How To Get Personal Loans Without A Credit Score?

Can you get a personal loan without a CIBIL score check? Yes. However, there are tips that you should know to ensure easy, quick and seamless access to funds. One of these is choosing lenders like Fibe that offer loans without a credit check. 

Read on for simple and easy ways to get a loan without CIBIL verification and improve your score.

Get a Secured Loan

Opting for a collateral-based personal loan can help you get the funds easily since lenders don’t generally check your credit score. In case you default, they can recover the dues by auctioning your asset. Since they have the assurance of getting their money, lenders can offer a personal loan without a CIBIL score. You can pledge any of the following as security:

• Fixed deposit and other investments
• Gold
• Real estate
• Antiques and fine art

Choose a Suitable Lender

Choosing a lender that uses alternative ways to check your score can help you get the funds easily. Some of the top institutions you can borrow from are:

• Non-banking financial institutions (NBFCs)
• Online lenders
• Peer-to-peer lending

These lenders generally don’t focus only on credit score since they consider various aspects like:

• Overall financial profile
• Income and employment
• Ongoing loans
• Credit mix
• Utility bill payments
• Credit utilisation ratio

Prove Your Repayment Capacity

By showing that you have the income to manage the instalments of your loan, you can assure the lender of repayment, and they may offer you funds without a credit score.  

You can prove your repayment ability in alternate ways, like:

• Leveraging your income and employment
• Submitting paperwork related to other income, like income from rental property or investments

Get a Co-Signer 

In these applications, the repayment responsibility will fall on the other signer if you fail to do so and as such, your chances of approval increase. However, make sure you choose someone who has good creditworthiness, as the lender will consider their score. You can apply with your:

• Spouse
• Parent
• Child
• Friend or family member, if accepted

Ways to Increase your Credit Score

Here are some easy tips you can try: 

• Pay your EMIs and credit card bills on time
• Build a strong credit mix
• Keep your credit utilisation ratio low
• Avoid applying for multiple credits simultaneously
• Check your credit report regularly to catch and dispute any errors

Remember, improving your score will take time. If you need funds urgently, choose Fibe as you can get a loan without a CIBIL check. Our alternate credit scoring mechanism supports financial inclusion and gives easy access to funds, even to those with low or no scores. You can get an Instant Personal Loan of up to ₹5 lakhs at affordable rates and a tenure of up to 36 months with no foreclosure charges. 

Download the Fibe Personal Loan App or log in to our website and enjoy a simple application process.

FAQs on Personal Loans Without a Credit Score

Can I get a personal loan without a credit score?

Yes, lenders like Fibe offers personal loans without checking your credit score. Alternatively, you can try some of these options:

• Offer collateral
• Get a guarantor/co-signer
• Show a good and stable income

Which is the best app to get a loan without a credit score?

Fibe is among the leading lenders where you can get up to ₹5 lacs without a credit check. You can also enjoy other benefits, such as: 

• Interest rates starting at 2% per month
• Repayment period of up to 36 months
• Zero foreclosure charges
• Online application with minimum requirements

What is the lowest credit score to borrow a personal loan?

You generally need a score of 750 and above but it depends on the lender you choose. With Fibe, you can get funding even if you are new to credit as long as you meet our simple eligibility criteria, which are:

• You should be between 21 and 55 years
• You should be an Indian resident
• Your income should be ₹15,000 if you live in non-metro cities and ₹18,000 if you live in metro cities

Can I apply for a loan with a credit score of 500?

Yes, however, you must choose a lender like Fibe, which uses an alternate credit scoring mechanism to assess your repayment capacity. To apply, simply follow these steps:

• Download the app or register on the website
• Provide the required details
• Complete verification
• Submit the application

What is considered a good credit score for a loan?

A credit score between 750-800 is considered good. However, some lenders may consider 700 as a good score too. Refer to this table for different ranges of credit scores and what they mean:

Credit Score	Range
NA/NH	‘Not Applicable’ or ‘No History’
300-549	Poor
550-649	Fair
650-749	Good
750-799	Very Good
800-900	Excellent

Can I take a personal loan for the first time with no credit history?

Yes, you can get funds with no credit history through these ways:

• Choose a lender that offers the loan without a credit check
• Get a collateral-based loan
• Talk to your lender and explain your case

What is a CIBIL score with no credit history?

If you have no credit history, your CIBIL score will be 0 or -1 (NA/NH). 

How to apply for a personal loan for the first time?

If you are borrowing for the first time, you can apply for an unsecured loan with a lender that offers funds with no credit check. One of the leading lenders you can rely on is Fibe as you can get up to ₹5 lacs in 2 minutes.