Get Instant loan without
CIBIL Score

Getting an instant loan without a CIBIL score or with a low credit score is challenging but not impossible. CIBIL score is a key factor for most lenders in India to assess creditworthiness. However, some lenders, especially NBFCs and digital loan providers, offer loans to individuals with low or no CIBIL scores under certain conditions.

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  • Eligibility: Cibil Score 750+ is Required to process
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What is a CIBIL Score, and Why is it Important?

A CIBIL score is a three-digit number that represents an individual’s creditworthiness. It ranges from 300 to 900, with a score above 750 considered good. Banks and financial institutions use this score to evaluate a borrower’s ability to repay the loan. A low score or no score often results in loan rejection or high-interest rates.

However, people with a low or no CIBIL score may still need loans. That’s where personal loans without CIBIL come into play.

Can You Get a Personal Loan Without a CIBIL Score?

Yes, you can. Many fintech lenders and NBFCs offer instant personal loans to individuals with low or no CIBIL score by focusing on other factors such as:

  • Employment status: Proof of a stable job and income source.
  • Income level: Monthly income is a strong factor for lenders. A higher income can increase your chances of approval.
  • Bank transactions: Regular and transparent transactions in your bank account reflect financial stability.
  • Alternate credit assessments: Some lenders use social profiles, purchase patterns, and online behavior for credit assessment.

Bank Interest rates for Rs.50,000 Personal Loan

Banks
InstitutionInterest ratesLoan amount
DBS bankFrom 10.99%Upto 15 Lakhs
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

NBFCs Interest rates for Rs.50,000 Personal Loan

NBFCs
InstitutionInterest ratesLoan amount
Piramal FinanceFrom 12.99%Upto 35 Lakhs
Shriram FinanceFrom 14%Upto 35 Lakhs
Tata CapitalFrom 10.99%Upto 35 Lakhs
InCredFrom 18%Upto 3 Lakhs
FinnableFrom 16%Upto 10 Lakhs
PaySenseFrom 16.8%Upto  5 Lakhs
PoonawallaFrom 9.99%Upto 30 Lakhs
FullertonFrom 11.99%Upto 25 Lakhs
LendingKartFrom 12%Upto 3 Lakhs
Axis FinanceFrom 13%Upto 25 Lakhs
L&T FinanceFrom 12%Upto 7 Lakhs
Mahindra FinanceFrom 10.99%Upto 10 Lakhs
Aditya BirlaFrom 11.99%Upto 50 Lakhs
Bajaj FinanceFrom 11%Upto 50 Lakhs

How to Apply for a Personal Loan on Fincover for Instant Personal Loan Without CIBIL?

Applying for an instant personal loan without CIBIL on Fincover is a simple and hassle-free process. Even if you don’t have a strong credit score, you can still secure a loan through alternative eligibility criteria. Here’s how you can do it:

Step-by-Step Process:

  1. Visit the Fincover Website or App: Head over to Fincover’s platform or download their mobile app to begin your loan application process.

  2. Choose the Personal Loan Option: Navigate to the Personal Loan section and select the option for “Instant Personal Loan without CIBIL.”

  3. Enter Basic Information: Fill out the required details such as name, date of birth, phone number, and employment status. Make sure to provide accurate information to speed up the approval process.

  4. Upload Required Documents: Provide the necessary documentation like:

    • Proof of Identity (Aadhaar Card, PAN Card)
    • Proof of Address (Utility Bills, Rent Agreement)
    • Bank Statements (Last 3–6 months)
    • Salary Slips (if employed)

  5. Submit the Loan Application: Once all the information is filled in and documents are uploaded, submit the application for verification.

  6. Lender Verification: Fincover will forward your application to lenders that offer loans without CIBIL. The lender may verify your alternative credentials such as monthly income, job stability, and repayment ability.

  7. Approval & Disbursal: Upon approval, the loan amount will be disbursed directly into your bank account, typically within 24 to 48 hours.

Eligibility Criteria for Instant Personal Loans Without CIBIL

  • Income Proof: Regular and sufficient income is key. Lenders usually prefer applicants with stable jobs.

  • Employment History: Fintech companies and NBFCs often evaluate how long you have been employed in your current role.

  • Age: Applicants must typically be between 21 and 60 years of age.

  • Indian Resident: You must be a resident of India.

  • Bank Statements: Lenders often ask for bank statements for the last 3-6 months to assess your financial stability.

Documents Required for Personal Loans Without CIBIL

Even without a CIBIL score, you will still need to provide documentation to demonstrate your financial stability. The common documents include:

  • Proof of identity: Aadhaar card, PAN card, passport, etc.
  • Proof of income: Salary slips, bank statements, or income tax returns.
  • Proof of address: Utility bills, rental agreements, or passport.
  • Employment details: Offer letter or employment certificate.
  • Photographs: Passport-sized photos.
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  • Eligibility: Cibil Score above 750 is Required to process
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