How To Get a Personal Loan Without CIBIL Score?

You must have wondered about the talk about CIBIL score around your colleagues, friends or someone else. But do you know that CIBIL Score can define an individual’s creditworthiness. With a CIBIL score, you can estimate an individual’s repayment behavior which means if he or she pays dues on time. But the role of CIBIL Score becomes crucial when you are choosing a personal loan. Opting for a personal loan without CIBIL Score can be a troublesome task for people. Personal Loans are a kind of unsecured loans which means lenders don’t ask for any kind of security while giving a personal loan to individuals. 

There is a misconception among people that if they haven’t got a credit history, and eventually a CIBIL Score, they cannot get a personal loan. Let us break your misconception first that it is not true. Any individual can get a personal loan without CIBIL Score via different methods. More than often people have a certain loan amount that they want in their minds. This factor can play an important role in defining the methods to get a personal loan without any credit score. In this article, we will talk about those methods so that you don’t face any difficulty in getting the same. Keep reading to know more! 

Various Methods to Get a Personal Loan without CIBIL Score that you should know

As we mentioned earlier that there are different methods with which an individual, who doesn’t have a CIBIL Score can easily get a personal loan. Some of these methods are Loan Against Fixed Deposit, Salary Account Relationship, Gold Loan, etc. We are talking about each of them below. Please check! 

Personal Loan without CIBIL Score based on Salary Account Relationship 

If you are someone who doesn’t have a CIBIL Score but in need of a personal loan, your salary account can be your savior. Lenders provide the required loan amount by checking your salary account transaction. If they find it satisfactory, lenders will provide a personal loan at affordable interest rates. However, there are two important factors that lenders take into account — Employment History and Monthly Income. The chances of getting a personal loan without CIBIL Score are low if you have just joined a company as compared to a person who has a few years experience. Other than this, monthly income defines an individual’s repayment capacity. 

Personal Loan Against Fixed Deposit

Some of the prominent banks offer a kind of Personal loan against the Fixed Deposit. These banks are State Bank of India (SBI), HDFC, ICICI Bank etc. For this kind of loan, you don’t need any CIBIL Score. You must be thinking about the reason. Well, here, your fixed deposit will play as a collateral against your personal loan amount. For this personal loan about CIBIL Score, lenders usually provide loan amounts up to 70% to 80% of your fixed deposit amount. So, suppose you want to opt for a loan amount of INR 7,00,00, you should have a fixed deposit of INR 10,000. So, if an individual doesn’t have a CIBIL Score, he or she just needs to open a fixed deposit in the bank, and personal loan will be on its way. 

Gold Loan without CIBIL Score 

Do you know that your gold ornaments can help you get the required loan amount at affordable interest rates? Well, this can be done easily with the help of Gold Loan. The best thing about this type of loan is you don’t need to submit any kind of security against the loan amount. Here, your gold ornaments will play as collateral against the loan amount. There is one thing you need to remember: lenders provide the loan amount up to 90% of the overall price of gold ornaments or coins minted by banks.