Getting a personal loan with a 300 credit score is one of the hardest situations anyone can face. A score this low signals to banks that you are in the highest-risk category, which is why most traditional lenders reject applications instantly.
Yes, you can still get an instant loan even with a 300 credit score. You need to apply through the right type of lenders, not banks.
This is exactly where 24hrLoan, which partners with multiple NBFCs and digital loan platforms, increases your chances.
Let’s break it down in simple words.
What Does a 300 Credit Score Really Mean?
A credit score ranges from 300 to 900.
- 300–500 → Very Poor
- 500–650 → Poor/Below Average
- 650–750 → Good
- 750–900 → Excellent
A 300 score is the lowest possible, which usually happens due to:
- Missed EMIs
- Loan defaults
- High credit card usage
- Multiple loan rejections
- No credit history or long gaps
That’s why banks refuse personal loans for such profiles.
Can You Still Get an Instant Loan With a 300 Credit Score?
Yes. But not from banks. Banks need a minimum of a 650–700 score to even consider approval.
Loans are still possible from:
- NBFCs (Non-Banking Finance Companies)
- Fintech loan apps
- Salary-based lenders
- Secured loan providers (Gold loan, FD loan)
- Small-ticket instant loan platforms
These lenders focus more on:
- Your current income
- Your bank statement activity
- Your salary credit stability
- Your repayment capacity
Instead of only your credit score.
Loan Features for 300 Credit Score Borrowers
| Feature | Details |
|---|---|
| Loan Amount | ₹2,000 – ₹1,00,000 |
| Interest Rate | 22% – 36% p.a. (depends on risk) |
| Minimum Income | ₹12,000 – ₹20,000 salary |
| Processing Time | 5 minutes – 24 hours |
| Type | Instant loan / small personal loan |
| Documents | Aadhaar, PAN, bank statement |
Why 24hrLoan Gives You Better Chances of Approval
24hrLoan is connected with multiple banks + NBFCs + instant loan apps, meaning your single application reaches multiple lenders who accept low-score profiles.
24hrLoan helps you:
- Find lenders who accept 300–550 CIBIL
- Get small loans quickly
- Receive offers based on salary, not credit score
- Avoid unnecessary rejections
- Compare interest rates instantly
This multi-lender approach increases your chances up to 5×.
Also Read: 8 Benefits of a High Credit Score
What Loan Amount Can You Expect With a 300 Score?
| Monthly Income | Possible Loan | Approval Chances |
|---|---|---|
| ₹12,000–₹15,000 | ₹2,000–₹15,000 | Medium |
| ₹15,000–₹20,000 | ₹10,000–₹40,000 | Good |
| ₹20,000–₹30,000 | ₹20,000–₹1,00,000 | Better |
| ₹30,000+ | ₹50,000–₹1,50,000 | Strong |
Why is the Interest Rate Higher for a 300 Credit Score?
Lenders take more risk on low-score borrowers.
So interest rates go higher:
- Banks: Not available
- NBFCs: 22% – 32%
- Loan apps: 1.5% – 3% per month
- Secured loans: 9% – 16% (lowest)
Eligibility Requirements for a 300 Score Loan
Even with a low score, you can qualify if:
- Your salary comes every month
- Your bank statement shows regular transactions
- You provide the correct KYC
- No heavy EMI has been bouncing recently
- You apply for a small loan first
Tips to Increase Approval Chances (Even With a 300 Score)
1. Apply for a small loan first
₹5,000–₹20,000 is easier to approve.
2. Maintain a positive bank balance
Avoid overdraft and negative balance.
3. Keep your salary account clean
No unnecessary bouncing or gambling transactions.
4. Avoid applying everywhere
Multiple rejected applications reduce your score even more.
5. Consider secured loans
Gold loans are the easiest option for those with a low score.
Also Read: 20,000 Loan Without CIBIL Score
Conclusion
You can, however, only get loans from NBFCs, loan apps, and flexible lenders. Banks will not approve. But instant lenders focus on:
- Salary
- Bank statement
- Income stability
- Not your credit score alone.
Through 24hrLoan’s multi-lender system, approval chances remain high even with a bad score.