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Ask CreditSmart: My Late Card Payments Made Me Ineligible For Loan

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Late Credit Card Payments Can Effect Personal Loan Eligibility

It’s time again to answer a credit question from one of our readers, this one is from user Srinivasa:

Dear sir my credit card payment is late paying so that the reason I am not get eligibale for personal loan let me know your feedback and what to do.

-Srinivasa Improving India's Credit EverydayThanks for the email, Srinivasa! Unfortunately yes, even if you have just a few late payments on your credit card, that may be enough reason for a bank to deny you a loan. This is generally the sort of situation that can only be fixed with time and financial discipline. The first thing you should do is make sure you take care of that credit card bill as soon as you can. Then you should take a closer look at your CIBIL report. Identify any other late payments or even mistakes that might be on there. It’s very important to have your CIBIL looking as clean and free of bad marks as possible before you attempt to avail a loan.

If getting a loan now is urgent, keep in mind your credit card might offer cash advances against your credit line, but beware that the interest rate will be considerably higher than a traditional personal loan. Just practice good credit habits and your CIBIL will increase in no time!

If you have a credit question too, please email us at! We do our best to answer questions from users and then share them with everyone so we can all learn!


-CreditSmart Staff

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