If you are looking to apply for a loan in India, then your CIBIL score is one of the first things that your lender will look at. This score helps the banks evaluate a person’s repayment ability and creditworthiness while applying for a loan. So, does it mean that a person without the CIBIL score isn’t eligible for a loan? No, he can still get small loans without CIBIL. Read below to know how:
How to Get Loan without CIBIL Score Go for collateral based loansPersonal loans are collateral-free and don’t need security, but only if your CIBIL score is high. In case you do not have a credit score, you’ll have to provide security on a personal loan. You can keep any of your assets as collateral on the loan. This will allow you to take a loan from the lender of your choice.
Apply for a lower loan amountYou should not apply for a higher loan amount if you don’t have a CIBIL score. This is because the lender may either charge high interest or doubt your creditworthiness.
Ask for an NH or NA on your credit report from your lenderHistory not Available (NA) or No History (NH) on your credit report represents there’s no previous credit activity and credit in the last 36 months. In such cases, your lender may consider your situation and provide a loan at a reasonable interest rate.
Prove that you are a creditworthy borrowerYou can apply for a loan even if you don’t have a CIBIL score if you have a stable source of income. You will just have to show your salary slip or bank statements as income proof. Plus, it’ll prove your ability to repay the loan amount timely.
Get a co-applicant/guarantor for the loanYou can apply for a loan with a guarantor or a co-applicant but make sure that the guarantor has a steady income.
This is how to get home loan without CIBIL score.
Get a Home Loan at the Low Interest Rates via NoBroker
Read more:
How to get loan with low CIBIL score?
How to increase CIBIL score?
I hope now you know how to get small loans without CIBIL.
Authors Of The Question
How to get loan without CIBIL score?
Chahal
287Views
2 Year
2022-03-23T18:10:41+00:00 2022-04-04T10:23:47+00:00Comment
1 Answers
Share