Getting a Personal Loan with favourable terms mainly depends on your credit score, which is provided by credit bureaus like CIBIL. That’s why, a credit score in India is also called a CIBIL score. However, there are times when some people may not have a CIBIL score or may have a low score. In such cases, what could be the go-to option to secure a loan? Here, you can apply with NBFCs like Hero FinCorp, which can offer a Personal Loan without a CIBIL score. Let’s understand how you can get a Personal Loan without a credit score.
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Saturday 22 Feb. 2025
CIBIL Score and its Importance
CIBIL score is generated by the Credit Information Bureau India Limited. It is a three-digit number that shows your creditworthiness when you are actively applying for loans. Lenders consider it as a key factor in approving the loans. With a score of 750 or higher, you can get favourable loan terms.
The CIBIL score is calculated depending on factors like your repayment history, the amount of debt you have, the type of credit you have used, and the length of your credit history.
Personal Loan Options Without a CIBIL Score
Although a good CIBIL score is mandatory to get loans. For this, you can follow these methods-
- Consider Online Lenders
You may consider reliable lenders like Hero FinCorp who consider other factors apart from a CIBIL score, such as your income, job history, etc. to approve a Personal Loan application. With Hero FinCorp, you may get a Personal Loan without the CIBIL score.
- Secured Personal Loans
You can also apply for secured Personal Loans in case you do not have a CIBIL score. This type of loan means you have to pledge a security or collateral to get the loan. The loan security can be your property. This way, you can also get a large loan amount because the lender is sure about your repayment.
- Co-Signer or Guarantor
You can get a loan without a CIBIL score by taking the help of a co-signer with a good credit score. They can improve your chances of getting approved for a Personal Loan. The lender will consider the co-signer’s creditworthiness, which can ease the approval process.
Documents Required for a Personal Loan
Here is the list of required documents for a Personal Loan from Hero FinCorp:
| Category | Salaried Individuals | Self-Employed Individuals |
| Mandatory Documents | Duly filled loan application form, Passport size coloured photograph | Duly filled loan application form, Passport size coloured photograph |
| Identity Proof | Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card | Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card |
| Residence Proof | Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill | Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill |
| Residence Ownership Proof | Electricity Bills/ Maintenance Bills/ Property Documents | – |
| Income Proof | Last three months’ salary slips, Last six months bank account statement (salary account), Form 16 | Last six months bank statement, ITR for the last two consecutive years |
| Job Continuity Proof | Appointment letter from the current employer, Experience certificate from the previous employer | – |
| Office Address Proof | – | Maintenance Bill/ Utility Bill/ Property Documents/ Rent Agreement |
| Business Existence Proof | – | Copy of Tax Registration/ Shop Establishment Proof/ Company’s Registration Certificate |
How to Take a Personal Loan Without CIBIL Score?
Lenders like Hero FinCorp have designed their loan offerings to cater to individuals who may not have a strong credit history. By evaluating factors beyond the CIBIL score, they can assess your financial stability and determine your loan eligibility based on a comprehensive evaluation of your circumstances. This means that even without a CIBIL score, you can still access a Personal Loan and repay it on time to build your credit score.
They understand that not everyone has a perfect credit history, so they offer a range of flexible loan products that are tailored to suit different financial needs. The loan process is simple. It can be applied on the website or loan app, making it convenient for you to apply from anywhere, anytime.
By offering personalized loan solutions, Hero FinCorp enables individuals. They evaluate various factors when approving a loan, such as income, employment status, and the purpose of the loan.
Conclusion
While the CIBIL score is important when applying for a Personal Loan, it is not the only factor that lenders consider. There are several ways to get a Personal Loan without CIBIL, especially when you choose a reliable lender like Hero FinCorp. So, if you need a Personal Loan but are concerned about your credit score, consider applying with Hero FinCorp and get the funds to meet your needs.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader’s discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
