Instant Loan Without CIBIL

Obtaining an instant loan without a CIBIL score in India may be challenging, but various methods are available. While traditional lenders rely heavily on CIBIL scores to assess creditworthiness, many alternative methods exist for individuals lacking a good credit history.

If you are someone looking for an instant loan without the hassle of a CIBIL score, then there are some things that you must know. Read more to learn about the CIBIL score and best options to get a loan without it.

Table of Contents:

• ⇾ Overview of CIBIL Score
• ⇾ Importance of CIBIL Score
• ⇾ Instant Loan Apps Without CIBIL Score
• ⇾ Get Instant Loan Without CIBIL Score in Buddy Loan
• ⇾ Eligibility Criteria for Instant Loan Without CIBIL
• ⇾ Documents Required for Instant Loan Approval
• ⇾ Benefits of Getting Instant Loan Without CIBIL Score
• ⇾ Improve Your CIBIL Score
• ⇾ Frequently Asked Questions

Best Ways to Get Instant Loan Without a CIBIL Score

If you lack a credit history, here are some ways to secure a quick loan without a credit score:

• Apply with NBFCs & Fintech Lenders: Unlike banks, NBFCs offer no-CIBIL-score loans with flexible eligibility criteria.
• Opt for a Secured Loan: Loans backed by collateral (gold, fixed deposits, or property) are easier to obtain.
• Choose a Salary-Based Loan: If you have a steady income, lenders may approve loans based on your salary and employment status.
• Get a Guarantor or Co-Applicant: A guarantor with a strong credit profile can improve approval chances.
• Apply for Small-Amount Loans First: Start with small-ticket loans to build credit history and improve eligibility for higher amounts.

Instant Loan Apps Without CIBIL Score

Several financial platforms provide quick loans without requiring a CIBIL score. These apps assess eligibility using alternative methods like income proof, employment status, or collateral. Here is a list of the top 5 options in India:

Get Instant Loan Without CIBIL Score in Buddy Loan

Buddy Loan is one of the best and most prominent personal loan aggregators in India. Apart from easy and instant loans without CIBIL requirements, Buddy Loan is liked by its customers for its instant loan features and minimal documentation.

With loan amounts starting from as low as ₹10,000 till ₹15 lakhs and an interest rate of 11.99%, Buddy Loan is highly favoured by creditors.

Some of the key features include:

• No CIBIL Score Required: Alternative credit assessment for quick approvals.
• 100% Online Process: Apply via the website or mobile app in minutes.
• Fast Disbursal: Funds are credited within 24-48 hours.
• Flexible EMIs: Loan tenure ranging from 6 to 60 months.

Apply for an Instant Loan without CIBIL

For an instant loan without a CIBIL score from Buddy Loan, you can directly apply from the website or the mobile application of Buddy Loan.

Here is a simple guide for applying for a loan from Buddy Loan:

1. Go to the official website of Buddy Loan

Alternatively, you can also use the Buddy Loan app, an instant loan app without CIBIL score necessity, downloadable from the Play Store and App Store.

2. Enter your mobile number and verify yourself.
3. Fill out your loan application and submit it. You can specify your loan amount during this process.
4. Upload all necessary documents, such as ID proof, address proof, and income proof.
5. Verify the submitted information and documents.

Upon approval, the loan amount is credited directly to your bank account.

Disclaimer: The interest rates are subject to change based on the lender's discretion and your credit profile.

Eligibility Criteria for Instant Loan Without CIBIL

Many financial institutions and NBFCs focus on factors like income, employment status, and bank transactions. With minimal documentation and faster approval, instant loans without a CIBIL score offer a convenient solution for those struggling to secure traditional bank loans due to a poor credit score.

The key factors that can influence your eligibility are:

1. Age

Generally, applicants must be at least 21 years old.

2. Income Stability

Lenders prioritise a steady source of income. This demonstrates your ability to repay the loan. This is often verified through bank statements and salary slips.

3. Banking History

Active bank account with regular transactions. Lenders analyse your transaction history to understand your financial behaviour.

4. KYC Documents

PAN card and Aadhaar card are essential for identity and address verification. These documents must be linked to your registered mobile number.

5. Digital Footprint

Some lenders analyse your online activity and digital behaviour to assess your creditworthiness.

6. Employment

Lenders will want to know your employment status. Salaried and self-employed people can gain these types of loans but must be able to prove their income.

Even without a CIBIL score, you can enhance your eligibility by:

• Providing Income Proof: Assuring a stable income assures lenders of your repayment capacity.
• Applying with a Guarantor: A guarantor with a good credit score can boost the chances of acceptability of your loan application.
• Offering Collateral: Secured loans against assets like loans on property or gold reduce the lender's risk; hence, increase your chances of a successful loan.

Documents Required for Instant Loan Approval

To streamline the loan approval process, one might need the following documents:

• Identity Proof: Aadhar card, PAN card, or passport.
• Address Proof: Utility bills, rental agreement, or passport.
• Income Proof: Recent salary slips, bank statements, or income tax returns.
• Collateral Documents: If applicable, papers proving ownership of assets are offered as security.

Benefits of Getting Instant Loan Without CIBIL Score

Securing a loan without a CIBIL score offers several advantages:

• Access to Funds: Individuals without a credit history can obtain necessary financing.
• Credit History Building: Timely repayments can help establish and improve your credit score.
• Flexible Terms: Some lenders may offer customisable repayment options to suit your financial situation.
• Ideal for Emergency Expenses: These loans are perfect for medical loans, urgent home renovation loans, tuition fees, or any unexpected financial needs, ensuring quick access to funds without delays.

Overview of CIBIL Score

In India, the credit score is calculated by four major credit bureaus or credit information companies (CICs).

1. CIBIL
2. CRIF Highmark
3. Equifax
4. Experian

Out of them, the TransUnion CIBIL is responsible for calculating the CIBIL score, one of India's most widely accepted formats of credit score analysis.

Below is a graphic representation of the range of the CIBIL score.

Under this calculation, the score is represented between the range of 300 to 900, on which a score of 750 and above is considered excellent and is most preferred when applying for a credit.

Importance of CIBIL Score

CIBIL score can have a strong influence on your loan applications, as an individual with a greater CIBIL score will find themselves with a higher and quicker probability of loan approval.

CIBIL uses its proprietary algorithm to calculate credit scores. The basics for this operation are taken from the actual credit history. CIBIL score can make an impact on—

• Lenders are more inclined to approve loans for individuals with high scores.
• A strong credit history can result in more favourable interest rates.
• Banks may offer larger loan amounts to those with proven credit reliability.

This is because the CIBIL score is a summary of how well you managed your credit in the past. Banks use the score to decide whether to give the money to less risky borrowers.

It is easier to say that a person with a good CIBIL score will repay the money on time than a person with a low CIBIL score.

Improve Your CIBIL Score for Better Loans

Improving your CIBIL score can have a highly positive impact on your financial health. This can be done by keeping an eye on some of the simple factors like:

1. Make consistent repayments.
2. Decrease your credit utilisation ratio
3. Clear outstanding bills/payments
4. Avoid applying for new credit during this period
5. Diversify your credit history
6. Use a secured credit card
7. Keep old accounts open.

You can enjoy a lot of benefits with a higher CIBIL score, like loans with lower interest, a higher amount, quicker application processing, and many more.