Can You Borrow Personal Loan Without CIBIL Score?

Yes, you can borrow a personal loan without CIBIL score. Because the lender requires the CIBIL score to estimate the borrower’s credit profile. But what if the borrower has no credit history, can such borrower apply for a personal loan? Yes, sure they can, because personal loan is an unsecured type of loan where the borrower eligibility lies in his/her income. To know more information about personal loans without CIBIL score, read this article below.

Salary Account Holders with Regular Income

Banks can provide personal loans without CIBIL score to their salary account holders, provided they have good income with regular flow. So you can visit your bank branch where you have the salary account and apply for the personal loan. There are also some banks which offer online personal loan service to its customers, so at the convenience of your home now you can borrow a personal loan without CIBIL Score.

Savings Account Holders Who has Maintained Good Amount of Corpus

If your savings account consists of a good amount of money, it can help you borrow a personal loan without CIBIL score. This way, your savings will keep intact and your financial emergency can also be met without any hassle. So apply for a personal loan without CIBIL score at your bank where you have the savings account.

Get Yourself A Cosigner in a Personal Loan

Alternatively, you can borrow a personal loan without CIBIL score by adding another individual borrower to your personal loan. Such individuals are called cosigners in personal loan. A cosigner agreeing to pay the debt on your behalf in case you default. For instance, a spouse with an ideal CIBIL score can be a cosigner on your personal loan without CIBIL score. In personal loans a cosigner brings confidence of regular payment of the EMIs.

Do You Have a High Income?

If your monthly income is higher than the minimum eligibility criteria, there are chances that the lender will avoid your CIBIL score and approve your loan requests based on the creditworthiness for the loan amount. Bank and NBFC approves personal loans without CIBIL score in case of a high income because there are less chances of due or default payments compared to an applicant with minimum or low income.

Search for an Instant Personal Loan

You must search for personal loans at different lenders to find the suitable offer for yourself. This way you can borrow money from the lender without any CIBIL score requirement. Compare the lenders and know their eligibility criteria first and see whether you can borrow a personal loan without CIBIL score or not.   

Submitting Collateral

You can borrow a secured personal loan without CIBIL score. And this will not only help you get a lump sum of money, but also a low interest rate on your loan amount. Compared to the unsecured personal loans the secured personal loan interest rates are more attractive to the customers. So if you don’t have a CIBIL score due to no credit history, you can apply for a secured personal loan and meet your financial needs. What can be your collateral? You can pledge gold, real estate, vehicles, FD’s or shares as collateral in your personal loan. So if you make a default, the bank or NBFC will cease your collateral and compensate your due payments.