Can Personal Loan Without CIBIL Score is Provided by Banks in India?

You can apply for a personal loan from your respective bank even if you don’t have a CIBIL score. Usually, banks check the applicant’s CIBIL to know their credit payment record. But if you don’t borrow a loan before then your score must be zero. Then also you are eligible for a personal loan if you meet the loan criteria. Read the given article to know about the banks that provide personal loan without CIBIL score to customers. 

Bank which provide personal loan without CIBIL score

Axis Bank: The bank offers a loan amount maximum up to INR 15 lakh to the customer. And whether you are a salaried or self-employed, you can easily get loan approval. The minimum net monthly income of a salaried must be INR 15,000 and above to get the Axis personal loan. 

HDFC Bank: Interest rate on HDFC personal loan is starting from 10.75% per annum. You can borrow the desired amount without a CIBIL check if you are a new loan borrower. This benefit is only for the customers who are applying for a personal loan.  

ICICI Bank: You can borrow INR 20 lakh from ICICI Bank using its personal loan scheme. If you are an existing or a new customer then you can get a personal loan without CIBIL score check. CIBIL score is estimated to determine the customer credit capacity and if you are borrowing a loan for the first time then you don’t have to provide your CIBIL score report.  

Importance of CIBIL score for personal loan approval

CIBIL score is a 3-digit number that represents an individual’s payment track record and credit capacity. It ranges from 300 to 900 and the bank checks the CIBIL score to know the user’s previous payment history. And, if you don’t borrow a loan before then your score would be zero and the bank gives you a personal loan without CIBIL score requirement. The other reason in which your CIBIL score doesn’t matter for the loan approval is when your income is high. 

How to apply for a personal loan without CIBIL score check?

You can apply for the loan easily by filling the loan application form, submitting documents and necessary charges. CIBIL check is necessary for those applicants only who have a credit history or borrowed a loan before. And if you are a new borrower then CIBIL check is not mandatory for you and can borrow the desired loan amount. The interest rate on your loan would depend on your income and monthly expenses.

So, if you don’t have a CIBIL score or it is zero then also you can get a personal loan without any trouble. With a few document submissions like a copy of Aadhar and PAN card income proof like salary slip and bank statement, you can complete the loan process. And the payment of the loan amount and interest is to be done in equated monthly loan installments. Users can pay the EMI loan using ECS, auto-debit and PDCs payment methods. So if you don’t have a CIBIL score then you need not to worry because you are still eligible for the loan.