A Personal Loan is an unsecured loan given to a salaried person with a decent credit score. A credit score is thus an important determinant for any applicant for taking a loan. It defines your creditworthiness and helps us approve your loan application. However, your credit score is necessary for us to evaluate your value as a loanee. You do not need to worry if you are not aware of your Credit Score. You can still send an application to us and we will get your score checked before approval anyway. If you in the past have paid your EMIs on time and never had a default, chances are your application will be approved instantly.

Personal Loan for CIBIL Defaulters

CIBIL defaulters are the main reason for a loan application to be rejected by banks and other financial institutions. A person becomes a CIBIL defaulter, when he delays his EMI payments or does not pay his debts, or have too many loans on his name at one time. All these factors can lead to a CIBIL defaulter or low CIBIL score. CIBIL defaulters are a red flag for any lender and they are more likely to reject a loan application straightaway of a CIBIL defaulter. Such people are considered irresponsible and not creditworthy of a loan. Most lenders if not all will be reluctant to give a loan to a person who is has been a CIBIL defaulter in the past. Thus you need to be very careful while taking a loan and ensure you pay EMIs on time to avoid being a defaulter.

Tips to avail a Personal Loan despite having a low or no CIBIL score

How to Get a Personal Loan without CIBIL/ Credit Score?

Applying for a loan without CIBIL score is quite tricky makes your work easy by providing loans to individuals even without a CIBIL or credit score.

1. Opt for Collateral Based Loans

Primarily, personal loans are collateral-free and do not require security. But this is only significant if you have a good or high CIBIL score. Moreover, if you don’t have a credit score, you will have to offer security on a personal loan. Despite that, you can pledge any of your valuable assets as collateral on loan. This will make it easier for you to avail of a loan from the lender of your choice.

2. Prove your Creditworthiness

A lender always looks for a creditworthy borrower to approve a loan application. Therefore, if you have a stable source of income, you can easily apply for a personal loan. You can even apply if you have a low CIBIL score or no CIBIL score displaying your salary slip or bank statements as proof of your income. In addition, this will prove your ability to repay the loan amount on time.

3. Get a Guarantor/ Co-Applicant for the Loan

Likewise, you can apply for a personal loan with a co-applicant or a guarantor but make sure that the guarantor has a steady income. If your co-applicant is a family member, you should inform them beforehand regarding your intentions to avail yourself of a personal loan to avoid confusion. 

Then the co-applicant needs to fulfill the KYC process. They will then check the bank statements and credit history. Then you’re most likely to get your loan application approved if the co-applicant meets the criteria.

4. Apply for a Lower Loan Amount

It’s best to avoid applying for a higher loan amount if you have a low CIBIL score or don’t have one. This is because the lender may either doubt your creditworthiness or charge high interest.. This ultimately increases your chances of getting the loan approved.

5. Ask for a NA or NH on your Credit Report from your lender

No History (NH) or History not Available (NA) or on your credit report marks the absence of any previous credit activity and credit in the last 36 months. They may consider your situation and offer a personal loan at a reasonable interest rate.

Individuals can apply for a loan without CIBIL scores. You can also explore more money management, investment, instant personal loans, and financial wellness.

Where to get Personal Loan without CIBIL ?

FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.

Faster Funding – We are over 80% faster than most traditional banks and lenders

Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.

Customized Loans – We can structure and customize loans for your unique needs

Customer needs in Forefront – Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience.

Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service

Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.

More Value for Money – We offer the best value for money loans when compared to all our competitors

Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.

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