There are so many appliances and products available in the market that we need at our home or for ourselves to make our day-to-day life much better. But with a fixed income every month, where our spending budget is fixed, it is difficult to spend a big amount at once to buy any such products. To make this easier we have loan facilities offered by different banks. Taking a loan from the bank is available only for a specific purpose such as Home, Car, Education, etc. To buy other expensive products nowadays we have an instant loan without CIBIL offered by many lenders, some also offer a No-cost EMI. Getting a loan in India has become as easy as buying a product online.

What is CIBIL score?

To get any loan, lenders do check the CIBIL score of the consumer. It displays the history of one’s transactions which includes earnings, expenses, habits of borrowing and repayment. It can be used to decide whether that person is eligible for paying the instalments or not. This is called a CIBIL score. To simplify, it is a summary of the Credit Score of the consumer which is represented as a 3 digit number. CIBIL score verification is the first step a lender takes when you apply for a loan. 

But what about the people who don’t have eligible CIBIL scores? Could they get a loan without the eligibility of the CIBIL? Definitely yes! A consumer can avail the instant loan without CIBIL or a low CIBIL score.

Here are some points to consider while searching for a loan with low CIBIL score:

  • Research the provider/lender:

Before deciding where to take the loan with low CIBIL, you need to check the background of the lender if you don’t want to lose your money through any scams. Go through their website, look out for of the consumer testimonials if positive or not, and check their credentials.

The most important thing is to check the interest rate. An instant loan without CIBIL is a type of personal loan. As we all know, the interest rate for personal loans is very high. These lenders giving out an instant loan may keep their interest rate high. Many cases have been seen where the interest rate offered is more than 14%. This may cost you a lot of money.

  • Look for the online lenders:

The past few years have seen many revolutions around the world. Two of the most significant ones are artificial intelligence and data analysis. Using these technologies, many start-ups have launched their applications, where we can get instant loan without CIBIL or low CIBIL scores. They encourage consumers to take loans without any credit cards or CIBIL scores, where there shouldn’t be obstacles for the people. 

ZestMoney is one of the companies in India that offers loans with low CIBIL scores or no Credit cards. The only thing you need to do is create a profile and sign up. Once the account is created, ZestMoney will assign a credit limit using their algorithm. The credit limit assigned is derived from the PAN, KYC and other details which includes transaction history. Using this credit limit you can take a personal loan where a CIBIL score is not required. Zest Money provides no-cost EMI options to buy laptops, mobiles and many other products without a credit card. The process is easy and worry free. Create your ZestMoney account right away!