If you are new to credit and have zero credit history, the chances of having zero CIBIL score are high for you. Don’t worry, you can still get an instant personal loan without CIBIL. You can look out for online personal loan providers who do not require any credit score. You can also apply with a co-applicant or avail of a secured personal loan without CIBIL.
There are many options of instant loan without credit score or low CIBIL score. The most preferred ones are mentioned below:
Applying for an instant loan without CIBIL and salary slip is a challenging task as most lenders don’t offer loan without cibil check. However, you can still get a loan through the following ways:
Most banks and NBFCs offer personal loans with 750 or above credit score. However, if you have a low or zero CIBIL score, but still want a loan, instant loan apps can be your friend in need. There are some amazing zero CIBIL score loan apps in India.
Following are some instant loan apps that offer loans with low or zero CIBIL score:
| Loan App Name | Rate of Interest | Loan Amount |
|---|---|---|
| Faircent | 12% to 28% p.a. | Rs. 30,000 to Rs. 10 Lakhs |
| PaySense | 1.4% to 2.3% per month | Rs. 5,000 to Rs. 5 Lakhs |
| InCred | 16% to 36% p.a. | Up to Rs. 3 Lakhs |
| KreditBee | 1.02% p.m. onwards | Rs. 1,000 to Rs. 4 Lakhs |
| IIFL Finance | 12.75% to 33.75% | Rs. 5,000 up to Rs. 5 Lakhs |
| CASHe | 2.50% per month onwards | Rs. 1,000 to Rs. 4,00,000 |
| Fibe (EarlySalary) | Rs. 9 per day onwards | Rs. 5,000 to Rs. 5 Lakhs |
| L&T Finance | 13% p.a. onwards | Rs. 50,000 to Rs. 7,00,000 |
| MoneyView | 1.33% per month onwards | Rs. 5,000 to Rs. 5 Lakhs |
| MoneyTap | 1.08% per month onwards | Rs. 3,000 to Rs. 5 Lakhs |
| Loanbaba | 0.1% per day onwards | Rs. 5,000 to Rs. 2 Lakhs |
| Prefr | 18% to 36% p.a. | Rs. 10,000 to Rs. 3,00,000 |
The reason behind having a lower CIBIL score can be any of the following:
When you are applying for a loan, you can check your TransUnion CIBIL Score, Experian Credit Score, Equifax Credit Score, and CRIF credit score. Following are some tips to improve your CIBIL score:
Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.
Yes, you can get an instant loan without CIBIL by opting for secured loans against gold, self-owned property, securities, and so on. You can also opt for online personal loan providers or apply with a co-applicant.
CIBIL score range between 300 to 900. A score between 300 and 549 is considered to be a bad CIBIL score.
A score below 650 is considered to be a low CIBIL score and signifies a poor repayment behaviour of past credit, whereas no CIBIL score means the person has zero credit history or is new to credit.
Yes, you can take a loan against security if you have security in the form of bank deposits, insurance policies, mutual funds, bonds, and so on. Loans against securities are usually offered as an overdraft facility in your account after depositing your securities.
While most lenders require a CIBIL score of 750 or above to accept a personal loan request, a few lenders may also offer a loan with lower score. However, the ones that lend to such borrowers, will charge a significantly high interest rate and will have other stringent terms and conditions. Individuals with 0 or -1 CIBIL score can still get a personal loan if they have a salary or savings account with the lending bank or are working in a reputed firm. Such individuals can also consider applying for a secured personal loan.
Absolutely! Leveraging your Fixed Deposit (FD) to get a small loan and paying it back diligently is a clever strategy to boost your CIBIL score. It’s like a financial juggling act – you use the FD as collateral for the loan, demonstrating trust to the lender. Then, by making timely repayments, you show your responsibility, and each successful payment becomes a star in your credit report. Like a skilled tightrope walker, you maintain balance, earning the trust of lenders and gradually elevating your creditworthiness.
