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Instant Loan without CIBIL in India
In the financial world, a person’s creditworthiness is often reflected by a person's CIBIL score and securing loans without such a metric may seem like a distant possibility.
There might be two situations when a loan without CIBIL might be required:
- No CIBIL Score
- Low CIBIL Score
However, while you wonder: “Can I get a loan if my CIBIL score is low?”, let us assure you that in the recent years, several lenders, especially NBFCs like Propelld have emerged as saviours, offering a lifeline to individuals who may not boast a favourable credit history.
Let's dive into the world of loans without CIBIL in India, exploring details about CIBIL Score, why it is important and how you can secure a hassle free loan in case of unfavorable CIBIL score.
What is the CIBIL Score?
CIBIL score is often a numerical representation of your financial position. It typically ranges from 300 to 850. This score often summarises an individual's creditworthiness. It is generated by credit bureaus based on a comprehensive analysis of past credit behaviour. This includes factors such as:
- Repayment Record: CIBIL reflects your consistency in making timely payments. It exhibits records on loans and other obligations.
- Credit Utilisation Ratio: Credit scores measure the share of credit you're using in a fiscal period. It is then compared to your total credit limit.
- Credit History: A more elongated credit history with responsible management generally translates to a higher score.
- Credit Queries: The number of times you've applied for new loans can also impact your score.
CIBIL scores play a vital role in loan applications. These numbers serve as a standardised indicator of your creditworthiness. That is where instant loans without CIBIL scores can help. There are many NBFCs like Propelld where you can get a personal loan even if your CIBIL score is low. They check your credit worthiness through other means without emphasising on a credit score.
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6 Tips to Get an Instant 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 a loan. However, to get a hassle free loan without CIBIL scores, the following pointers must be kept in mind:
1. Present a Legitimate 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 CIBIL score, you must show legitimate proof to the banks and lenders that your income is sufficient enough to repay the loan on time.
2. Keep the Loan Amount Low
- 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 a loan but the amount will be low.
3. 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 your co-applicant’s income and his/her ability to repay the loan amount. If your co-applicant meets the requirements, your loan will be approved.
4. 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.
5. Get 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.
6. 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, jewellery, 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.
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Why is CIBIL Score Important?
CIBIL Score is a reflector of a person’s creditworthiness. It's an assurance to the lender that their money will be repaid and in time. Lenders use a CIBIL Score for following:
Loan Eligibility
CIBIL score can often determine whether you qualify for a loan or not. It also segregates the specific loan products available to you.
Determine Interest Rates
Generally, borrowers with higher CIBIL scores qualify for lower interest rates. This is often due to the perceived lower risk of delinquency.
Set Loan Terms
The loan amount and other loan conditions may be influenced by your credit score.
Who Needs a Loan Without CIBIL Score ?
While a good CIBIL Score can help you fetch a loan easily and at competitive interest rates, it might not be always possible for everyone to have a favourable credit score.
Thus, loans without CIBIL Score are great for numerous people, including:
Young Professionals
People who are new to work and have not erected consequential credit history yet.
Self-Employed
Business professionals and freelancers who do not have a regular job or a firm credit history.
People with Poor Credit History
Those who have not paid debts on time in history due to any reason like financial problems, job situation etc.
Are you someone with a skewed credit score and wish to explore financing options?
Check Propelld to know more about their loan products and eligibility criteria. They offer various loan options that might be a good fit for your needs. Contact Propelld to improve your loan acquiring options while responsibly managing your finances.
Also, check how to improve your CIBIL score.
What is the Rate of Interest on Loans without CIBIL Score?
The interest rate on these loans can vary depending on the lender, the amount that you borrow, and the repayment tenure. It generally ranges from 9-15%.
Generally, if you have a stable income and decent employment, you might get lower interest rates as compared to someone with an unstable financial situation.
The interest rates on these loans might be a bit more than normal loans. This is because lenders take on additional risk by lending to people with low loan credibility.
However, it's a good idea to skim around for NBFC loans without CIBIL. Check with a few lenders and compare their loan rates to find the best deals.
You can explore NBFCs like Propelld who offer a diverse range of loan products that may align with your specific needs.
Eligibility Criteria for Instant Loans Without CIBIL Score
While the criterias might slightly vary across lenders, below are the most common eligibility criterias to get an instant loan without CIBIL:
- Age: generally between 21-60 years
- Citizenship: Must be Indian
- Occupation: Salaried or self employed
- Work Experience: Generally required 6 months for salaried and 2 years for self employed.
- Income: certain minimum regular income is required. Usually 15000 a month.
- Collateral: In case it is a secured loan, you might have to offer something as security.
Are you seeking to improve your credit score or explore financing options? Consider visiting Propelld’s website to learn more about their loan products and eligibility criteria. They offer a diverse range of loan lending options. They often may well align with your specific needs. Remember, a healthy credit score unlocks doors to better financial opportunities. So, contacting Propelld for better financing options is highly recommended.
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Documents Required for an Instant Loan Without a CIBIL score
The following documents are required for availing a loan without a CIBIL score:
- A completed and duly signed in application form
- Passport size photographs
- KYC documents that include identity proof and address proof.
- Income and Job Proof for salaried employees, that includes income documents and appointment letters.
- Income and Business proof for self employed professionals that includes a proof of business establishment and ITR
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How to apply for an Instant Loan without a CIBIL score
To apply for an instant loan without a CIBIL score, the application process might vary across lenders. However, with Propelld, you can follow these steps:
- Visit the lender's website: Scroll the website or download their app on your phone.
- Sign Up: Create an account by giving your demographics and making a password.
- Fill in Your Details: Tell them about yourself. You may be asked about your financial or educational background.
- Designate the Loan Amount: Choose how much you want to borrow.
- Upload Your Documents: Send your ID, school papers, and any other documents they ask for.
- Send Your Application: Click the button to apply for the loan.
- Wait for the OK: Propelld will look at your application and papers. If everything's good, they'll say yes.
- Get Your Money: Once they say yes, they'll put the money in your bank account.
- Start Paying Back: You'll need to start paying back the money after a while, following the plan you talked about with Propelld.
- Keep an Eye on Things: Check your account with Propelld to see how much you've paid and when you need to pay next.
That's it! Following these steps should help you get an instant loan from Propelld without needing a CIBIL score.
Instant Loans without CIBIL Score with Propelld
Propelld is a company that helps with finance options for education in India and abroad. Our team works with more than 2500 educational institutes. It has also disbursed over 2000 Crores in loans.
This is how Propelld makes it easier for people to secure loans easily:
- No collateral Required: Pupils don't need to offer any property or assets to get an educational loan.
- You can have a moratorium: Students can delay starting to pay back their loans until after they finish their studies.
- It's really fast: Propelld can get you your loan much quicker than banks. While banks might take a month or more, Propelld can do it in just seven days. And for some types of courses, like skill-up programs, it's even faster.
- Less paperwork: You won't need as many documents, making the process simpler.
- It's all online: Students don't have to go anywhere in person. The whole process happens online, so it's super convenient.
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Instant loans without worrying about CIBIL scores are a great option. It is often suitable for people who need money quickly but do not have a strong credit history.
For further exploration of loan options and credit score improvement strategies, consider consulting Propelld today!
