How To Get an Instant Loan Without a CIBIL Score Check?

Are you looking for an instant loan without a CIBIL score check? Loans without credit checks are the type of credit provided by NBFCs or digital lenders without a hard check of your credit profile. Wondering how? Well, loan providers check your ability to repay before lending you credit. However, they don’t rely on credit bureaus, like CIBIL, for completing this check. 

You can opt for no credit check loans if you have a low score or no credit history. It allows you to get a loan without such checks that further cause your score to dip and without collateral. While maintaining a credit score is a healthy financial practice, you can utilise such loans during a time of need.

What is the Functionality of a No Credit Check Loan?

When applying for a standard loan, you must have a good credit score. All lenders verify your eligibility through a process known as a hard pull. This process includes:

• Your credit history, including your credit score
• Your existing debt
• Your repayment behaviour 

However, if you opt for no credit checks loans, your lender will check criteria like:

• Your employment stability/ income stability
• Your monthly income
• Your repayment capability
• Your financial stability

After checking all these criteria, your lender may approve your loan if it is satisfied. The process apart from that remains the same.

Why to Apply for Such Loans?

Not everyone is eligible for a traditional personal loan from a bank due to low credit scores or other issues. Here are some reasons why a loan without a credit score is useful.

• You can apply for it if you don’t meet the minimum credit score criteria of the banks, i.e., your score is less than 700
• A regular loan may take time to apply for and get approval, but a loan without credit checks can be quicker thanks to instant approval
• You can opt for a loan tenure according to your convenience, as it has flexible repayment options
• Its interest rate is usually fixed, making it easy to assess your total repayment amount 
• It doesn’t require any form of collateral or security
• You can get a decent amount in the form of a loan, so you can apply according to your requirements
• You can use your loan amount for whatever requirements, such as for studies, marriage expenses, repaying other loans and more, without restrictions  
• It has minimum eligibility criteria regarding your age, income and minimum work experience 

However, you should consider certain factors before approaching such loan providers:

• Check the terms and conditions as they may contain hidden charges 
• They usually come with a high interest rate 
• You may have to pay high monthly instalments, as they usually have a shorter repayment window

Check Credit Score Online 

What is the Process to Apply for Such Loans?

Here are the steps to apply for a personal loan that doesn’t require a CIBIL inquiry:

1. Visit the lender’s official website or download the app
2. Check the eligibility and documents required 
3. Fill out the application form with the necessary details (professional, personal and financial) 
4. Attach the required documents for verification like income proof, identity proof and address proof

After the successful verification, the loan amount will be disbursed into your bank account

By understanding all the criteria and eligibility factors, you can make an informed decision while applying for no credit check loans. If you are looking to apply for such loans, the Fibe Instant Cash Loan is a smart option. We rely on alternative scoring systems to issue loans when you don’t have enough credit scores. 

What’s more, you can get up to ₹5 lakhs without end-use restrictions and affordable interest rates. With the option of foreclosure at no added cost and a comfortable tenure of up to 36 months, you can enjoy stress-free repayment. Register on our website or download our  Personal Loan App to get a quick personal loan online. 

FAQs on No Credit Check Loans in India

Is it easy to obtain a No Credit Check Loan?

Yes, it is easy to obtain such loans, as it doesn’t require you to have a strong credit history. You just need to fulfil some basic criteria to get approval for financing. 

Why is a credit check important when applying for a loan?

Through credit checks, lenders assess your credit history and repayment behaviour. Checking your credit score before applying for quicker approval and competitive interest rates is important. No credit check lenders don’t send a hard inquiry about your score when you apply for a loan.

What types of credit checks do lenders use when approving loans?

While applying for a loan, lenders check the following:

1. Credit score
2. Existing debt
3. Net income  
4. Repayment behaviour 
5. Job stability 

Why should you consider a No Credit Check Loan?

Unlike regular loans, there is no need for a credit check to get approval for this kind of loan. As such it is faster and easier to get.