CIBIL scores have become a standard norm for securing a loan from any financial institution. It helps the lenders to get a sneak peek into burrower credit behaviour and their ability to repay the loan amount timely. CIBIL scores help make the loan process seamless and easy to secure. However, not all applicants may have a CIBIL. In such events, people are often confused if they can secure a loan for themselves.
It is vital to note that CIBIL scores do help getting a loan easier but not having CIBIL does not mean your inability to secure a loan. There are many other ways to get a personal or instant loan without having a CIBIL. Here are some ways to get an instant loan without having a CIBIL.
1. Payday Loans
If you are looking for instant loan approval with minimal documentation for a smaller loan amount payday loan is a great option. Payday loans are often provided by non-banking institutions with smaller repayment tenures. The only drawback of payday you can say is a higher loan interest rate. Bank like Kotak Mahindra bank provide payday loan to loan applicant without CIBIL.
2. Online Loan Apps
Online loan apps offer several advantages and can help disburse the loan amount instantly if you have no CIBIL score. These mobile apps provide small loans to lenders using the digital process without much stress. Loan applicants have to fill out minimal documents and secure a loan as per their needs instantly. However, these platforms do charge higher interest rates to loan applicants without CIBIL. Online loan app like Moneytap, InCred, etc is great online loan app without CIBIL.
3. Credit Union
These are smaller financial institutions that offer adjustable credit checks allowing you to secure instant loans without CIBIL. The USP of these intuitions are customer-friendly interest rates and tenure period. The best and easiest way to secure a loan from such intuitions is to foster a long-standing relationship to reduce the reliance on the CIBIL score. Bajaj Finserv is a credit union that offers flexible loan amount without CIBIL.
4. Gold loan
This is yet another easier and more popular way to secure an instant loan if you do not have CIBIL. The loan amount is independent of your CIBIL score and dependent on the value of your gold. You also get to enjoy lower interest rate comparatively to other loan mediums without having a CIBIL. The added benefit is quicker disbursal of the loan amount for instant usage. Gold loan can be availed from bank like SBI Gold loan with low interest rate.
5. Look For Individual Investors
This is a relaxed and hassle-free way to secure a loan without much documentation and wait process. Individual investors like online investors, friends, acquaintances, etc can help you get an instant loan for immediate requirements. The best feature of opting for peer-to-peer lending is that you can negotiate the interest rate. Lendbox is amongst the top lending individual lending within the country.
6. Opt For a Loan Guarantor
In case you are having difficulty securing a loan from any financial institution or individual investor, you can opt for a loan guarantor to get loan approval. The loan guarantor must have a stable and regular income flow for loan eligibility. They must also present all the vital documents like income proof, bank statement, KYC, etc, along with a good CIBIL score to guarantee instant loan approval. ICICI bank provides instant loan approval with loan guarantor for loan applicant without CIBIL.
7. Salary Advance
It could be your last resort if you fail to secure a loan from any of the above-mentioned avenues. You can ask your company for a salary advance to help you with your fund requirement. There is no specific requirement for salary advance but you need to be a full-time employee. MNCs like PWC, TCS, etc provide salary advance to their full-time employees.
8. Utilize Collateral To Secure Loan
Collateral is a great way to get the loan approved if you do not have CIBIL. Physical assets like immovable property, stocks, cars, etc can come in handy in getting small loan amounts for urgent use. Financial institutions are more open to the idea of offering the desired loan amount depending on the value of the collateral offered by the loan applicant. The security offered by collateral allows instant loan approval without much hassle or stress. Muthoot Finance bank provide personal or instant loan approval without CIBIL.
Tips to Secure an Instant Loan without CIBIL
It is vital to note that CIBIL scores do help getting a loan easier but not having CIBIL does not mean your inability to secure a loan. There are many other ways to get a personal or instant loan without having a CIBIL. Here are some ways to get an instant loan without having a CIBIL.
1. Payday Loans
If you are looking for instant loan approval with minimal documentation for a smaller loan amount payday loan is a great option. Payday loans are often provided by non-banking institutions with smaller repayment tenures. The only drawback of payday you can say is a higher loan interest rate. Bank like Kotak Mahindra bank provide payday loan to loan applicant without CIBIL.
2. Online Loan Apps
Online loan apps offer several advantages and can help disburse the loan amount instantly if you have no CIBIL score. These mobile apps provide small loans to lenders using the digital process without much stress. Loan applicants have to fill out minimal documents and secure a loan as per their needs instantly. However, these platforms do charge higher interest rates to loan applicants without CIBIL. Online loan app like Moneytap, InCred, etc is great online loan app without CIBIL.
3. Credit Union
These are smaller financial institutions that offer adjustable credit checks allowing you to secure instant loans without CIBIL. The USP of these intuitions are customer-friendly interest rates and tenure period. The best and easiest way to secure a loan from such intuitions is to foster a long-standing relationship to reduce the reliance on the CIBIL score. Bajaj Finserv is a credit union that offers flexible loan amount without CIBIL.
4. Gold loan
This is yet another easier and more popular way to secure an instant loan if you do not have CIBIL. The loan amount is independent of your CIBIL score and dependent on the value of your gold. You also get to enjoy lower interest rate comparatively to other loan mediums without having a CIBIL. The added benefit is quicker disbursal of the loan amount for instant usage. Gold loan can be availed from bank like SBI Gold loan with low interest rate.
5. Look For Individual Investors
This is a relaxed and hassle-free way to secure a loan without much documentation and wait process. Individual investors like online investors, friends, acquaintances, etc can help you get an instant loan for immediate requirements. The best feature of opting for peer-to-peer lending is that you can negotiate the interest rate. Lendbox is amongst the top lending individual lending within the country.
6. Opt For a Loan Guarantor
In case you are having difficulty securing a loan from any financial institution or individual investor, you can opt for a loan guarantor to get loan approval. The loan guarantor must have a stable and regular income flow for loan eligibility. They must also present all the vital documents like income proof, bank statement, KYC, etc, along with a good CIBIL score to guarantee instant loan approval. ICICI bank provides instant loan approval with loan guarantor for loan applicant without CIBIL.
7. Salary Advance
It could be your last resort if you fail to secure a loan from any of the above-mentioned avenues. You can ask your company for a salary advance to help you with your fund requirement. There is no specific requirement for salary advance but you need to be a full-time employee. MNCs like PWC, TCS, etc provide salary advance to their full-time employees.
8. Utilize Collateral To Secure Loan
Collateral is a great way to get the loan approved if you do not have CIBIL. Physical assets like immovable property, stocks, cars, etc can come in handy in getting small loan amounts for urgent use. Financial institutions are more open to the idea of offering the desired loan amount depending on the value of the collateral offered by the loan applicant. The security offered by collateral allows instant loan approval without much hassle or stress. Muthoot Finance bank provide personal or instant loan approval without CIBIL.
Tips to Secure an Instant Loan without CIBIL
- Provide Income proof to help ease lenders' financial risk.
- Opt for a small loan amount for instant loan approval.
- Have a co-guarantor to aid you with quicker loan disbursal.
- Keep NA OR NH report handy
- Use collateral to get the loan approved.
- Opt for a joint loan for instant loan needs.
- Loan eligibility check must be done before applying for a loan.
- Provide Address proof
