Instant personal loan with low CIBIL Score

Read on to know if you can get an instant personal loan with a low CIBIL Score.
Instant personal loan with low CIBIL Score
5 min read
8 Feb 2023

Instant personal loans are unsecured forms of credit where you do not have to put up any collateral as security. Due to the collateral-free nature of this loan, it carries a slightly higher risk for lenders compared to loans with security. When you apply for an instant loan, several factors are considered before your loan is granted. One of the most important considerations for NBFCs and banks is the borrowers’ credit score since it is a marker of their repayment history.

What is the CIBIL Score?

CIBIL Score is a three-digit numerical representation of an individual's creditworthiness, ranging from 300 to 900, used by lenders to assess credit risk and approve loans.

A high credit score helps you get your loan approved and disbursed quickly and can even fetch you better deals. In contrast, getting an instant loan with a low CIBIL Score may be challenging and can have higher interest rates. The Bajaj Finance Insta Personal Loan is a great option in such cases since it is pre-approved. You do not need to check any eligibility criteria. Simply enter your mobile number and OTP to check your pre-approved loan offer. This was created with the specific needs of our customers in mind, who may require instant access to funds. These loans make it easier to cover unexpected costs, such as home repairs or a major medical bill.

How does instant personal loan for low CIBIL score work?

Instant personal loans for low CIBIL scores work by assessing other factors beyond just the credit score. Lenders consider the applicant's income, employment stability, and repayment capacity. These loans often have higher interest rates and stricter terms. Applicants may need to provide collateral or have a guarantor. The loan amount is typically lower, and the repayment period shorter. Repaying such loans on time can help improve the credit score over time.

What factors lower the CIBIL Score

Here are some of the factors that can lower an individual’s CIBIL Score.

  • Late or missed payments on loans or credit cards.
  • High credit utilisation ratio, using a significant portion of available credit.
  • Defaulting on loans or settling them for a lower amount.
  • Frequent applications for new credit, indicating potential financial distress or overreliance on credit.

A CIBIL Score of 685 is needed to qualify for a regular personal loan. However, you do not need to know your credit score to apply for our Insta Personal Loan because we run a credit check before making you an offer. Existing customers already have a pre-approved offer in place. As for new customers, we generate a pre-assigned limit by considering many factors, like your credit score, payback history, and so on.

Here is how an Insta Personal Loan works

Insta Personal Loan is available to both existing and new customers. Depending on your profile, you may need to submit additional documents.

In the case of existing customers

We have pre-approved Insta Personal Loan offers for our existing customers, which they can check online with just a phone number and OTP.
For instance, Priya already has an Insta EMI Card and wants to know if she has a pre-approved instant loan offer from Bajaj Finance. She can visit the Insta Personal Loan page and enter her mobile number and OTP by clicking on ‘CHECK OFFER.’ She will then get to view her pre-approved offer on the screen. Priya now has the choice of applying for the loan immediately or later. She can also choose a lower amount than the offer and go ahead with her application.

In the case of new customers

New customers who want an Insta Personal Loan offer might need to send additional paperwork and go through a CIBIL check.
For instance, Avani wants an Insta Personal Loan even though she is not an existing customer of Bajaj Finance. She can click on "CHECK OFFER" and enter her mobile number and OTP. She will be able to view the pre-assigned loan limit on the screen. Avani now has the option to proceed with the application procedure, which requires less than five minutes. She may need to submit KYC documents or bank statements, depending on her profile.

If no offer is displayed

If you do not see an offer or need a loan amount greater than the pre-assigned limit, you can choose to apply for our regular personal loan. This takes less than 5 minutes.
In conclusion, you do not have to check your CIBIL Score to apply for our Insta Personal Loan. However, you can still take steps to increase your credit score, since it can help you in getting better deals on loans. With a high CIBIL Score, you may get offers for higher loan amounts at lower interest rates.

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Frequently asked questions

What is the minimum CIBIL Score necessary to qualify for a Bajaj Finance Insta Personal Loan?

You do not need to know your credit score to apply for our Insta Personal Loan. You can simply enter your mobile number and OTP to check your offer. We provide loan offers after considering several parameters, so you do not have to check your eligibility for our Insta Personal Loan.

How do I determine my eligibility for an Insta Personal Loan?

You are not required to confirm your eligibility for an Insta Personal Loan. Existing customers already have a pre-approved offer, but when a new customer applies, we generate a pre-assigned limit by considering several factors, including your credit score, repayment history, and other factors.

What is the maximum Insta Personal Loan amount that you can qualify for?

You can borrow up to Rs. 12,76,500 depending on your creditworthiness. An Insta Personal Loan is a flexible option for managing a variety of expenses, from paying for your home repairs to your child’s higher education.

What paperwork is needed for an Insta Personal Loan?

A Bajaj Finance Insta Personal Loan does not require any paperwork in most cases. However, based on your profile, you might be required to provide some basic documents, including:

  • KYC documents such as PAN, Aadhaar, driving licence, voter’s ID, or a passport
  • Cancelled cheque
  • Bank account details
Can I get an instant loan without CIBIL Score?

In the case of our Insta Personal Loan, you do not have to check your CIBIL Score, since we extend offers only after assessing the borrower’s creditworthiness.

How can I get an instant personal loan with a low CIBIL Score?

You can get an instant personal loan with a low CIBIL score by applying with a co-applicant or providing collateral/security to the lender.

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