How Do You Get an Instant Loan Without CIBIL? | Rupeezo

By Rupeezo | 28th, Mar, 2023

Share
Share
Share
Share

Are you looking for immediate funds?

But the low CIBIL score is stopping you from getting the loan approved? Well, your situation is not utterly hopeless, and you can still get an instant loan without a CIBIL score.

There are many ways by which you can get approved for an online instant loan without a CIBIL, regardless of your low or no CIBIL score.

We have come up with the best solutions to help you get an instant online loan without CIBIL

Now you don’t have to stress about facing the complex credit inquiry and get an instant loan without a credit score smoothly and effortlessly.

Ways to Get an Instant Loan Without CIBIL

Here’s how you get an instant loan without a CIBIL score

1. Go for Secured Loans:

If you have an instant loan but do not have the required CIBIL score, then you can try secured loans. Secured loans are loans that can be availed against collateral, which means you don’t have to worry about the CIBIL score if you have an asset to pledge. You can also apply for a gold loan, which is also a secured loan backed by a loan. It is easier to get approved for secured loans and get an instant loan without a CIBIL score because the lenders rely on the collateral pledged in case you default on the loan repayment.

2. Get a Co-Applicant:

Applying with a co-applicant is another way to get an instant loan without CIBIL. If you apply for a joint loan and get a co-applicant with a strong credit history, then it increases the chances of your loan getting approved, even when you have a low CIBIL score. However, it is important to conform to the other loan requirements as needed by the lender. You have to qualify on the other aspects of your loan application in order to get an instant loan despite the low credit score.

3. Have a Solid Income Proof:

For making sure that your loan gets approved despite the low CIBIL score, get an income proof. Solid income proof such as salary slips, bank statements, tax returns, etc., can increase the chances of you getting an instant loan. Many lending institutions are willing to provide online instant loan without CIBIL if the applicant shows valid income proof. However, some lenders may not overlook the low CIBIL score, so make sure to look around for lenders that can accept your loan application even with a low CIBIL score.

4. Cut down the borrowing amount:

If you have a low or no CIBIL score, then try to cut down on the loan amount and apply only for the funds needed. Financial institutions or lenders may give you an instant online loan without CIBIL if you are not asking for a high loan amount. Applying for a higher loan amount with a low CIBIL score, put your loan application at risk as lenders fear the payment default. On the other hand, if you have applied for a low loan amount and have other things in place apart from the CIBIL score, then the lender may approve your application for an instant loan. So keep the loan amount in mind when applying for an instant loan.

5. Get a Loan with No Credit History:

If you have no credit history or credit inactivity for a loan, then you can still get an instant loan without a credit score. The credit reports with NA or NH imply that there is no credit history of the borrower; NH means no credit history, and NA means credit history is not available. Many lenders give loans to borrowers despite their zero-credit history; however, some lenders' terms and conditions do not qualify NH or NA borrowers for an instant loan. If you have the income proof, and other documents ready, then you may ask the lender to approve your loan by giving him the reason for the credit inactivity or no credit history. 

6. Alternate Lending Options:

You do not have to rely on traditional lending institutions to get an instant loan without a CIBIL score. There are many other sources to get funds such as peer-to-peer lending options that provide for a loan ignoring your low CIBIL score. However, if you search around enough, you can easily find online lenders that can grant you an instant loan despite the low CIBIL score.

7. Get a Guarantor:

If the low CIBIL score is becoming an obstacle in your instant loan approval, then you can remove it by getting a guarantor. A guarantor can only be your parents or siblings. Before you choose any of your family members to become the guarantor, make sure that they have a good CIBIL score. Getting a guarantor proves to be beneficial when you are on an instant loan without CIBIL for education, want a secured loan, or a home loan.  However, if you are only looking for an instant personal loan, then getting a guarantor won’t help as it may not be a feature or loan requirement by the lender.

8. Check Your Eligibility:

Before you lose hope and avoid attempting a loan because of the low CIBIL, try to attempt it. There are many lending institutions that may give you a loan based on other eligibility assessment factors. So go to the different online loan websites, download their apps, and check your loan eligibility by entering your information and KYC details. So first do the research before jumping to conclusions and thinking you may not get an online instant loan without CIBIL.

Conclusion

By exploring the ways mentioned, you can find a funding source that does not have rigid CIBIL score requirements. Meanwhile, you can try ways to improve your CIBIL score and get your credit score up to 750 at least.

To know how to get an instant online loan without CIBIL, and get the best offers for your loan requirements, contact Rupeezo – your instant loan provider!

We are a foremost lending services aggregator where all your loan needs are met. We have tie-ups with notable financial institutions and we help make getting an instant loan an easier thing for our customers.