Top Nbfc Loan Apps Without CIBIL™ Instant Funds Anytime

Most Banks require to check your CIBIL™ score to offer any kind of loan; be it a personal loan or home loan, your CIBIL™ is a must. Your CIBIL™ score indicates your creditworthiness; higher the score, lesser the repayment risk you are to the bank. Banks generally approve applicants with a decent credit score of 700 and above. While one could get loans with a lower credit score, the loan terms and interest rates might be on the higher side.  

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So, How to Get a Loan Without CIBIL™ Score? 

If you are a new borrower, you might not yet have a credit history or a Credit Score. Then how will you apply for a loan? Banks might not entertain your loan application without CIBIL™ score, but a few NBFCs might.  

NBFCs have a slightly lenient loan process, allowing borrowers with ‘No Credit Score’ or ‘Low Credit Score’ to apply for loans. Many of these NBFCs offer and process these loans through their mobile app. They gauge your creditworthiness on other parameters like your employment history, current salary, etc; So, they could offer you loans without a CIBIL™ score too. However, these loans might be expensive in terms of interest rates and other charges. Still, in times of emergencies, an NBFC Loan app without CIBIL™ score can be a life saver.  

How NBFC Loan Apps Without Credit Scores Work 

NBFC Loan apps are mobile apps offered by NBFCs and FinServ companies that offer different kinds of loans to consumers. They come from reputed RBI-approved, RBI-regulated NBFCs so they have strict policies on data security and privacy. These loans can be instant cash loans, personal loans, consumer durable loans, and more.  

They come with a simple application process with minimal documentation so that the loan amount is disbursed, in most cases, instantly. They collect basic information like your name, mobile number and Aadhaar details to perform eKYC to process your application.  

These NBFC loan apps are able to offer loans without your CIBIL™ score as they determine your credibility on factors like current salary and employment history, rather than credit score.  

These NBFC loan apps are equipped with strict security norms to safeguard customer information. Still, borrowers should ensure that they are applying for loans from apps that are offered by RBI-registered & authorized NBFCs.  

Top NBFC Loan Apps Without CIBIL™ Scores for 2024 

1. FIBE - Instant Loan App Without CIBIL™ Score Requirements 

The FIBE App is an NBFC loan app that has partnered with leading lenders to offer instant cash loans, personal loans, Buy-Now-Pay-Later facility, Salary Advance loans, Credit Cards and other financial offerings. They are backed by reputed lenders like Incred Financial Services Ltd., HDB Financial Services Ltd., Aditya Birla Finance Ltd., Piramal Capital & Housing Finance Ltd., among others.  

2. NIRA - Personal Loan App Without CIBIL™ for Quick Approvals  

NIRA is an NBFC loan app that partners with RBI regulated NBFCs & Banks to offer line of credit to salaried individuals. They offer loans for individuals with low credit score or no credit score.  

NIRA offers these loans in partnership with reputed lenders like Northern Arc, HDB Financial Services, Muthoot Finance, KIFPL, IIFL, PayU and others 

Loan Type	Line of Credit, Instant Loan
Loan Amount	Rs.50,000 – Rs.1 lakh
Interest rate	24 – 36% p.a.
Repayment tenure	91 days – 24 months
Processing Fees	Up to 2-7% of loan amount, capped at Rs.350+GST
Prepayment fees	ZERO for prepayment within 7 days of loan disbursal  Up to 4% of outstanding amount after 7 days
Late payment fees	Rs.500 – Max. Rs.1000
Eligibility	Min. monthly salary of Rs.12000  Age limit – 22-59 years

 

3. Flexsalary - Flexible Loans Without CIBIL™ Score Checks 

Flexsalary is an NBFC loan provider that offers instant personal loans to salaried individuals. They offer short-term, unsecured loans to salaried individuals based on their income, and sometimes a soft credit check. So, even if you have no CIBIL™ Score or a low credit score, you can qualify for a line of credit from Flexsalary.  

Loan Type	Instant personal loan, Line of credit
Loan amount	Up to Rs.3 lakhs
Interest rate	Up to 36.5% p.a.
Processing fee	Rs.100 – Rs.3000
Transaction fee	Rs.0 – Rs.12
Late fee	Up to Rs.150
Prepayment penalty	NIL

 

4. Finnable: Quick Loans Without CIBIL™ Score Requirements 

Finnable loan app offers short term personal loans to take care of expenses like marriage, education, hospital bills, travel plans, vehicle purchase, and more.  

Finnable Loan App lending partners – Northern Arc, Piramal Finance, DMI Finance, TVS Credit, Utkarsh Small Finance Bank, HDB Financial Services, and more.  

The loan is processed and disbursed in as little as 24 hours. The entire process is digital, offering paperless loan application for consumers.  

Loan Type	Personal Loans/Instant Loans
Loan Amount	Up to Rs.10 lakhs
Interest rate	14 – 27% p.a.
Repayment Tenure	3 – 48 months
Eligibility	Min. monthly salary of Rs.20,000 in Tier 1 cities. And, Rs.15,000 for Tier II cities.

 

Common Eligibility Criteria for NBFC Loans Without CIBIL™ Scores 

Though these NBFC Loan apps offer loans without CIBIL™ Score, they mandate the basic eligibility criteria to process your loan.  

• Minimum age requirement is between 21 – 60 years 

• The applicant should have a steady source of income.  

