How to Get an Instant Personal Loan without CIBIL Score

 Availing of a personal loan becomes a hassle-free process when you apply with a good CIBIL score. But, not every applicant has a CIBIL score. That does not mean that it is difficult to avail of an instant loan without CIBIL.

While applying for an instant personal loan, lenders have certain eligibility standards that must be met. CIBIL score is one of those parameters. However, certain financial institutions make it possible to avail of personal loan for low CIBIL or instant loan without CIBIL.

To avail an instant personal loan without a CIBIL score, applicants must consider the following points in mind.

1.    Prove that your income is adequate to repay the loan- Even with a poor credit score or having no credit score, you can still avail of a personal loan of your choice provided that you have strong proof to show the lender that your income is sufficient to repay the loan.

2.    Build your financial understanding- Many peoples may even take the wrong decision when applying for a personal loan without CIBIL due to a lack of knowledge. It is essential to develop some relevant knowledge about the loan before applying.

3.    Apply for a lesser loan amount- Higher loan amount leads to higher interest rates, fees, or other charges. If you are applying for a personal loan for low CIBIL score with a higher amount, then the lender may doubt your ability to repay such a huge amount. Hence, always apply for a lower personal loan amount.

4.    Apply for an Instant loan without CIBIL with a co-applicant- If you want to apply for a personal loan for low CIBIL, you can enhance your chances of approval by applying for the loan with a guarantor. It is important that your co-applicant is one of your family members/friends/ or relatives who should be informed before about your reasons to avail of a personal loan. The lenders will verify whether the co-applicant has a steady and consistent income and will be able to repay the loan on time.

5.    Inform the lender to mark NA or NH in your credit report- The NA or NH on your credit report marks the absence of any past credit activity or absence of credit in the last 36 months. In such kind of case, you do not have a credit score in your CIBIL report. So, you can speak to your lender regarding your credit inactivity. In this case, the lender will offer you this loan at a to some extent high rate of interest.

6.    Collateral-based personal loans- You can opt for collateral-based personal loans to make everything better where you will have to pledge collaterals such as shares, assets, gold, FDs, etc. In those cases, it is not necessary to show your CIBIL score.

Hence, these are some of the important points that you will have to keep in mind in order to avail of a personal loan despite having a low or without CIBIL score.

Source- https://www.linkedin.com/pulse/how-get-instant-personal-loan-without-cibil-score-anjali-kumari/