It should be noted that the CIBIL score is usually critical in crop loan sanction, especially in the case of personal loans. Lenders such as banks and financial institutions usually and always pull your credit score before agreeing to grant you a loan because the score is a summary of your credibility based on your previous dealings.
Even though having a high CIBIL score increases your outlook for getting a loan, it is not impossible to apply for a loan if you do not have a CIBIL score at all or even a low one.
All you need to know is how to get an instant loan without a CIBIL score.
Apply for Small Loans: Choosing smaller loans will mean better approval in terms of the ratio and would be possible even without the CIBIL score. It can be availed of with prominent online financial companies like Finnable or even Bajaj Finance Limited, wherein CIBIL scores aren’t even considered at all or only at a higher interest rate.
Apply with a Guarantor: To obtain quick loan approval, you can attach a guarantor with a good credit score, even if your CIBIL score is zero or poor. This is beneficial to the lenders as it demonstrates that there are other forms of security in case of repaying the loan.
Provide Proof of Income: Having proof of income is essential to the approval of a loan, and you do not need to have a CIBIL score. Banks and other credit companies require that you be sure that you will be in a position to pay back the loan on the agreed-upon date. Certified true copies of bank statements, salary pay-in-slips, and income tax returns are some of the required documents.
Consider Pre-Approved Offers: If you have an account with any of the banks and maintain a good transaction history with the bank, they will offer you loan facilities without much procedure. These offers do not require a CIBIL score check, hence elongating the approval process for the loans.
Research Different Lenders: Like the online lending platforms, the peer-to-peer lending platforms, apart from CIBIL scores, have income sources, job profiles, and banking transactions. This makes it easy to get loans without having a good credit rating with the credit score service.
Demonstrate Financial Capability: Alongside this, the use of CIBIL scores in loan applications is also powerful when you support your documents, like financial histories and salary-related details.