• They should either be salaried or self employed (both businessmen & professionals are eligible) with minimum tenure/business age.  

• Should earn a minimum monthly salary of Rs.15,000 

• Should be able to produce all the required KYC documents and other documents as stipulated by the bank.  

How to a Apply for Instant Loans Without CIBIL™ Scores 

These NBFC loan apps generally follow a simple loan application process. Applicants can either apply on their website or mobile apps.  

1. Download and install your preferred NBFC loan app that is offering loans without CIBIL™ Score.  

2. Register with your name/email address/mobile number.  

3. Choose the loan product you want to apply for.  

4. Enter basic KYC details like name, date of birth, address, employment details, Aadhaar card details, bank account details, etc.  

5. You might be required to upload scanned copies of the documents.  

6. The lender may choose to go with a video KYC to verify your identity and details mentioned on the loan application.  

7. Upon successful verification, the loan amount is disbursed to your bank account.  

 Read Related: Best Instant Personal Loan Apps In India 

What are the Benefits of Using Instant Loan Apps Without CIBIL™ Score Checks? 

Unexpected emergencies can befall anyone. Though we plan our finances and think that we are ready for any exigencies, life might throw a curve ball we are absolutely not prepared for. That is when these NBFC loan apps offering loans without CIBIL™ Score checks come in handy.  

• You can get loans with ZERO credit score or low credit score too.  

• Your creditworthiness is determined based on your employment history, bank account balance, current salary, and other parameters, so they don’t do a hard check on your credit score.  

• The loans are processed quickly and the amount is disbursed instantly.  

• They do offer high loan amounts, of up to Rs.10 lakhs, and even more depending on your income and eligibility.  

• The NBFC loan apps offer a completely digital loan process, eliminating the need for visiting the branch or submitting a lot of paperwork.  

These NBFC loan apps offering loans without CIBIL™ Score are the best choice for individuals looking for instant loans to take care of an emergency. These are short-term loans and don’t require any security or collateral.  

Points to Keep in Mind While Applying on Personal Loan Apps Without CIBIL™ Score 

While these NBFC apps offer a lot of convenience, borrowers have to be aware of a few points before applying for instant loans or personal loans with them –  

1. The interest rate, processing fees, and other charges are pretty high on these loans  

2. The repayment tenure is not as long as regular personal loans. They are generally limited to 12 months or 24 months, resulting in high EMI amounts every month.  

3. Penalties for pre-closure or part payment might be higher than traditional loans  

4. Though they don’t check your CIBIL™ Score while offering the loan, failure to repay the loan on time or defaulting on payments will affect your CIBIL™ Score adversely.  

5. An important point to remember is to check the authenticity of these loan apps. There are hundreds of spurious apps online that scam applicants out of their money. So, ensure to check that these apps are coming from RBI-approved or RBI-regulated lenders before you apply for a loan with them.  

What are Some Alternative Loan Options for Those Without a CIBIL™ Score? 

For those without a CIBIL™ Score, or someone with a low credit score, NBFC loan apps that don’t do a CIBIL™ Score check is not the only option. You have alternatives –  

1. Secured loans: you can opt for secured loans like gold loans, home equity loans, mortgage loans, credit card loans, and more.  

2. Overdraft Facility: You can request your bank for an overdraft facility on your savings account, current account, Fixed Deposit, or your credit card. This will give you some breathing time while you arrange for more funds.  

3. Salary Advance Loans: Loan apps like Fibe also offer salary advance loans that are based on your upcoming salary. These loans will give you some financial respite until your salary is credited.  

4. P2P lending: Peer-to-Peer lending apps connect borrowers and lenders. The discussion and decision happen between them both and the lender decides how much money to lend and at what terms. These apps don’t require very strict CIBIL™ Score checks.  

Read Related: 5 Ways To Maintain An Excellent CIBIL™ Score 

FAQs on NBFC Loan Apps Without CIBIL™ Scores 

1. Are there minimum income requirements for NBFC loan apps without CIBIL™ Score checks? 

Yes, these apps generally require a minimum monthly requirement of Rs.15,000 for Tier II cities and Rs.20,000 for Tier I cities. This amount may vary from lender to lender, so please check with your lender for these requirements.  

2. Do these apps have hidden charges? 

These apps generally have a transparent loan process where they list out all the fees and charges beforehand. Some of these charges include processing fees, late fees, Bounce charges, pre-closure charges, stamp duty, etc. However, the borrowers are advised to go through the terms & conditions thoroughly and to discuss with the lender for clarity on such charges.  

3. My credit score says NA/NH. Can I still get a loan with these NBFC loan apps that don’t need CIBIL™ Score? 

Yes. The credit score NA/NH is not bad. It just means that you are new to the credit system, or your credit history is still new. These loan apps will process your loan, given you have a stable income and a solid employment history. It is advised to discuss with the lender for more details.  

4. How long does it take for loan approval and disbursement with instant loan apps that don’t require CIBIL™ Score? 

These loan apps offer quick loan processing. Most loan apps will process your loan within 24-48 hours. This time may vary from lender to lender, and also on the application criteria. Please check with the lender for complete details.  

5. Is my personal information secure on these personal loan apps that give loans without a CIBIL™ Score check? 

Yes, loan apps that come from RBI-approved & RBI-regulated NBFCs follow strict security protocol to secure the data of its users. However, the borrower should verify the authenticity of the loan apps before downloading and installing them on their phone before proceeding with the loan application.  

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.