Is It Possible to Borrow a Personal Loan Without CIBIL Score?

Yes, you can borrow a personal loan without a CIBIL unless it is not mandatory. Sometimes the lender may not require your CIBIL score to approve your loan request if you don’t have a credit history. It is common to those individuals who have never borrowed a loan before or purchased a credit card, because in that situation your CIBIL score is zero. To borrow a personal loan without CIBIL score isn’t easy as it may seem to you. As there is no CIBIL, so the lender will focus on your repayment capacity. Read this article to understand it better.

Apply for Personal Loan Without CIBIL Score From These Top Lenders in India

Bank or NBFC Loan Amount Interest Rate Tenure
State Bank of India 20 lakh 9.60% -13.60% 6-60 months
ICICI Bank 40 lakh 10.75% Onwards 12-60 months
HDFC Bank Depend on Your Income 10.75% – 21.45% 12-60 months
IndusInd Bank 15 lakh 11.00% Onwards 12-60 months
Kotak Mahindra Bank 20 lakh 10.99% – 20.99% 12-48 months
Bank of Baroda 10 lakh 10.25% – 15.60% Up to 48-60 months
Canara Bank 6X Your Monthly Income or INR 3 lakh whichever is less 11.25% – 13.90% 12-60 months
Axis Bank 15 lakh 12% – 24% 12-60 months
Tata Capital Ltd. 25 lakh 10.99% – 18% 12-72 months
Indiabulls 15 lakh 13.99% Onwards 3-36 months
YES BANK 30 lakh 10.75%-17% Up to 60 months

How to Manage Personal Loan Without CIBIL Score?

You can take help of a personal loan EMI calculator to make a repayment plan for your borrowed amount. As it helps you build you a credit history and also makes your repayment smooth and affordable. Check the example below to know how a EMI tool will help you borrow a Personal Loan Without CIBIL Score.

Suppose, you have borrowed a Personal Loan Without CIBIL Score of INR 5 lakh at an interest rate of 14.00% per annum. And the tenure ranges from 12 to 60 months. So, according to the EMI tool calculations following is the EMI you will pay as per your tenure.

Loan Amount Interest Rate Tenure EMI  Interest Outgo Total Payment
5,00,000 14.00% 12 44,894 38,723 5,38,723
5,00,000 14.00% 24 24,006 76,155 5,76,155
5,00,000 14.00% 36 17,089 1,15,197 6,15,197
5,00,000 14.00% 48 13,663 1,55,835 6,55,835
5,00,000 14.00% 60 11,634 1,98,048 6,98,048
How to Apply for Personal Loan Without CIBIL Score?

To borrow a personal loan without a CIBIL score, you just have to follow the steps below:-

  1. Visit your bank branch
  2. Ask for a personal loan
  3. The bank representative will hand you a application form
  4. Fill the application form, attach your 2 current passport size photographs and the necessary documents such as KYC and income proof.
  5. When the loan application is submitted, you just need to wait for the bank response
  6. If your loan application is approved you will be notified via message or email on your registered mobile or email address.

You can either apply for Personal Loan Without CIBIL Score online if you are comfortable with it.

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