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Know how to get a personal loan without CIBIL score and income proof

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Personal-Loan

Do you have a CIBIL score below 700? Do you have trouble getting a loan because of your CIBIL score?  Do you want to know how to increase CIBIL score or how to improve CIBIL score? A good CIBIL score is vital to getting the best credit card and loan deals. However, it may take one to two years to improve CIBIL score. You could face difficulty obtaining an instant loan if your credit score is low or you do not have a credit score.

Listed below are some of the important ways to get a Personal Loan without CIBIL & Income Proof in India.

Consider a joint loan

You should consider applying for a joint loan if your partner’s CIBIL score is above average. All co-applicants credit ratings will be considered when applying for a joint loan. There is also the option of taking out a loan under your partner’s name. Even if your CIBIL score is poor, it could be easier for you to obtain a loan at the most favorable interest rate currently offered. On the other hand, home loans almost always call for a joint loan application. If you are interested in an instant personal loan without CIBIL, you may inquire with your spouse or any of your relatives with a good CIBIL score whether or not they can take out a loan on your behalf.

Get a Guarantor

You can approach your parents or siblings to act as your guarantors if you cannot obtain a personal loan without CIBIL or if you do not have a credit history. Check the credit score of the individual you intend to list as a guarantor and ensure it is above average. If you want a secured personal loan without CIBIL, including an education, you should consider using this method.

Apply for a lower personal loan amount

Even with a low credit score, obtaining a personal loan is not a hectic task. The best thing to do is apply for a low-amount loan rather than a high-amount loan. Loans with smaller amounts give the lender more confidence regarding the loan repayment.

Prove you are capable of earning more money

You may be eligible for a personal loan without CIBIL if you have another source of income or received a salary hike recently. If you have a consistent income and a stable job, you can apply for a personal loan from a financial institution for credit defaulters. In this case, you have to pay a higher interest rate because you have a low CIBIL score.

Read Also: Here Is An Easy Way To Get A Personal Loan With A Low Cibil Score

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