Loans enable individuals to achieve their goals by overcoming financial obstacles and unforeseen expenses. An instant personal loan is a renowned category of lending that provides cash with flexible repayment terms. These loans are designed for those who need quick financial assistance, allowing greater accessibility. Obtaining instant personal loans online without a CIBIL Score has now emerged as a viable financial option.
The CIBIL Score, commonly known as the credit score, is a numerical measure of an individual’s creditworthiness. A high CIBIL Score shows strong credit health, boosting the chances of a loan approval with favourable terms. However, obtaining an instant personal loan without a CIBIL Score can be difficult.
Here are five tips for obtaining instant personal loans online without a CIBIL Score:
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Look for pre-approved offers
If you have a savings/salary account with any bank or have any existing relationship with an NBFC, chances are you may have a pre-approved loan offer already. Lending firms often offer pre-approved loans considering it has some record of your past transactions. It is advisable to explore these options first as they usually do not require a CIBIL Score and are faster to process.
Explore multiple lenders
Traditional banks may rely heavily on CIBIL Scores, making it challenging to secure a loan without one. However, NBFCs, online lenders and peer-to-peer lending platforms have now emerged and use alternative methods to assess creditworthiness. These platforms may consider factors beyond just credit scores, such as income, employment history, and banking transactions.
Apply with a co-applicant
Another way to increase your chances of securing a loan without a CIBIL Score is to apply as a co-applicant with someone who has a good credit history. Such a co-applicant is likely to reduce the risk of default in the eyes of the lender and give the assurance of repayment.
Provide proof of stable income
Demonstrating a steady source of income is crucial when applying for a loan without a CIBIL Score. This reassures the lender that you have the means to repay the borrowed amount. Be prepared to provide documents such as income statements, income tax returns, or bank statements to verify your income from all sources.
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Show financial responsibility
Financial responsibility is critical in obtaining the trust of potential lenders. It entails having healthy saving and demonstrating the ability to save funds for future needs. Furthermore, paying bills on time and managing spends wisely demonstrates a disciplined approach to financial matters, which enhances your credibility in the eyes of lenders. These actions assure them of your capability to handle borrowed funds responsibly.
Lenders such as Bajaj Finance Limited provide Insta Personal Loans of up to Rs. 12,76,500, without requiring you to go through a CIBIL Score check. Existing customers of this NBFC can take advantage of the pre-approved loan offers they receive. As Bajaj Finance confirms your credit score beforehand, you do not need to know your CIBIL Score when reviewing your pre-approved offer. We consider a variety of other aspects such as your financial history, income details, and more before establishing your Insta Personal Loan offer.
New customers can also apply for an Insta Personal Loan by simply visiting the Insta Personal Loan page on the Bajaj Finserv website, clicking on ‘Check Offer’, and entering your mobile number and OTP to know the loan amount you qualify for.
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Head over to the Bajaj Finserv website to learn more about our Insta Personal Loans and check your pre-approved offer today.