Personal loan without any CIBIL check: A favorable loan agreement requires a good CIBIL score. However, individuals who have never obtained credit facilities or possess poor CIBIL scores may face difficulties. In such cases, being aware of the availability of instant loans without considering the CIBIL score can be advantageous. Continue reading to discover the process of obtaining a loan without a credit score.
Personal Loan for Individuals with Low Credit Score:
There are several options available for individuals with a low credit score or no credit score who are seeking a personal loan. The following options are highly recommended:
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1. Banks and NBFCs: Many banks and Non-Banking Financial Companies (NBFCs) offer personal loans to individuals with low or no credit score. However, it is important to note that the interest rates charged for these loans will be higher compared to those offered to individuals with a high credit score. This is because lending to individuals without a credit history poses a higher risk of loan default for the lenders.
2. Online lending platforms: If you are in search of a personal loan without a credit score or income proof, you can explore various online lending platforms. These platforms have their own credit check tools and policies, allowing them to offer personal loans without relying solely on credit scores or income verification.
3. Through Secured loans: Another viable option for individuals without a credit score is to apply for a secured loan. These loans are backed by assets such as deposits, property, gold, or other valuable assets. Many secured loan providers even offer personal loans without requiring income proof.
4. By income proof: Some lenders may consider offering short-term loans to individuals without a credit score if they can demonstrate a stable monthly income. Providing proof of income, such as salary slips or bank statements, can increase your chances of obtaining a loan. Additionally, any additional sources of income, such as bonuses or savings interest, can also be considered.
5. By Adding a co-applicant: If you are unable to find a loan application that does not require a credit score, you can opt to apply for a loan through a bank or NBFC by adding a co-applicant to your personal loan application. This can help strengthen your loan application and increase the likelihood of approval.
It is important to carefully consider these options and choose the one that best suits your financial situation and repayment capabilities. Additionally, it is advisable to compare interest rates, terms, and conditions offered by different lenders before making a final decision.
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Instant Personal loan without any CIBIL check:
Many banks and NBFCs typically require a credit score of 750 or above in order to offer personal loans. However, individuals with low or zero CIBIL scores who are still in need of a loan can turn to instant loan apps for assistance. These apps have become a reliable solution for those facing credit score challenges. In India, there are several zero CIBIL score loan apps that provide loans to individuals in such situations.
Here is a list of instant loan apps that cater to individuals with low or zero CIBIL scores:
- Faircent: Offers loans with an interest rate ranging from 12% to 28% per annum. Loan amounts range from Rs. 30,000 to Rs. 10 Lakhs.
- Pay Sense: Provides loans with an interest rate of 1.4% to 2.3% per month. Loan amounts range from Rs. 5,000 to Rs. 5 Lakhs.
- In Cred: Offers loans with an interest rate ranging from 16% to 36% per annum. Loan amounts can go up to Rs. 3 Lakhs.
- Kredit Bee: Provides loans starting from 1.02% per month onwards. Loan amounts range from Rs. 1,000 to Rs. 4 Lakhs.
- IIFL Finance: Offers loans with an interest rate ranging from 12.75% to 33.75%. Loan amounts range from Rs. 5,000 up to Rs. 5 Lakhs.
- CASHE: Provides loans starting from 2.50% per month onwards. Loan amounts range from Rs. 1,000 to Rs. 4,00,000.
- Fibe (EarlySalary): Offers loans starting from Rs. 9 per day onwards. Loan amounts range from Rs. 5,000 to Rs. 5 Lakhs.
- L&T Finance: Provides loans starting from 13% per annum onwards. Loan amounts range from Rs. 50,000 to Rs. 7,00,000.
- Money View: Offers loans starting from 1.33% per month onwards. Loan amounts range from Rs. 5,000 to Rs. 5 Lakhs.
- Money Tap: Provides loans starting from 1.08% per month onwards. Loan amounts range from Rs. 3,000 to Rs. 5 Lakhs.
- Loan baba: Loan baba offers loans starting from 0.1% per day, with loan amounts ranging from Rs. 5,000 to Rs. 2 Lakhs.
- Prefr: provides loans with an annual interest rate of 18% to 36% and loan amounts ranging from Rs. 10,000 to Rs. 3,00,000.
Looking to enhance your CIBIL score? Here’s what you can do:
- Ensure timely and full payment of your loan EMIs and credit card bills.
- Keep your credit utilization ratio low, ideally below 30% of your available credit limit.
- Avoid making excessive hard inquiries.
- Refrain from closing your unsecured credit cards, as it may raise your utilization ratio.
- If you come across any inaccuracies or incomplete information in your CIBIL report, report it to CIBIL promptly.
Boosting your CIBIL score is within your reach by following these simple yet effective steps.
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FAQ’S: Personal loan without any CIBIL check
What does the CIBIL Score is considered as good or bad?
A CIBIL score of 750 or higher is generally considered good and A CIBIL score between 300 and 549 is considered as low CIBIL score.
Name the application through which we can get the Personal loan without any CIBIL check?
Pay sense, In cred , CASHE, Money view, Money tap, etc
How we can enhance our CIBIL score?
Ensure timely and full payment of your loan EMIs and credit card bills.
