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Have you ever been late with a loan EMI or credit card bill payment?
There’s plenty of people who have and it’s not usually a big problem unless the debt is for more than ₹1000 and you’re more than 60 days late in paying it. At this point, you’ll have a default lodged on your credit history by the credit provider and the default may stop you from getting a loan.
Luckily, you may still qualify for a loan if you choose the right lender.
Do you have more than one default on your credit file? Your ability to borrow depends on the type of loan default you have; how old they are and their combined value.
If you have any unpaid defaults or larger paid defaults, you may still qualify with a specialist lender.
The size of your default has a massive influence on your eligibility for a loan. The bigger the default, the more likely your application will be declined.
Is your credit file: