Technology

Is it possible to acquire an instant loan without CIBIL?

Almost every person requires to raise funds in their life for different purposes. The sources of the funds might vary according to the preference of the person, but the ultimate goal is to fulfill the requirement of the person at that time. We all know that no person can ignore the CIBIL score as it states the credibility of the person. If the person has a higher CIBIL score, the chances of getting the loan sanctioned are also high and vice-versa. But there are some cases wherein the person is new to the credit system. So he might not be having any CIBIL score in past, but still, the person can avail of a loan. There is a sure short possibility to get the instant loan without CIBIL.

There are some of the points that the person needs to consider while getting the instant loan without CIBIL. Let’s have a look at them.

  • Income proof: No person can lend a huge amount of money to a person who is not having a stable income. So, it will be better to check the income source proof of the person before lending money to them. The borrowers need to clearly show their exact income to get the loan sanctioned. This will also provide the lender with the security that the person is capable to pay the loan amount.
  • The amount being borrowed: If the person wants to get a high amount of loan, the person with no or very low CIBIL score can’t get in sanctioned. Every company will provide a high amount of loans to the people that have creditworthiness. If the person doesn’t have that, then the lender will issue a small amount of loan to them only.
  • Apply with co-applicant: If the person is having a low CIBIL score or no score, they can raise their chances of getting the loan sanctioned if they get the approval of getting a loan with a co-applicant. This way, the lender will check the co-applicant’s income and check the credibility of the co-applicant. When the co-applicant meets all the requirements, the person can easily get the loan.
  • Get a guarantor: If the person does not have any of the CIBIL scores, it will be better for anyone from your family to be the guarantor. If the guarantor is also having a good CIBIL score, it will improve the overall loan sanctioning procedure and you can get the No cost EMI optionfor loans.
  • Collateral-based loans: If the person wants to get the loan sanctioned, it will be great if the person goes on a collateral basis. You can keep the property, jewellery, or any fixed deposit as collateral security. This will be a great thing for getting an instant loan without CIBIL.

All these points will help the person to get the best loan that too with least difficulty. For the best advice for managing the credit, the person can take the help of ZestMoney. It is a unique platform that uses mobile technology and provides the best No cost EMI option for loans.

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