6 Easy Ways to Get a Personal Loan without Cibil Score

When asking for a personal loan, the CIBIL score is usually the first item lenders look at. A strong CIBIL score may also meet an applicant’s qualifying criterion when applying for a personal loan without wage evidence or a salary slip. The CIBIL score is critical for anybody seeking financial assistance.

The CIBIL score defines an individual’s creditworthiness, which is particularly important when applying for a personal loan, which is an unsecured loan. However, with more financial institutions providing new plans and deals to make financial services more accessible to individuals, obtaining a personal loan without CIBIL score is now achievable. One should know how to increase cibil score and how to improve cibil score. Let us explore more.

Where can I find the CIBIL Score?

A CIBIL check is performed to evaluate an applicant’s eligibility for any loan that does not need collateral. The CIBIL score, often known as a credit score, is a three-digit numerical description of a person’s or business entity’s creditworthiness. The Credit Information Bureau (India) Limited maintains this score, which is used to determine whether the borrower will be able to repay the loan amount on time.

All banks and financial institutions disclose their credit data with CIBIL. An applicant who applies for a personal loan without CIBIL or providing evidence of income or a wage slip may also be approved based on their CIBIL score. But the issue is, can you receive personal loans if you have a poor CIBIL score?

What does a low or nil CIBIL Score mean?

The CIBIL score ranges from 300 to 900, and anything less than 750 is considered a poor CIBIL score. Because personal loans are unsecured loans that do not need collateral, they pose a higher risk to the lender. On the other hand, a strong credit score demonstrates a history of regular payments and is a testimonial to the individual’s trustworthiness.

This is not to say that it is impossible to get a long-term or short-term loan without a CIBIL score. You may apply for a loan even if you don’t have a solid CIBIL score; even if you have no credit history or no evidence of income, or both, there are several possibilities to explore.

Let’s look at some of the methods through which you may get an online personal loan without a credit score.

Choose collateral-based loans

Personal loans are often collateral-free and do not demand security, but this is only true if you have a good credit score. However, if you have a poor or no credit score, you will be required to provide collateral for a personal loan. Any of your valuable possessions might be used as collateral for the loan. This will make it simpler for you to get a loan from your preferred lender. But not every lender provides a collateral-based personal loan. Hence, it’s better to get it reconfirmed.

Demonstrate your creditworthiness

The lender always looks for a creditworthy applicant when approving a loan application. You may get a personal loan from any lender if you have a steady source of income. Even if you have a poor credit score or none, exhibiting your pay stubs or bank statements as evidence of payment is acceptable. This can make lenders feel more confident in your capacity to repay the loan on time.

Obtain a loan guarantor

Applying for a personal loan with a co-applicant or guarantor increases your chances of approval. However, make sure the guarantor has a consistent income. The co-applicant must complete the KYC procedure to apply successfully. If the co-applicant satisfies the requirements, the lender will perform a check via the bank statements and credit history and will most likely accept your loan application.

Request a lower Loan Amount

If you have a poor CIBIL score, you should avoid requesting a more considerable loan amount since the lender may be unable to authorize your loan because they mistrust your trustworthiness. As a result, it is preferable to apply for a lesser personal loan amount since the chances of approval are higher. This will improve your chances of having the loan accepted.

Request a no history credit report from your lender

The History not Available (NA) or No History (NH) on your credit report denotes the lack of any past credit activity and credit in the previous 36 months. In such circumstances, you might talk to your lender about your credit inactivity. The lender can consider your situation, and you might most likely be given a personal loan, but maybe at a higher interest rate.

Examine your credit report

It is always good to examine your credit report since there may be inaccuracies in your credit statement. Such mistakes might have a negative influence on your credit score. Hence, constantly verify your CIBIL score and get any inaccuracies repaired as soon as possible. In the case of such inaccuracies, you may register a dispute with CIBIL.


A CIBIL score of 550 or less is inadequate for a traditional financial institution to provide a personal loan. This score shows that you have been irresponsible with your credit. Most financial institutions want a CIBIL score of 750 or above for a personal loan.

Nonetheless, a personal loan with a CIBIL score of 550 or less may be obtained by demonstrating evidence of a substantial income, wage increase, prudent spending habits, and minimal obligations. One should know how to increase CIBIL score and how to improve CIBIL score to apply for a personal loan during an emergency.