Personal loan without CIBIL Score: Know the Loan application conditions and procedure and get the Personal loan even with worst CIBIL Score.

Personal loan without CIBIL Score: Getting a loan without a good CIBIL score can be challenging, but there are some special companies that provide loans through online mode even to those with a bad CIBIL score. Therefore, through this article we are presenting you a list where you can easily get a loan as per your needs.

Loan can be applied for in any bank, but not every person can get it. There are many reasons for not approving a personal loan, but the biggest problem arises due to not having a good CIBIL score. All such applicants whose CIBIL score is more than 750 are generally given bank loans by the banks. But if you are not getting the loan due to bad CIBIL score, then today we have brought for you a list of some such companies where you can easily get the loan through online medium. Therefore, read this article. carefully to know the eligibility, number of documents required and application process to get the personal loan.

Why CIBIL score is important for a loan?

Banks and financial companies list customers through CIBIL score so that information about their banking history is obtained. The higher the CIBIL score of a customer, the better he is considered and any bank can easily give loan to such a person. Also, people with good CIBIL score get loans at low interest rates by the bank.

The CIBIL score, which ranges from 300 to 900, is a measure of a person’s financial standing. Generally, a score below 600 is considered poor, while a score above 750 is considered very good. Big registered banks like SBI, PNB, BOB, HDFC, ICICI etc. demand maximum CIBIL score from their customers so that they can provide them loans.

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Get a loan from non-banking financial company

NFBC (Non-Banking Financial Company) companies registered by the Reserve Bank of India are also able to provide loans to customers of different CIBIL scores. These companies have taken a positive step and also provided support to those people with low CIBIL score who are not able to get loans from big banks.

If you are facing difficulty in getting a loan from a big bank, then you can contact financial companies that open doors well. These NFBC companies have especially targeted those with low CIBIL scores to provide you easy loans, so that you can improve your financial condition.

NBFC companies and their loan offers

RBI approved NBFC companies are providing loans even against bad civil scores to retain their customers. These companies have aimed to increase their customer market through attractive offers, so that more and more people can establish relationships with them. Also, these companies are RBI approved, which strongly reflects their financial position.

Interest rate and the terms of the loan

Loan offers from these NBFC companies come with high interest rates, which can range from 20% to 36% per annum. Due to the high interest rate, people should be cautious about this type of loan. Taking a loan with a high interest rate comes under the category of secured loan in which there is no security.

Loan amount and tenure of the loan

Applicants get time from 1 year to 5 years to take the loan. This depends on the interest rate and loan amount. The loan amount is small initially but increases over time if the applicant deposits his loan amount regularly. The reason for the company giving loans with higher interest rates is to keep more security in it, which can help in their upcoming growth.

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Loan application conditions and procedure to get Personal loan without CIBIL Score

Any Indian citizen who has a bank account can apply for a loan even with a bad civil score. The minimum age of the applicant must be above 21 years and they must have suitable documents for KYC such as Aadhar Card, PAN Card, Bank Passbook, and Salary Slip.

If the applicant is working in a company and is getting salary, then it may be easy for him to get the loan.

While applying through online mode, the applicant must have a smartphone, mobile number, email ID, and selfie camera with which a clear photograph can be taken and uploaded.

​Process to get Personal loan without CIBIL Score

Download app:

Download the mobile application from Google Play Store or App Store mentioned below in the article. This will protect you from fraud problems.

Registration:

After downloading, register by typing your mobile number, where you will have to confirm through OTP.

Profile and Bank Information:

After registration, you have to fill your personal information and bank related information.

KYC and Documents:

You have to upload all the required documents and provide information by clicking on the KYC link.

Online Loan Offers:

As per eligibility, you will be offered an online loan.

Loan Application:

To receive the loan amount, click on the link of “Submit” and after entering the OTP your application will be submitted.

Verification and Transfer:

After the company verifies you, the loan amount will be transferred to your bank account.

Deducted Charges:

Note that 18% GST, processing fee, document fee etc. will be deducted from the amount that will be transferred to your bank account.

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Loan application available on play store

FAQ’S: Personal loan without CIBIL Score