5 Ways To Get Personal Loan Without CIBIL Score

When it comes to the important factors considered by the lenders for loan approvals, one cannot deny the importance of a CIBIL Score as it directly reflects the creditworthiness of the loan applicant. As the CIBIL rating depicts the credit history, the lender is able to gauge the repayment capabilities of the loan seeker. So, is getting a personal loan without CIBIL score possible? Yes, it is! Following are the best ways through which you can fetch a personal loan in absence of a good credit score.

• Convince The Lender That Your Income is Enough For Loan Repayment
• Apply For A Lower Amount of Personal Loan
• Rectify Mistakes & Update Your Credit Score
• Apply For a Loan With Co-Applicant
• Go For a Collateral Based Personal Loan

Generally, a CIBIL score of 750 or more is considered to be safe for the lenders to approve a personal loan application. If this score is less than 750, the lenders might show resistance in going ahead with the loan process. Still, if your loan application is backed by other relevant documents and if the lender gets ready to rely upon them, you can end up getting the personal loan without CIBIL score.

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Personal Loan Without CIBIL

Convince The Lender That Your Income is Enough For Loan Repayment

Your communication with the lender plays a pivotal role. Even if you do not have a good credit score, you can convince the lender by presenting proof of your stable income – and if you have recently any incentive or increment, you must convey this to the lender so that they can be taken into confidence.

Also, communicate that your current income is more than enough to pay the instalments in a timely manner and you would face no problems at any stage of the repayment. In such instances, the lender might agree to give you a personal loan but at a higher rate of interest.

Apply For a Lower Amount of Personal Loan

As your CIBIL score is low, you might not be able to get the personal loan of your desire. Here, you can ask for a lower personal loan amount so that the lender feels less risky in approving your loan. A lower amount will have more chances of fetching you a personal loan than a higher one.

Apart from the convincing factor, asking for a lower amount will help you in managing your repayment as well. The lower the amount, the lesser the burden – your monthly instalment will be much lesser and you would face the least hindrances with your EMIs (Equated Monthly Instalments).

Rectify Mistakes & Update Your Credit Score

Timely updating your credit score is very important. If you let it remain un-updated, there are chances that in actuality, your credit score might have improved but the new score is not reflected. As your CIBIL score consists of your entire credit history, the lender must be presented with the latest credit score so that the chances of your loan approval are better than before.

There are various ways through which you can improve your credit score. If you have any credit card or an ongoing loan, make sure that its monthly repayment is done before the due date. Also, you must apply for new credit cards – because when you get new cards, this will reflect that lenders are already trusting your creditworthiness. You can also request an increment in the credit limit of your credit cards. Following these can eventually result in a higher credit score.

Apply For a Loan With Co-Applicant

Taking the support of a co-applicant is one of the effective ways of getting a personal loan without CIBIL. In this case, the lender will consider the repayment capabilities of the co-applicant. So, you must bring in a co-applicant whose credit score can easily convince the lender for loan approval.

When your co-applicant will show proof of their stable income and good credit score, you can ask the lender for approving the loan at a lower interest rate. Also, the lender might approve the loan amount you desire. Once the co-applicant does all the official formalities like KYC, signing the required documents, etc., your personal loan process can be taken forward.

Go For a Collateral Based Personal Loan

Generally, lenders do not ask for any collateral guarantee in case of a personal loan as they are a form of unsecured credit. But this usually happens when the loan applicant is equipped with a high credit score. So, as you are seeking a personal loan without CIBIL, you can offer the security and pledge your worthy asset to the lender.

Once this angle of collateral security will pitch in, the lender will feel more confident in giving you the loan approval. Through the asset offered by you, the lender will safeguard themself and it might happen that they agree to approve your personal loan at a reasonable rate of interest.

Where Can You Get an Instant Personal Loan at the Lowest Interest Rate?

If you are in urgent need of money, it is highly advisable for you to visit Nowofloan – India’s best, most acclaimed, and trusted loan service providing company. The best part of Nowofloan is that it is partnered with the leading multiple banks and NBFCs (Non-Banking Financial Companies) – this enables you to choose the most appropriate one from several loan offers.

Nowofloan instantly gives you a pre-approved personal loan offer and in just a few clicks, you can receive the loan amount directly in your bank account. For getting an instant personal loan, all you need to do is get the Nowofloan Membership Card which makes your entire loan process easy, quick, and convenient. Over 55,000 people from all parts of the country have already been benefited from Nowofloan Membership Card. Let us look at some of the great advantages of the membership card:

• Get Personal Loan Offers From Multiple Banks
• Get 10 Years of Free Expert Consultancy
• Earn up to 40% Payout Bonus
• 100% Online Loan Process – No Documentation Needed
• No Effect On Your CIBIL score even after multiple bank verification
• Free On-Call Assistance for all your doubts or queries

What is the process of getting a personal loan at Nowofloan?

The entire process will hardly take a few minutes. Nowofloan.com is a very user-friendly platform that has made sure that you do not face any hassles in applying for an instant personal loan. Following are the steps:

1. Quick Registration
2. Check Eligibility
3. Buy Premium Membership Card
4. Submit Documents
5. Bank Verification
6. Receive Funds

Nowofloan’s extremely supportive and proactive team will ensure that your entire loan experience goes well and smoothly. If you face any sort of difficulties or doubts, you can easily contact the support team and assuredly, the most suitable solution will be given to you.

There are instances where one may need money urgently. Here, rather than depending on unreliable or opportunist sources, he/she can easily come on Nowofloan.com and get a pre-approved personal loan offer.

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