How to avail an instant Loan without CIBIL score?
Availing a personal loan becomes a quick and easy process when you apply with a high CIBIL score. However, not every applicant has a CIBIL score. That does not mean that it is impossible to avail an instant loan without a CIBIL score.
While applying for a personal loan, NBFC and lenders have certain eligibility criteria that must be met. One of them is that the applicant should have a high CIBIL score. This makes it difficult for certain applicants to avail an instant loan online. However, certain financial institutions like Finnable make it possible to avail short-term loans without a CIBIL score.
To avail an instant loan without a CIBIL score, applicants should consider the following points:
Apply for a small loan amount: If you are applying for a small instant loan without CIBIL, apply for a smaller amount. Lenders are more likely to approve and disburse small loans online. Applying for a higher amount of loan may get the loan application rejected as lenders may look at more aspects to ascertain your creditworthiness and the ability to repay the loan in full.
Apply with a guarantor: Generally, personal loans can be availed without a guarantor. However, applicants who have a low CIBIL score or don’t have a score at all can apply for a small loan with a guarantor. The guarantor can be the applicant’s parents, sibling, or spouse who have a good credit score. This drastically improves and increases the chances of your instant loan without CIBIL being approved.
- Income proof: Lenders need proof of income at the time of application. Furnish your complete income details when applying for the loan. If the lender knows that you have a steady income and will be able to repay the instant loan without a CIBIL score on time, the chances of loan approval improve significantly.
How to apply for an instant loan with a low CIBIL score with Finnable?
Borrowers can avail an instant loan with a low CIBIL score through Finnable. The process is quick and easy as borrowers can apply for short-term loans without a CIBIL score online. The entire process is 100% digital and applicants do not need to send any physical paperwork to Finnable.
It is a simple 4 step process:
Step 1: Applicants can apply for an instant online loan without a CIBIL score either on Finnable’s website or through the instant personal loan app.
Step 2: Register yourself and create your profile either on the website or app. Add personal as well as professional details including age, employment, etc.
Step 3: Choose the loan amount that you wish to avail.
Step 4: Upload your PAN card, Aadhar card, salary slip, as well as bank statements showing proof of salary/income.
Finnable processes and disburses the loan amount without requiring a CIBIL score within 6 hours of document verification. Once the documents are verified, the loan amount is credited directly to the bank account of the applicant.
Why choose Finnable to get an instant loan without CIBIL?
Most NBFCs ask for a CIBIL score at the time of application. However, with Finnable you can avail a personal loan without a CIBIL Score. It is not mandatory to have a CIBIL score at the time of application.
You will have to furnish and provide your KYC details including PAN card and Aadhar card. Moreover, to show that you can repay the short-term loan without a CIBIL score, provide your income details as well as your bank statements. This will help prove the financial stability of the applicant.
The funds from this loan can be used for multiple purposes including weddings, travel, medical emergency, or education purposes.
With Finnable, applicants can apply and avail an instant small loan without CIBIL online. Before availing of a short-term loan without CIBIL, applicants can check the EMI that they would need to pay every month by using Finnable’s online EMI calculator and choose a tenure that would suit them best.
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