Instant loans without CIBIL Score from NBFCs

Read about getting a personal loan from an NBFC without needing to check CIBIL Score first.
Instant loans without CIBIL Score from NBFCs
5 min read
26 July 2023

In today's fast-paced world, financial emergencies can arise unexpectedly, leaving many individuals seeking quick and accessible solutions. Traditionally, banks heavily rely on the Credit Information Bureau India Limited (CIBIL) score to assess an individual's creditworthiness when processing loan applications. However, this practice can be a significant hurdle for those with a low CIBIL Score or no credit history at all. In such situations, turning to Non-Banking Financial Companies (NBFCs) may be a game-changer, as they offer instant loans without you needing to check your CIBIL Score.

It is important to remember that personal loans without a CIBIL Score may come with certain conditions. 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.

In the case of Bajaj Finance Insta Personal Loan, your creditworthiness is already verified before extending a pre-approved offer. All you need to do is enter your mobile number and OTP to check your offer. You can go with the offer or choose a lower amount and finish your loan application.

Why are NBFC loans popular

NBFCs have emerged as reliable and accessible sources of credit, especially for those facing challenges due to a low CIBIL Score. These financial institutions cater to a wider range of customers, including those overlooked by traditional banks due to their less-than-ideal credit history.

While banks typically view a low CIBIL Score as a red flag, NBFCs adopt a slightly different approach. Instead of solely relying on credit scores, they consider other factors, such as the applicant's income, employment history, and repayment capacity. This holistic evaluation enables them to assess the applicant's creditworthiness more accurately.

How to get an NBFC personal loan for a low CIBIL Score

Applying for an instant loan without a CIBIL check from an NBFC is a straightforward process. With minimal paperwork and documentation requirements, these loans provide convenience and ease, reducing the time and effort needed to secure funds. Moreover, the quick approval and disbursement process ensures that applicants receive the funds they need precisely when they need them.

For individuals with a low CIBIL Score, these instant loans present an opportunity to rebuild their credit profile. Timely repayments on the loan can positively impact their credit history, gradually improving their creditworthiness for future financial endeavours.

While NBFCs offer a lifeline for individuals with low credit scores, responsible borrowing remains paramount. Borrowers should carefully assess their financial situation, borrowing only what they can comfortably repay. Prompt and regular loan repayments not only enhance the individual's credit score but also foster a sense of financial discipline.

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*Terms and conditions apply

Frequently asked questions

What are NBFC personal loans?

Personal loans offered by NBFCs are often referred to as NBFC personal loans.

Can I get an NBFC loan without CIBIL Score check?

The loan criteria differ from lender to lender. In some cases, with pre-approved offers, you may be able to get a loan without having to check your CIBIL Score.

What is the maximum loan amount an NBFC can offer with a bad credit score?

The maximum loan amount you can get varies from lender to lender.

Can I get a loan from an NBFC with a low CIBIL Score of 650?

The eligibility criteria differ from lender to lender. For a Bajaj Finance Personal Loan, you need a CIBIL Score of 685 or higher.

Is an NBFC personal loan expensive?

The interest rates, fees, and other charges for a personal loan differ from lender to lender. The interest rate also varies as per the credit profile of the borrower.

Is NBFC loan safe to take?

You need to assess the loan terms and the lender thoroughly before applying for a loan, be it an NBFC or any other lender.

Do NBFCs offer instant personal loan with cash salary?

You can get our Insta Personal Loan even if you get your salary in cash.

Does personal loan availed from an NBFC affect credit score?

Any personal loan you take may potentially have an impact on your credit score.

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