No CIBIL Score? You Can Still Get Instant Loans; Step-by-Step Guide To Apply Fast

Instant Fast Loan Without CIBIL Score

No CIBIL score? No problem! You can still get a loan even if you are new to credit or haven’t yet established a credit history. A wide variety of lenders, NBFCs, and digital lending applications will offer loans based on your income, employment status, or even gold or fixed deposit holdings. It is also possible to take a joint loan with someone who has a good credit score.

Small businesses can benefit from government-supported programs such as Mudra or PM SVANidhi. The point is, you should explore your options. Ready to find out how?

We’ve broken it down step by step below for you, Let’s have a look…

How To Get An Instant Loan Without A CIBIL Score?

Digital Lending Apps

Modern fintech apps rely on alternative data like income and spending habits rather than CIBIL scores.

How to Apply:

• Download the app and register with your mobile number
• Complete KYC using Aadhaar and PAN
• Upload income proof (bank statements or salary slips)

Examples:

• Nira
• MoneyTap
• mPokket

NBFCs and Small Finance Banks

Non-Banking Financial Companies and Small Finance Banks often have flexible lending criteria, ideal for first-time borrowers.

How to Apply:

• Check eligibility on their website or app
• Submit income documents and other financial proofs

Secured Loans

Offering collateral significantly improves your chances of approval.

Types of Secured Loans:

• Gold Loans: Quick loans against gold jewelry or coins with minimal documentation.
• Loan Against Investments: Pledge fixed deposits, mutual funds, or sovereign gold bonds to secure a loan.

Apply with a Co-Applicant or Guarantor

Having a co-applicant with a good credit score boosts your chances of approval.

How to Apply:

• Submit KYC and income proof for both applicants
• Lenders evaluate the combined repayment ability

Note: If you fail to repay, your guarantor becomes responsible for the loan.

Government-Backed Microloans

Ideal for small business or entrepreneurial needs, these schemes don’t rely on your credit score.

Pradhan Mantri Mudra Yojana (PMMY):

• Offers loans up to ₹50,000 under the “Shishu” category
• For non-farm, micro-enterprises in manufacturing, trading, or services
• Available via banks and MFIs

PM SVANidhi Scheme:

• Offers collateral-free working capital loans up to ₹10,000
• Specifically for street vendors

Steps to Apply for a Loan Without a CIBIL Score

• Gather Documentation:

  • Aadhaar card, PAN card, recent salary slips, bank statements

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• Evaluate Your Options:

  • Compare loan types from apps, NBFCs, or secured loans

• Start Small:

  • Apply for a lower loan amount to improve approval chances

• Fill Out the Application Accurately:

  • Disclose you are “New to Credit (NH)”

  • Highlight your stable income

• Secure the Loan:

  • For secured loans, be ready to pledge an asset

  • For unsecured loans, follow the digital process

The Question Now Is How To Improve Your CIBIL Score To Secure Loans In The Future

Wish to increase your likelihood of obtaining larger and more substantial loans at some point in the future? It begins with establishing your CIBIL score, and it is not as difficult as you might have thought.

• Make Timely Repayments:
  Never pay your bills and EMIs late. A single defaulted payment will damage your credit report. On-time payments depict to the lenders that you are a reliable person.
• Use a Secured Credit Card:
  Not eligible to get a standard credit card? No worries! A secured credit card is available on a fixed deposit (FD). Use it to make small purchases and pay the bill on time, this will help build your credit score.
• Try Buy Now, Pay Later (BNPL):
  BNPL services are provided through platforms such as Amazon Pay Later or LazyPay. Use them wisely and pay as due. These transactions are commonly recorded with credit bureaus and create a credit footprint.

Ready to start? The little things you do now add up to great credit in the future!

(With Inputs)

(Disclaimer: The information provided in this article is for general informational purposes only and should not be considered as financial or investment advice. While we strive to keep the content accurate and up to date, readers are advised to consult with a qualified financial advisor or lending institution before making any financial decisions. Loan approvals, interest rates, and terms may vary depending on the lender’s policies and individual eligibility. We do not guarantee loan approval or outcomes based on the information shared above.)

Also Read: Just Graduated? Here’s How To Dodge Credit Card Traps To Keep Your Finances And CIBIL Safe