Personal Loan Without Cibil Verification


Have you applied for a loan only to be turned down by the bank? The Reason – A CIBIL score that’s less than 750. Well, you aren’t alone. A huge number of borrowers face the same issue. Here, in this article, you can find the right way to take some corrective action and the loan categories that are approved even if you have a low score.

Data from CIBIL records state that over 80% of emergency personal loans are approved only for individuals who have a CIBIL score of 750 or more. If your score is less than that, don’t despair. You can make use of the following types of personal loans with bad credit and very well meet your emergency fund requirements.

  1. Collateral Loans
  2. While it’s difficult to avail a personal loan with a poor CIBIL score, you can try to avail a secured loan. Even if your credit history is bad, the collateral you supply is enough for the bank to approve your loan. You are eligible for a collateral loan for gold, shares, Fixed Deposits, Insurance Policy or PPF.

  3. Approach a smaller / Co-operative Bank
  4. There are 500 member banks in CIBIL. These banks have access to your credit history and score. You can try contacting a smaller bank that isn’t yet a CIBIL member. These banks usually provide loans of smaller amounts at high interest rates. The good news here is that they offer these loans without checking your credit score. So, you’re eligible for bad credit personal loans.

  5. Seek the help of your Employer
  6. Many companies have particular loan policies for their employees. You can obtain the help of your HR or manager. They are likely to help you access some unsecured personal loans with bad credit, especially, if you have served in the company for a few years and/or are a valued asset to the firm.

  7. Make use of your Steady Income Records for a Personal Loan
  8. You are employed and have a steady source of income and the monthly income statements to prove it. You can try approaching the bank where you hold your salary account. Leverage your income to apply for a personal loan. Because of your income history and your relationship with the bank, they are likely to sanction a low-interest personal loan for people with bad credit.

  9. Approach your Friends and Family
  10. Your friends and relatives can help you meet your emergency needs in the following ways:

  11. Joint Loan
  12. If your spouse or parents have a better credit score, then you can jointly apply for the loan with that person. This increases the probability of the loan being sanctioned.

  13. Guarantor
  14. Ask a family member or friend with a high CIBIL score to act as guarantor when you’re applying for a loan.

  15. Reach out to Private Lenders

You can approach a private lender if none of the above options work in your favour. However, you must remember that private lenders are likely to ask for higher interest rates.

Bad Credit Personal Loans:

Several companies in India provide large sum of loan amounts to the customers in the form of Personal Loan who are in the urgent need. The documentation required is minimum for these type of loans and the loan approval process is also quick. In the unsecured loan category; personal loans are the actual instant option of the cash funds in India. There are so many customers who can apply without the need of security collateral or guarantor. You can also avail the handsome offer on personal loans provided that you have a good CIBIL score. The rate of interest depends on various criteria and CIBIL score is surely one of those criteria. The major factor is your income level. Different banks have different criteria based on which interest rates are calculated.

Bad Credit Personal Loans – Quick View

Bad Credit Personal Loans are the loans from the financial institution or banks available for a person with a low credit score or bad credit history.

The loan requirement of professionals and businessmen is increasing nowadays. Since personal loan is universal unsecured loan, each individual need assistance to get it easily. You can get a bad credit personal loan without guarantor, but you will have to give the lender your social terms security credit number to check your credit.

I have a Bad Credit. What Next?

Bad credit means you have to approach the problem differently. There are several ways to get rid of the bad credit and improve your CIBIL Score. Borrowers can improve their credit rating with a series of steps and over the period, they gradually restore their credibility. eg. Apply for shorter loans and with a prompt payment for this loan, you improve your rating.

At ‘Deals of Loan’, we also provide services to improve your credit score with a series of steps and make you eligible for personal loan. We go through detailed analysis of your credit history and provide you custom solutions based on it.

Top Banks Providing Personal Loans In India

HDFC Personal Loan:

HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. The starting of HDFC personal loan as low as 15.75% interest rate for salaried individuals. HDFC Bank complete removal of any prepayment charges after a period of 36 months. Pre-approved personal loans are offered by HDFC banks up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.

ICICI Personal Loan :

The loans offered by ICICI Bank are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.

Bajaj Finserv (Finance) Personal Loan :

Bajaj Finance Limited is a non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individual and the Bajaj Finserv give allowance of prepayment up to 6 times in one year and also allows minimum amount per prepay exceeding 3 EMIs. A 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.

SBI Personal Loan :

State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. SBI or State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. SBI personal loan division allowing for quick loan approval and disbursal. At lucrative interest rates you can get personal loan for various working professionals and salaried individuals from time to time.

Axis Bank Personal Loan:

Axis Bank give personal attention to each loan applicant. Personal loan amount for Axis Bank Personal Loan is highest in its class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. An eDGE loyalty points is offered by Axis banks on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. A dedicated helpline for loan services available round the clock at the bank’s toll free numbers.



At Millennium Credit Solutions, we believe that life is easier with excellent credit.
We have a dedicated staff devoted to assisting you with your future financial needs.
We provide advice and information on how to best manage your current credit to maximize the impact to your qualifying ability.



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