Get Instant Loan Without CIBIL Score: In the world of finance, CIBIL score (credit score) is a major benchmark. It determines whether you will get a loan or not, and what interest rate will be applied to your loan. Every bank or financial institution checks the CIBIL score while giving loans. If your CIBIL score is good, you will get a good loan very quickly, but people with poor or no CIBIL score face difficulties in obtaining loans. If you want to get a loan without a CIBIL score, then in this article, we will discuss the complete loan process and the interest rates applicable on such loans.
What is CIBIL Score and How is it Determined ?
A CIBIL score is a result of an individual’s past financial transactions and their track record with banks. If you have maintained a good credit report and haven’t committed any irregularities in your previous financial dealings, your CIBIL score will be good. In the opposite situation, the CIBIL score becomes poor. Generally, a CIBIL score above 700 or 750 is considered good, while anything below this is considered poor.
Any individual institution before giving loan checks your old credit report and on this basis your loan application is approved or accepted. But there are some lenders who look at other eligibility criteria instead of civil score. This institution easily provides loan facility even without civil score.
Documents Required
- Aadhaar Card
- PAN Card
- Address Proof
- Any proof of income
- Passport Size Photo or Selfie Photo
- Bank Statement
- Mobile Number
How to Get Instant Loan Without CIBIL Score ?
- Search for Lenders : First, look for lenders who provide loans to individuals without CIBIL scores or with low CIBIL scores. These institutions focus more on an individual’s employment and other eligibility criteria rather than the CIBIL score. Examples include Finnable, Tata Capital, Insta Money, etc.
- Apply for Small Loans : Getting a large loan without a CIBIL score is very difficult. Therefore, choose the option of a small loan, meaning you should apply for loan amounts between 1000 rupees to 60000 rupees. In this situation, the lender will build confidence in your loan repayment capacity.
- Role of Guarantor : If you apply for a loan without a CIBIL score, try to find someone who can guarantee your loan. In other words, you’ll need a guarantor. However, it’s important to note that your guarantor should have a good CIBIL score. This will create a positive impression on the lender, and they will provide you with immediate loan facilities.
- Show Proof of Income : Any lender will assess your loan repayment capacity more based on your monthly income than anything else. Therefore, when applying, make sure to provide any proof of income that demonstrates your financial stability, which will make it easier for you to get the loan.
- Apply for Secured Loans : Loans are of two types: secured and unsecured. Secured loans are those where the applicant needs to provide some guarantee or collateral, such as pledging property, gold, car, bike, etc. For loans without a CIBIL score, choose this type of loan as it will maintain the lender’s trust in you.
- Get NA or NH on Your Credit Report :NH means No History, and NA means Not Available. This indicates the absence of past credit activities. In such cases, lenders review your credit report and make decisions, and in most cases, the loan is granted. However, the interest rate might be higher.
How To Apply to Get Instant Loan Without CIBIL Score ?
1. To get an instant loan without CIBIL score, first of all you have to choose some lending companies or institutions. Like Finnable, Tata capital, Insta money etc. 2. Now go to the official website of any of these or you can also use their mobile app.
3. Here you have to register first. 4. After registration, you will have to enter some information by clicking on Loan. 5. Enter all your information carefully. 6. After this click on Apply For Loan or Submit 7. In this way you will be able to apply for loan even without CIBIL score.