Your CIBIL Score is a three-digit numeric summary of your credit history, repayment behaviour, and creditworthiness. TransUnion CIBIL – one of India’s four credit information bureaus – maintains this data for more than 600 million individuals.
An individual with a high CIBIL Score is considered to be a responsible borrower and is likely to get better terms on loans and credit cards.
A low score (or not having a score at all) works in the opposite way. Individuals with low scores may find it challenging to get a loan from most traditional lenders.
The verification of your CIBIL Score along with a check of your identity, address, and income proofs is an important measure of your eligibility for the desired loan.
And while most lenders rely on credit scores to assess your creditworthiness, there may be a few financial institutions that offer personal loans without a CIBIL Score check.
These may be a viable solution for those borrowers who lack a substantial credit history or have a low credit score. The absence of a CIBIL check means that the loan process is usually faster, making it suitable for customers who want to access funds quickly.
However, it is important to remember that personal loans without a CIBIL Score may come with certain conditions.
For instance, you may get a lower loan amount or pay a higher interest rate. Lenders usually want to account for the higher risk associated with lending to borrowers with a limited credit history.
Verifying your CIBIL Score at the time of loan approval is at the discretion of the lender. And approval depends on the lender’s internal credit policy.
Insta Personal Loan offers quick access to money
While Bajaj Finance continues to consider your CIBIL Score as an important parameter, if you are looking for an instant loan without a CIBIL Score check, you may consider the Insta Personal Loan from Bajaj Finance.
Our Insta Personal Loan does not need any documentation*. You also don’t need to wait for a lengthy approval process.
While your CIBIL Score is still an important consideration in preparing the best possible deal, our existing customers are assigned pre-approved offers. This means, your profile has already been vetted and your loan amount is ready. You can get the money you need quickly – without having to wait for lengthy processing or CIBIL Score verification.
Plus, as an unsecured loan, you do not require any collateral either.
New customers can generate a pre-assigned limit with just their mobile number and an OTP.
Read all about the Insta Personal Loan on our website and check your pre-approved offer in just a moment.
*Applicable for select customers
