Instant Loan Without CIBIL
If you are new to credit and have zero credit history, the chances of having a zero CIBIL score are high for you. Don’t worry, you can still get an instant loan without CIBIL. You can look for without CIBIL loan providers online who do not emphasise having a credit score. You can also apply with a co-applicant or avail of a secured personal loan or an instant loan without CIBIL.
Low CIBIL Score Loan Apps
Below is the list of the top 10 low CIBIL score loan apps in India that offer a personal loan without CIBIL or a low credit score:
| Loan App | Loan Amount | Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| Creditt | Rs. 10,000 - Rs. 35,000 | Up to 90 days | 0.3% per day onwards | Rs. 350 or 3%, whichever is higher |
| KreditSure | Rs. 5,000 - Rs. 1 Lakh | Up to 12 months | 1% per month onwards | 1% onwards |
| Bharat Loan | Rs. 10,000 - Rs. 5 Lakhs | 1 - 3 years | 35% p.a. | 2% + GST |
| FlexSalary | Up to Rs. 3 Lakhs | Up to 36 months | 18% - 36.5% p.a. | Up to Rs. 3,000 |
| NIRA | Rs. 5,000 - Rs. 1 Lakh | 91 days - 24 months | 24% - 36% p.a. | 2% - 7% (maximum Rs. 350) + GST |
| Olyv | Up to Rs. 5 Lakhs | 2 months - 24 months | 1.5% per month onwards | 3% |
| Freo | Rs. 3,000 - Rs. 5 Lakhs | 3 months - 36 months | 12% - 36% p.a. | 2% |
| Loanwithin | Rs. 5,000 - Rs. 1 Lakh | 07 days - 180 days | 0.8% per day onwards | 5% - 8% |
| mPokket | Rs. 500 - Rs. 30,000 | 61 days - 120 days | 0% - 4% per month | Rs. 50 - Rs. 200 + GST |
| PaySense | Rs. 5,000 - Rs. 5 Lakhs | 3 months - 60 months | 14% - 36% p.a. | Up to 2.5% |
Benefits of Instant Loans Without CIBIL
There are several benefits of availing a loan without CIBIL score, such as:
- You can get instant approval for a loan as there is no or minimal credit score requirement.
- It is the only way to get an urgent loan without CIBIL.
- No credit check is needed to apply for a personal loan using the apps.
- By using the apps to get a loan and paying off loans timely, you can enhance your credit history to become eligible for future interest rate reductions.
- These loans involve affordable processing fees starting from just 1% of the loan amount plus GST. This cost is subtracted upfront to guarantee transparency in charges.
- The no CIBIL score loan apps are a lifesaver for applicants with poor or no credit.
Types of Without CIBIL Loans
There are personal loan types or options available without a credit 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, interest rates charged will be higher than those for people with a high credit score. That is because an NBFC loan without CIBIL involves a higher risk of repayment default.
- Online lending options: If you are looking for a personal loan without a CIBIL or low CIBIL, you can search online. Nowadays, there are many online platforms that offer personal loans without a CIBIL check, as they have their credit check tools and policies.
- Secured loans: Another suitable option is applying for a secured loan. These are asset-backed loans, offered against deposits, property, gold, or other assets with monetary value. Many secured loan providers may even offer a personal loan without income proof.
- Provide income proof: Some lenders may offer a short-term zero CIBIL score personal loan if you earn a good monthly income and provide proof of the same. You can also present the proof of any additional income, such as a bonus, an increment, savings interest, etc., if available.
- Add a co-applicant: If you are unable to find an instant loan for low CIBIL, you cn apply with a co-applicant through a bank/NBFC. The applicant should have a good credit score and income enough to service the loan payment.
Impact of a Low CIBIL Score on a Loan
There are several impacts of having a low CIBIL score on a loan, such as:
- There are higher chances of getting a high personal loan interest rate.
- Loan approval can be delayed or rejected, and you will not be able to get an instant loan without credit score.
- You do not have any negotiation power with the lender for better loan terms.
- You will not have access to the best available personal loan offers from the lenders.
- You cannot get pre-approved loan offers from banks. Higher chances of getting a shorter repayment tenure on an online loan without CIBIL.
How to Apply for an Urgent Loan Without CIBIL
Applying for an instant loan online without CIBIL is a challenging task, as most lenders don’t offer loans without a 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 scores. You will find plenty of NBFC personal loans for low CIBIL score options online.
- Provide income proof: If you show the evidence of your monthly income, lenders may offer you a personal loan without a credit score or with a 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 a 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.
- Check lenders having a tie-up with your employer: You can consider applying for a loan without credit score through banks that have a tie-up with your employer. These banks may also offer a loan even without income proof, as they already 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 assets like property, gold, insurance policies, securities, deposits, etc., you can apply for a secured personal loan. Nowadays, secured loans are available online.
- Apply through online platforms: You can also search for an online loan without CIBIL apps to get a loan with a low or zero credit score.
Instant Loan Without CIBIL Score FAQs
Yes, you can get an instant loan without CIBIL by opting for secured loans against securities, gold, self-owned property, deposits, etc. You can also opt for online personal loan providers or apply with a co-applicant.
A 0 CIBIL score indicates that an individual has little to no credit history, typically less than 6 months. It is often displayed as 'No Activity' or ‘NA’ and indicates that the credit bureau does not have sufficient information to calculate your score based on your past borrowing or credit card usage.
Yes. Apps offering instant loans without CIBIL are generally safe.
Find a suitable lender that offers loans without CIBIL score checks, complete the application, upload required documents, and wait for approval. Typically, within minutes or hours, lenders will process your loan application and inform you of the loan status. On successful approval, the loan amount is disbursed directly to your bank account.
CIBIL scores 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 poor repayment behaviour of past credit, whereas no CIBIL score means the person has a poor credit history or is new to credit.
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 a 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.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.