“No-CIBIL-Score Loan Apps,” offers several ways to access money without traditional credit histories.
STC Monitoring Desk
December 29 (STC): Banks and financial institutions measure a person’s creditworthiness through the CIBIL score, a three-digit figure ranging between 300 and 900. It is determined by Credit Information Bureau India Limited (CIBIL) based on factors such as recent credit enquiries, credit utilization, payment history, and credit mix. a person with higher score is considered to have better credit trustworthiness and is facilitated with easy access to loan facility.
However, it is very challenging for those with no or little credit history when approaching traditional banks and financial institutions. In this scenario, “No-CIBIL-Score Loan Applications” are changing the lending landscape by providing access to cash for those who don’t have any CIBIL score. their creditworthiness is evaluated through alternative means. These loan applications are revolutionizing the lending market as they enable individuals who do not have traditional credit history to access cash instantly. The creditworthiness is, therefore, evaluated in these systems through novel ways, through such elements as work history, steady income, and digital footprints.
Benefits
No credit check needed: You can apply for personal loans using “No-CIBIL-Score Loan Applications” without disclosing your credit score.
Potentially lower interest rates: By using these applications to pay off loans on schedule, you can enhance your credit history and be eligible for future interest rate reductions, which usually range from 20% to 36%.
Transparent fees: Although GST and a processing fee of two to three percent are added to the loan amount, these costs are subtracted up front to guarantee that the loan terms are understood.
Loan apps without CIBIL score 2025
The following is the list of loan apps that offer loan without CIBIL score 2025:
EarlySalary, FlexSalary, Nira, SmartCoin, MoneyTap, PaySense, mPokket
How to apply?
Step 1: Install any smartphone app that allows for personal loans without a CIBIL score.
Step 2: For registration, enter your mobile number and any important information.
Step 3: Enter the PAN and Aadhar information to finish the online KYC process.
Step 4: Enter the one-time password (OTP) that was sent to your mobile number.
Step 5: Connect your bank account to the app on your phone.
Step 6: The organisation will make loan offers based on your banking history.
Step 7: If you accept the terms and conditions, click “Apply.”
Who is eligible?
Age: The applicant must be at least 21 years old.
Mobile number: Your Aadhaar and PAN cards should be linked to your registered mobile number.
Banking access: Your account should be active for internet banking as well as mobile banking.
Income source: You should have a steady source of income, and the bank from which you are applying for the loan should be linked with your salary account.
Documents required
Identity proof: Photographs, PAN card, Aadhaar card, and mobile number.
Income proof: Bank statements for the last three months are taken as evidence of income.
Note of caution: Raising a loan through “No-CIBIL-Score Loan Applications” comes with its own risks. STC suggests due caution while taking route of these No-CIBIL Loan Apps to obtain cash loans.(STC)
(Inputs from Mint) https://www.livemint.com