given that the loan amount was small, and based on your statement that you have cleared the loan, NBFCs might take your application for a review and if they find your explanations satisfactory, and depending on your target course / country they will be able to extend you a loan. However, your interest rate will be higher than what your peers might get. Also, it is better for you to take a secured loan as that might make the lender more receptive of giving you a loan.