Can you Apply for an Instant Loan Without CIBIL?

The importance of a high CIBIL score cannot be underestimated if you need any form of credit such as personal loans. The higher the CIBIL score, the better the chances of availing an affordable loan. However, what if you have a low CIBIL score or no CIBIL score at all? Can you still get an instant loan without a CIBIL score or a personal loan without a CIBIL score?

Read on to know more.

Personal Loan Without CIBIL score

If you are new to credit, chances are that you may not have a CIBIL score. The good news is that, despite this, you can still avail of a personal loan.

However, before you proceed to apply for an instant loan without CIBIL scores, the following pointers must be kept in mind -

• Income Proof

  Would you lend large sums of money to someone repeatedly despite knowing that the person’s source of income is not stable and you won’t be repaid? For many of you, the answer will be negative. The same situation can be applied to banks and lenders. 

  To get an instant loan without a CIBIL score, you must show legitimate proof to the banks and lenders that your income is sufficient enough to repay the loan on time.

• Amount Being Borrowed

  When you opt for a higher loan amount, you must expect a higher rate of interest as the risk for the lender increases.

  Now, if you have a low or no CIBIL score and you want to borrow a large sum of money, then the lender might not be too keen to sanction your amount as they are unaware of your creditworthiness and will doubt your ability to repay the amount on time. So, if you have no or a low CIBIL score, you may be able to avail of a loan but the amount will be low.

• Apply with a Co-applicant

  If you wish to apply for a personal loan without CIBIL scores or a low CIBIL score, then you can increase your chances of getting your loan approved by applying with a co-applicant. 

  The lender will check the co-applicant’s income and his/her ability to repay the loan amount. If the co-applicant meets the requirements, your loan will be approved.

• Get a Guarantor

  If you don’t have a CIBIL score and you want to get a loan, then you can ask one of your family members to be a guarantor. If your guarantor has a good CIBIL score, then your loan approval process will not be difficult.

• NA or NH in Your Credit Report

  NA or NH on your credit report means no credit activity in the last 36 months. You can speak to your lender about your credit inactivity, explain the reasons for it, and get your loan approved. However, in such a case, you may be charged a high rate of interest.

• Collateral-Based Loans 

  If you wish to get a personal loan or instant loan without a CIBIL score, then you can opt for secured loans, i.e., loans that require collateral such as property, jewelry, FD, etc. 

  However, if you are unable to repay your loan, then the lender can seize your submitted asset and sell it to recover the loan amount. To know more about loan recovery processes, check out our article on the same.

Personal Loans from Moneyview Without CIBIL Score

Moneyview's lending partners use a unique credit rating system that allows even those with a relatively low CIBIL score to avail of advantageous personal loans. As long as your CIBIL score is 650 or above, you can still get an instant loan through us.

How to Have a Good CIBIL Score?

To have a good CIBIL score, the most important step is that you must not be a loan defaulter.  You must pay your debts on time and have a good credit history. 

You must also not use too much credit or frequently keep applying for new credit cards. Apart from these, you must also not take many unsecured loans. A healthy mix of secured and unsecured credit is ideal. 

If you fulfill these requirements, then you can expect your credit score to be above 750. And once you have a high CIBIL score, you can apply for any type of loan easily. Here are a few more benefits of having a high CIBIL score.

Conclusion

Getting an instant loan or personal loan without CIBIL is not easy as one’s creditworthiness is an important eligibility criterion. The lower your CIBIL score, the higher the risk for lenders which is why even if loans are disbursed, it will be at higher rates of interest and lower repayment terms. Therefore it is essential to start building credit if you have none or increase your CIBIL score if it is low. For more tips on how to increase your CIBIL score, check out this blog.