Personal Loan Without CIBIL Score: In India, having a good CIBIL score helps people get any kind of credit facility such as personal loans. Using this number, lenders decide how good a person is at paying back their debts. Sometimes, you won’t have a CIBIL score or it won’t be high enough to satisfy the banks. Is it possible that you cannot get a personal loan at all?
Good news: the answer is not correct. The growth of fintech lenders, NBFCs and different ways to assess credit allows you to be approved for a personal loan without your CIBIL score being needed. Lenders carry out additional checks based on income, job history and a person’s bank statements. It looks closely at the process, who qualifies for loans like this, the requirements and how to become eligible.
What Is a CIBIL Score?
The CIBIL score, issued by TransUnion CIBIL, is one of the most widely recognized credit scores in India. Ranging from 300 to 900, a score closer to 900 indicates strong creditworthiness. Most traditional banks require a CIBIL score of at least 750 to process a personal loan application.
However, many Indians, especially first-time borrowers, students, and those from rural backgrounds, may not have any credit history at all. In such cases, their CIBIL score may be zero or NA (Not Applicable), which often results in loan rejections from conventional lenders.
Can You Get a Personal Loan Without CIBIL Score?
Yes, you can. Many modern lenders understand that a lack of credit history does not necessarily mean a person is financially irresponsible. Here are a few ways lenders assess such borrowers:
- Income Proof: Regular income can assure lenders of repayment capacity.
- Employment Stability: A steady job, especially in a reputable company, increases your chances.
- Alternate Credit Scoring: Some fintech companies use AI-based models to assess creditworthiness using phone usage patterns, e-commerce transactions, and utility payments.
- Collateral: Secured personal loans backed by gold, fixed deposits, or other assets can also be an option.
Who Should Consider a Personal Loan Without CIBIL Score?
This type of loan is best suited for:
| Profile | Reason |
|---|---|
| First-time borrowers | No previous credit history |
| Students | Often do not have any financial records |
| Freelancers & Gig Workers | May not have formal income proofs but have steady income |
| New Employees | Too early to have built a credit score |
| People with a poor credit past | Looking for a second chance |
Top Lenders Offering Personal Loan Without CIBIL Score in India
Below is a list of NBFCs and fintech lenders that are known for extending personal loans to individuals without a CIBIL score:
| Lender | Minimum Income Requirement | Loan Amount | Interest Rate | Processing Time |
|---|---|---|---|---|
| MoneyTap | ₹15,000/month | ₹3,000 to ₹5 Lakh | 13% – 24% | Within 24 hours |
| EarlySalary | ₹18,000/month | ₹8,000 to ₹5 Lakh | 18% – 30% | Same day |
| Navi | ₹20,000/month | ₹10,000 to ₹20 Lakh | 9.9% onwards | Instant |
| CASHe | ₹12,000/month | ₹7,000 to ₹4 Lakh | 27% onwards | Within 2 hours |
| KreditBee | ₹10,000/month | ₹1,000 to ₹3 Lakh | 15% – 29% | Within 10 minutes |
Note: These are indicative details and may vary. Always check the latest terms on the lender’s official website.
Documents Required
Though you may not need a CIBIL score, lenders still require certain documents to process your application. Here’s a quick checklist:
- Identity Proof: Aadhaar Card, PAN Card, Passport
- Address Proof: Utility bills, Rent agreement, Aadhaar
- Income Proof: Salary slips, bank statements, ITR for self-employed
- Employment Proof: Offer letter, employment certificate
- Photograph: Passport-sized
How to Increase Your Chances of Getting a Loan Without CIBIL Score
Even though it is possible to get a personal loan without CIBIL score, not everyone is guaranteed approval. Here are some actionable tips:
1. Apply with a Co-applicant
Applying with someone who has a good credit score and stable income (like a parent or spouse) can improve your chances significantly.
2. Opt for a Secured Loan
Offering collateral like gold or fixed deposits reduces the lender’s risk and improves your approval chances.
3. Show Stable Income
Having consistent monthly income and minimal existing liabilities can act in your favor.
4. Borrow from Digital Lenders
Fintech platforms are more flexible and often target the underserved population.
5. Avoid Multiple Loan Applications
Every loan application generates a hard inquiry which may hurt your profile. Apply only with lenders who offer pre-approval or soft checks.
Read also: HDFC Kishor Mudra Loan 2025
Pros and Cons of Personal Loan Without CIBIL Score
| Pros | Cons |
|---|---|
| Easier access for new borrowers | Higher interest rates |
| Fast and paperless process | Lower loan amounts |
| Ideal for emergencies | Shorter repayment tenure |
| Alternative credit assessment | Limited lender options |
Conclusion
Getting a personal loan without a CIBIL score is now possible and happens often in India. You should be smart about getting these loans and always look over the agreement’s details because they can help with urgent expenses and strengthen your credit. If you research and plan well, not having credit can let you start your financial journey on a strong, safe foundation.
Frequently Asked Questions
Can I get a personal loan without a CIBIL score if I’m self-employed?
Yes, if you can show stable income through bank statements or ITRs, many NBFCs and fintechs may consider your application.
What is the minimum salary required for such loans?
It varies by lender, but typically ranges from ₹10,000 to ₹20,000 per month.
Will getting this loan help me build a credit score?
Yes, if the lender reports your repayment history to credit bureaus, it will help you build a CIBIL score over time.
Can students apply for such loans?
Some lenders may offer loans to students if they can show internship income or apply with a guarantor.
Shubhankar Mishra is the founder of Softloan.in and a popular YouTuber. With expertise in automobiles and finance, he creates valuable content to help his audience make informed decisions about car purchases and financial planning.