Can Personal Loan Without CIBIL Score is Possible?

You can apply for a loan from any bank or NBFC even if you don’t have a CIBIL score. Yes, you can satisfy your urgent need of money by applying for a personal loan without CIBIL score. As you know the CIBIL score is a 3 digit number that presents your credit capacity to the bank or NBFC. But, if you meet the loan eligibility criteria and have zero dues in your credit history then you can get the loan even with a low credit score. To know the credit score importance and the personal loan criteria read the given article.

Why is the CIBIL score checked for personal loan?

The bank or financial institutions check the individual credit score to know the applicant loan repayment capacity. Because a low score can show that the user doesn’t pay the loan EMIs and credit card bills timely. So, if you want to get a personal loan then you need to maintain a good CIBIL score. But you can also get a personal loan without CIBIL score if you have a good bill and EMI payment track record.

Your bank or NBFC from which you are availing a personal loan can approve your loan application if you have paid your credit card bills on time without any dues and late payment charges. Because when the customer paid the bills on time it makes him a reliable borrower and the bank or NBFC wouldn’t check his CIBIL score. Although the CIBIL score is important if you are a new customer and the bank doesn’t have information on the applicant credit history.

Required documents for personal loan without CIBIL score

If you are applying for a loan from your salaried bank then you don’t require to submit your income proof to the bank. Otherwise, if you are applying for a personal loan from NBFC then you need to provide your ID proof, address proof, income proof, etc. The particular documents that will be the same for every bank or NBFC for the loan process are Aadhar Card, PAN Card, Electricity or Telephone bill for address verification and salary slip or bank statement. By submitting all these documents to the bank or NBFC you are one step closer to your loan amount.

Pay the applied charges to get personal loan without CIBIL score

The customer is required to pay certain charges to the bank or NBFC for their personal loans such as processing fees, late payment fees, prepayment or foreclosure charges, etc. After the payment of the processing fee, the loan will be sanctioned to your bank account instantly and you can use the amount. The loan amount can be used for any personal need you can spend the amount on medical emergency, education funding, wedding expenses, etc. Because the bank or financial institution doesn’t track the usage of amount. You can pay for loan EMI through auto-debit, PDCs or ECS payment methods. So, apply for personal loan without CIBIL score from top bank and financial institutions like SBI, Bajaj Finserv, Fullerton India, etc.