Wondering if you can apply for an instant loan without a CIBIL score? While a high CIBIL score is crucial for securing affordable loans, it’s still possible to get a personal loan with a low or no CIBIL score. Here’s what you need to know:

Obtaining a Personal Loan without a CIBIL Score

Even if you're new to credit and lack a CIBIL score, you can still avail a personal loan. However, keep these points in mind before applying:

• Income Proof: Lenders need assurance of a stable income source to approve loans, especially without CIBIL. Ensure you have valid proof of adequate income for timely repayment.
• Borrowing Amount: Opting for a larger loan can attract higher interest rates due to increased lender risk, especially if your CIBIL score is low or nonexistent.
• Apply with a Co-applicant: Boost your approval chances by applying with a co-applicant who meets creditworthiness criteria.
• Get a Guarantor: A family member with a good CIBIL score can act as your guarantor, easing the loan process.
• NA or NH Credit Report: Explain credit inactivity to your lender, though expect higher interest rates.
• Collateral-Based Loans: Consider secured loans using property, jewelry, or FD as collateral. Note, failure to repay can lead to asset seizure.

Special Service: Money View Loans

Money View offers loans even to those with CIBIL scores as low as 650, thanks to a unique credit rating system.

Maintaining a Good CIBIL Score

To maintain a high score, avoid loan defaults, pay debts timely, limit credit card use, and maintain a balance between secured and unsecured loans. Achieving a score above 750 facilitates any loan application process.

Steps to Apply for a Money View Loan without a CIBIL Score:

1. Visit the Money View site/app to check eligibility.
2. Select desired loan tenure.
3. Upload necessary documents quickly online.
4. Receive disbursal within 24 hours after verification.

Conclusion: While challenging, it’s possible to obtain a loan without a CIBIL score. Building or enhancing your credit score ensures smoother loan terms and lower interest rates. Follow advised steps for a successful application process and visit our blog for further tips on improving your CIBIL score.