How to Get a Short Term Loan without CIBIL

Unsecured Loans from NBFCs or Fintech Apps

There are many NBFCs and Fintech platforms available that offer short-term personal loans to individuals with low or no-CIBIL. These platforms charge high interest rates but they offer short-term loans by assessing your creditworthiness using methods such as monthly income, bank account statements, GST filing for self-employed etc. 

Gold Loans

This is a secured loan offered against your gold jewellery. Since this loan is backed by collateral, it may not require your CIBIL. Hence, this is one of the cheapest and fastest no-CIBIL option. 

Loan Against Fixed Deposit 

Since loan on fixed deposit is backed by collateral, it eliminates the risk for the lender. Hence, CIBIL may not be required to apply for this loan.

Below-mentioned are the things that you would need:

Note: If you have a consistent income then your chances of approval are high regardless of your CIBIL Score.

Before you apply for a short-term loan without CIBIL, it is important that you assess all your required documents and how much money do you require and at what interest rate so that it fits your financial situation. These loans, if not backed by collateral, come at a higher cost. Hence, you must understand the cost your are willing to pay. 

Step 1: Choose the right loan type and borrow only what you can repay

Step 2: Compare 2-3 lenders and see who is providing the least interest rate

Step 3: Keep all your documents ready when applying

Step 4: Share your details as asked by the lender and wait for the approval

Step 5: Once the approval is done, if it goes well with your finances, accept it and funds will be credited to your account

Key Takeaway: You should always assess all the charges before accepting the offer such as processing fees, late payment charges, etc because all these charges raise the interest rate significantly.