How to Get an Instant Personal Loan Without a CIBIL Score?

Getting an Instant Personal Loan is often seen as a quick solution to finance emergencies like medical expenses, sudden travel, home repair, etc. But if you don’t have a CIBIL score, or if it’s your first time taking a loan, not having a credit score might create confusion. Worry not, in this blog, we’ll walk you through how you can get an Instant Personal Loan without a CIBIL score, the documents you’ll require and the tips to improve your chances of approval. Let’s get started!

What is a CIBIL Score? 

A CIBIL score is a three-digit number between 300 and 900 representing your creditworthiness. It’s issued by TransUnion CIBIL, one of India’s leading credit bureaus. 
If you are new to credit or have never taken a loan or used a credit card, your score may appear as “NA” or “NH” (No History). This means you don’t have enough credit information to generate a score.

Steps to Get an Instant Personal Loan Without a CIBIL Score

Here are some steps to apply for an Instant Personal Loan without a CIBIL score:

Step 1: Identify Suitable Lenders
Look for financial institutions that evaluate applications using alternative credit assessment methods. Many fintech firms, NBFCs, and peer-to-peer lending platforms consider factors such as income stability, banking activity, or employment status instead of relying solely on a credit score.
Step 2: Eligibility Requirements
Carefully examine each lender’s eligibility criteria. These may include age, monthly income, employment type, and residential status. Ensuring you meet these standards enhances your likelihood of approval.
Step 3: Organise Necessary Documentation
Prepare key documents in advance, such as government-issued ID, proof of address, recent salary slips or bank statements, and employment verification. Submitting comprehensive documentation reinforces your credibility and accelerates the application process.
Step 4: Complete the Loan Application
Once you’ve selected an appropriate lender and confirmed your eligibility, proceed to apply, either online or in person. Ensure that all information provided is accurate and complete to avoid delays. Many platforms offer fast-track disbursals once documentation and verification are complete.

Features of Instant Personal Loan Without a CIBIL Score

Let’s take a look at the features of an Instant Personal Loan without a CIBIL score:

1.    No Credit History Requirement
This loan does not require you to have a previous credit history or have a low CIBIL score. Lenders use alternative methods to evaluate your creditworthiness, so your score isn’t a deal-breaker.
2.    Quick Online Approval
The entire process, from application to disbursal, is usually digital. If your documents are complete, funds may be transferred into your bank account instantly. 
3.    Minimal Documentation
All you need is your Aadhaar card, PAN card, and salary slips or bank statements. No other paperwork is required. 
4.    Flexible Loan Amounts
Loan sizes vary based on your financial profile and lender policies. Whether you need ₹5,000 for a quick fix or ₹5,00,000 for a larger goal, there's usually a suitable option.
5.    Alternative Eligibility Checks
Instead of relying on your credit score, lenders may analyse your salary credits, job history, bank account activity, or even mobile usage patterns to judge your ability to repay.

How to Check CIBIL Score Online for Free

Checking your CIBIL score is simple. But with Poonawalla Fincorp, you can experience both simplicity and free usage of the online CIBIL score checker. Here is what you must do: 

Step 1: Visit the Poonawalla Fincorp website. 
Step 2: Navigate to ‘resources’ on the top right corner of the screen.
Step 3: Select “Check CIBIL Score”  
Step 4: Enter your details, such as first name, last name, PAN number, and mobile number.
Step 5: Verify your OTP and enter your date of birth, PIN code, and gender. Hit the ‘Submit’ button.

Improve your Eligibility for a Personal Loan

While getting an instant Personal Loan is possible, it is always advised to work on improving your credit score. Here are some tips: 

•    Pay Full Balance: Use credit cards or EMI cards responsibly and pay your full balance on time each month.
•    Low Utilisation: Keep your credit utilisation up to 30%, don't max out your credit. 
•    Monitor Scores: Monitor your credit report and CIBIL score regularly.
•    Be Stably Employed: Maintain a stable employment and residence history.

To Conclude

Getting an instant Personal Loan without a CIBIL score may sound difficult, but it is entirely achievable. By identifying the right lender, fulfilling their eligibility criteria, and submitting proper documentation, you can avail yourself of a loan even with no credit history. While these loans don’t require a credit score, you can build a healthy credit profile by managing credit responsibly, as this paves the way for broader financial opportunities in the future. 

When seeking credit, you need to check your CIBIL score beforehand to reduce the chances of loan rejection. With the help of Poonawalla Fincorp, you can check your score for free. So, wait no more, achieve your dreams today. 

Frequently Asked Questions

1.    Can I get a loan if my CIBIL score is 500?
Getting a Personal Loan with a CIBIL score of 500 can be challenging, as most lenders typically require a score of 750 and above. That said, a few lenders may still approve loans without conducting a credit check, although these are usually offered to high-risk borrowers at significantly higher interest rates

2.    How much loan can I get without a CIBIL score?
The loan amount you can get without a CIBIL score depends on the lender's policy, your income and repayment capacity. 

3.    How long does it take to get an instant Personal Loan without a CIBIL score?
The loan processing time differs from lender to lender, but it may be approved within a few days to weeks.