In the realm of personal finance, a good credit score is often seen as a prerequisite for obtaining loans and credit cards. However, for many individuals who lack a robust credit history or have a low CIBIL Score, accessing traditional lending options can be challenging. Thankfully, the advent of fintech companies and NBFCs has ushered in a new era of financial inclusivity, allowing people to secure instant loans through mobile apps, without needing to check their CIBIL Score beforehand.
These innovative apps for loans leverage advanced algorithms and alternative data sources to assess an individual's creditworthiness beyond just their CIBIL Score or income proof. By analysing factors such as income, spending patterns, and repayment behaviour, these apps can provide a more holistic evaluation of a borrower's financial health, enabling them to make lending decisions in real time.
With a Bajaj Finance Insta Personal Loan, we provide pre-approved offers to existing customers while new customers can generate a pre-assigned limit for themselves. All you need is a mobile number and OTP to check your offer. Since these are pre-approved, you do not need to check your CIBIL Score. We assess creditworthiness using various parameters before extending you an offer.
Additional read: How to get an instant loan with low CIBIL Score?
Features of loan app without CIBIL Score
Loan apps that don’t require a CIBIL score offer hassle-free financing solutions tailored for individuals without a credit history. Key features include:
- Easy application: Simple and quick application process through mobile apps.
- Minimal documentation: Requires basic documents like ID and income proof.
- Fast disbursal: Loan amounts credited to your account within a short span.
- Flexible loan amounts: Borrow amounts suitable to your needs.
Loan eligibility without credit score
Many apps offer loans without requiring a credit score by evaluating other criteria. To know more about the criteria for our Insta Personal Loan, explore loan eligibility and documents.
Documents required for instant loan app without CIBIL Score
Documents required to apply for a loan without a CIBIL score vary as per lenders. For Insta Personal Loan, select customers may not need to submit any documents. However, it is recommended to keep the following documents handy when applying for a loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
Interest rate and charges
Interest rates for instant loans without a CIBIL score are typically higher than standard loans due to the perceived risk. Processing fees, late payment penalties, and other charges may apply, so reviewing the terms is essential before applying.
Here is how you can check your Insta Personal Loan offer
- Click on ‘CHECK OFFER’.
- Enter your 10-digit mobile number and OTP.
- Once successfully verified, your pre-approved personal loan offer details will be displayed on your screen.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us. Select customers may be able to get the funds they need without having to submit any documents.
Additional read: How to get an urgent loan without income proof?
Advantages of instant loan app
Instant loan apps provide quick and reliable solutions for urgent financial needs. Key advantages include:
- Convenience: Apply anytime through user-friendly mobile apps.
- Quick disbursal: Receive funds in a matter of a few minutes*.
- Flexible tenures: Choose repayment terms suited to your financial capacity.
- Customisable loan amounts: Borrow amounts as per your requirements. These apps empower users with financial independence, offering a stress-free borrowing experience.
- Pre-approved offers: Some apps and lenders may provide pre-approved offers to select existing customers, depending on their profile.
One of the primary advantages of using these online loan apps is the speed and convenience that they offer. Instead of undergoing the lengthy and often cumbersome process of traditional loan applications, users can simply download the app, fill out a few basic details, and receive an instant decision on their loan application. This rapid turnaround time is especially beneficial in emergencies when quick access to funds is paramount. With our Insta Personal Loan, select customers can get funds in their account in as little as 30 minutes*.
Furthermore, these apps typically offer flexible loan options tailored to meet the diverse needs of borrowers. Whether it is a small, short-term loan to cover unexpected expenses or a larger instalment loan for more significant financial requirements, users can find a variety of borrowing options that suit their circumstances. Additionally, many apps provide transparent terms and competitive interest rates, allowing borrowers to make informed decisions about their finances.
However, while these instant loan apps offer a lifeline to those needing urgent funds, borrowers need to exercise responsible financial management. Taking on debt without a solid repayment plan in place can exacerbate financial woes in the long run. Therefore, borrowers should borrow only what they need and ensure they can comfortably afford to repay the loan on time.
Conclusion
Instant loan apps without a CIBIL score simplify borrowing for individuals with no credit history. With quick approvals, minimal documentation, and flexible terms, these apps bridge the gap for first-time borrowers. They are an efficient tool for meeting immediate financial needs while building a financial track record.
