How can you Apply for an Instant Loan without CIBIL?

A CIBIL report consists of all the credit information of a user, such as contact information, employment information, credit score, credit history, etc. The credit score or CIBIL score is mentioned in the report. You can download CIBIL report easily from many of the paid as well as unpaid websites, one of them being Bajaj Finserv. It has a hassle-free credit score and credit report downloading option. 

Having a good CIBIL report makes it easier to avail of a loan. However, even if you have a low to no CIBIL score, you can still be approved for an instant loan. Let’s read further to know how.

How to Avail Instant Loan without CIBIL Score?

Here is everything you need to know regarding your CIBIL score check:

Search for a guarantor: A guarantor or co-applicant is an individual with a good credit score and steady income. It can be your family, friends, or anyone you know. If the guarantor meets the criteria, you have a high chance of your loan approval. 

Use collateral: In this case, you have to provide something as security on the loan. It can be your property, gold, fixed deposits, stocks, or valuable assets. This increases your chance of loan approval.

Use an income proof: If you can provide an income proof that showcases steady income, then your chances of getting the loan approved are quite likely. There may be requirements such as minimum income level, employment history, etc. Whether or not your income proof will be accepted depends on these criteria. 

Joint loan: Credit scores of both joint account holders will be considered when applying for a loan. Therefore, if one party has a good credit score, it might increase your chances of getting your loan approved.

Getting an instant loan isn’t impossible, even if you don’t have a good CIBIL report. With these alternatives available in today’s time, you can apply for an instant loan however you want. You need to find out the best option that works for you. 

Additional Read: How to Rebuild and Improve your Low Credit Score?

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