Instant Loan without CIBIL

There are many options of instant loan without credit score or low CIBIL score. The most preferred ones are mentioned below:

• Banks and NBFCs: Many banks and Non Banking Financial Companies (NBFCs) provide personal loans with low CIBIL or even a loan without CIBIL. However, personal loan interest rates charged from people with low or nil CIBIL score will be higher than that from people with high credit score. That is because offering a personal loan without CIBIL score involves a risk of loan payment default for lenders. 
• Online lending options: If you are looking for a personal loan without CIBIL and income proof, you can search online. Nowadays there are many online platforms that offer personal loan without CIBIL check as they have their own credit check tools and policies.
• Secured loans: Another suitable option of loan without CIBIL score is applying for a secured loan. These are asset-backed loans and are offered against securities, deposits, property, gold, and other assets having monetary value. Many secured loan providers even offer personal loan without income proof.
• Provide income proof: Some lenders may offer short term loan without CIBIL if you earn good monthly income and provide proof of the same. You can also show the proof of any additional income, such as bonus, increment, savings interest, etc., if available.  
• Add a co-applicant: If you are unable to find any loan app without credit score, you can apply for a loan through bank/NBFC by adding a co-applicant to your personal loan application. The applicant should have a good credit score and income enough to service the loan payment.

Applying for an instant personal loan without income proof and with low/nil CIBIL score 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:

• Apply with NBFC: Unlike banks, NBFCs generally have lenient policies for loan applicants with low CIBIL score. 
• Provide income proof: If you show the evidence of your monthly income, lenders may offer you a personal loan without credit score or with low CIBIL score.
• Apply with a co-applicant: You can add a co-applicant with good income and credit score when applying for an instant loan without credit check in India.
• Apply for a low amount: Applying for a low loan amount can get you approval even with a low CIBIL score.
• Apply with a lender having tie-up with your employer: You can consider applying for a low CIBIL score personal loan without salary slip through the banks which have tie-up with your employer. These banks may also offer loan without income proof as they have your income details.
• Improve your credit score: If you are not in a hurry, you can build and improve your credit score before applying for the loan. A high credit score can get you instant loan approval.
• Apply for secured loans: If you have any asset like property, gold, insurance policies, securities, deposits, etc., you can apply for a secured personal loan. Nowadays secured loans in the form of without income proof loan available online.
• Apply through online platforms: You can also search for without credit score loan app online to get a loan with low or nil credit score.

The reason behind having a lower CIBIL score can be any of the following:

• Having multiple unsecured loans.
• Any delay or default in your loan payment history.
• Having a high credit utilization ratio, i.e. over 30% of the available credit limit.
• Rejections of loan application multiple times in a short period of time. 
• Making a settlement of debt with the bank and closing the loan account by making less payment than required.
• An un-diverse mix of credit.  
• Multiple hard credit inquiries.

There are several benefits of having a good CIBIL score, such as:

• The chances of getting a low personal loan interest rate are higher.
• You can get instant approval on loan or credit card.
• Your negotiation power with the lender becomes better.
• You can get the best available offers from the lender or credit card provider.
• There are higher chances of getting higher loan or credit card limits.
• You can get pre-approved loan and credit card offers from banks.
• Higher chances of getting a longer repayment tenure on loan. 

Following are some tips to improve your CIBIL score: 

• Pay your loan EMIs and credit card bills on time and in full.
• Always keep your credit utilization ratio low, preferably below 30% of the available credit limit.
• Don’t make too many hard inquiries.
• Do not close your unsecured credit cards as it can increase your utilization ratio.
• Report any inaccuracy or incomplete details in your CIBIL report with CIBIL.