How to get an Instant Loan without Credit Score in 2024?

Table of Contents 

• What are NBFC Instant Loans?
• Minimal Eligibility Criteria of NBFC Loans
• Focus on Income Rather Than CIBIL Score to get Instant Loan
• Alternative Data for Credit Assessment
• How to Apply for Instant Personal Loan on NBFCs without Credit Score
• How to Apply For Instant Loan without Credit Score on EaseMyDeal?

Having a low or no Credit score often leads to loan rejection. With traditional banks and NBFCs completely dependent on credit scores to make lending decisions, they simply deny loans to first-time borrowers without credit history. However, things are changing with new age fintech lenders or NBFC focusing more on present income rather than past credit records.
 

In this blog, we will discuss how you can get instant loans despite having no CIBIL score through these new NBFC lending models.
 

What are NBFC Instant Loans?

Non-Banking Financial Companies (NBFCs) have emerged as popular lending institutions meeting the unaddressed credit needs of Indians. They provide customized loan products like instant personal loans, small cash loans, emergency loans, etc. to various customer segments.
 

Unlike traditional lenders, NBFC instant loans involve:

• Easy eligibility with only basic KYC documents
• Simple documentation and quick approval process
• No collateral or security on small loan amounts
• Flexible repayment terms over shorter tenure

Their Loan Qualification Process Makes It Possible to Avail Loans without Credit History. Let’s See How!
 

Minimal Eligibility Criteria of NBFC Loans

Their eligibility criteria is less stringent than banks and usually include:

• Age between 21-55 years
• Salaried individual
• Minimum monthly income ranging from Rs.15,000 – Rs.20,000
• Employment with reputed company

This makes loans accessible for first-time borrowers as well.
 

Focus on Income Rather Than CIBIL Score to get Instant Loan

NBFC lenders focus more on your CURRENT income, financial behaviour and repayment ability, not on your Credit Score. So it is easier to qualify for instant loans based on your salary credentials rather than just depending on your credit history.
 

Alternative Data for Credit Assessment

NBFCs use extensive data analytics and alternative credit scoring methods for smarter assessment of default risk. This allows them to serve customers with insufficient credit records too.
 

How to Apply for Instant Personal Loan on NBFCs without Credit Score

Well, with easemydeal app, you can now access instant loan offers from trusted NBFC partners (Prefr, Protium, PaySense, L&T Finance, Cashe, Tata Capital)  based on your credit profile, that you can create by applying Rupi Credit Card on EaseMyDeal, and then apply for Loan after 1 month without needing a CIBIL score or credit history!
 

These loans are collateral-free, can be availed 24x7 digitally and require minimal documentation. So if you are earning well but don't have a past credit record, you can still qualify for short term funds up to Rs. 7 lakhs.
 

These lenders rely more on your salary, company credentials, repayment capacity etc. to determine loan eligibility. So take advantage of this to secure access to urgent funds instantly irrespective of credit score.
 

How to Apply For Instant Loan without Credit Score on EaseMyDeal?

It hardly takes few minutes to complete the loan application at easemydeal platform. Follow this seamless journey:

• Analyse lending options with the free loan eligibility calculator
• Select your preferred NBFC lender basis rates and loan amount needed
• Answer basic details regarding age, income, job etc.
• Upload minimal KYC documents for e-verification
• Receive loan approval and disbursal notification in few hours

So seeking funds for medical emergencies, family functions or urgent bills won’t require extensive paperwork anymore. With easemydeal app, get pre-approved NBFC loan offers today basis your income and start building a healthy credit score gradually.

FAQs of Instant Loan Apply without Cibil Score in India

Q1. Is it possible to get a personal loan without any credit history?

A1. Yes, it is possible to get personal loans without a credit score or history through alternative lending platforms. They rely more on income eligibility than credit records.

 

Q2. What documents do I need to apply for a no credit score loan?

A2. You would need to submit basic KYC documents like ID proof, residence proof, bank statements showing salary credits along with income tax returns if available.
 

Q3. How much loan amount can I get if I don't have a CIBIL score?

A3. Most alternative lenders provide small instant loan amounts ranging from ?25,000 to ?2 lakhs if you don't have an existing credit score. Once you build credit, higher loan eligibility is possible.
 

Q4. How long does it take to get loan approval and disbursal without CIBIL?

A4. Online lending platforms provide quick in-principle approvals within hours and loan amount can get disbursed into bank account within 24 hours post submission of documents.
 

Q5. Will the loan without credit score impact my future loan applications?

A5. Responsible repayments of initial small loans can help build your CIBIL profile for higher eligibility in future. However, loan defaults or credit hunger may negatively impact your score.
 

Q6. How can I improve my chances of loan approval without CIBIL?

A6. Factors like higher income proofs, stable professional experience, providing guarantor etc can improve chances of getting a no credit score personal loan approved.