A low or missing CIBIL score shouldn’t stop you from accessing funds in emergencies. While banks often reject applications with poor credit history, alternative lenders offer loan without CIBIL checks. This guide explores legal ways to secure urgent funds, including gold loans, P2P lending, and government schemes, even if your credit score is below 650.
Can You Get a Loan Without CIBIL Score?
Yes, but with conditions. Lenders assess risk through other means, such as:
- Collateral: Gold, property, or fixed deposits.
- Digital footprints: Bank transactions, mobile usage, or social media activity.
- Income verification: Salary slips or family income proof.
For example, SBI offers loans without CIBIL checks if you pledge gold or have a co-applicant with a strong credit history.
Types of Loan Without CIBIL Score Requirements
1. Collateral-Based Loans
These loans use assets to mitigate lender risk.
Gold Loans
- Lenders: Muthoot Finance, SBI Gold Loans, Manappuram.
- Eligibility: Own gold jewelry (minimum 18 carat).
- Loan Amount: Up to 75% of gold value (e.g., ₹50,000 for ₹66,666 worth of gold).
- Interest Rate: 12–24% p.a.
- Repayment: 6–12 months.
Example: A person with a 550 CIBIL score can pledge gold to secure a ₹30,000 emergency loan.
Fixed Deposit (FD) Loans
- Banks: ICICI, HDFC, SBI.
- Eligibility: Must own an FD account.
- Loan Amount: Up to 90% of FD value.
- Interest Rate: 1–2% higher than FD rate.
2. Peer-to-Peer (P2P) Lending
P2P platforms connect borrowers with individual lenders.
How It Works
- Platforms: Faircent, LenDen, Rupeek.
- Eligibility: Basic KYC, reasonable income proof.
- Loan Amount: ₹5,000–₹10 lakh.
- Interest Rate: 12–24% p.a.
Example: A borrower with a 580 CIBIL score secures ₹50,000 via Faircent by offering a detailed repayment plan.
3. Government Schemes for Low-Credit Borrowers
India’s government promotes financial inclusion through schemes like MUDRA loans, which don’t require CIBIL checks for small amounts.
MUDRA Loan for Low CIBIL Scores
- Scheme: Pradhan Mantri Mudra Yojana (PMMY).
- Loan Amount:
- Shishu: Up to ₹50,000 (no collateral).
- Kishore: ₹50,001–₹5 lakh.
- Tarun: ₹5–10 lakh (requires business plan).
- Eligibility: Applicant must be an Indian citizen, at least 18 years old, and free of any previous business loans.
- Process: Apply via SBI, HDFC, or regional rural banks.
4. Buy Now, Pay Later (BNPL) Apps
BNPL apps offer small, short-term loans without CIBIL checks.
Examples
- LazyPay: ₹5,000–₹25,000 limit, repay in 14–30 days.
- ZestMoney: ₹10,000–₹50,000, repay in installments.
Eligibility: Aadhaar-linked mobile number, active bank account.
5. Personal Loans for Low CIBIL Scores
Some NBFCs and banks offer loans without CIBIL checks for urgent needs.
SBI Loan Without CIBIL Check
- Eligibility: Gold collateral or co-applicant with a high CIBIL score.
- Loan Amount: ₹50,000–₹1 lakh.
Personal Loan for CIBIL Defaulters
- Lenders: Bajaj Finance, Fullerton India.
- Eligibility: Spouse’s income proof, property ownership.
- Loan Amount: ₹25,000–₹3 lakh.
Also Read | How to Take Loan Without Documents from Any Bank
Procedure to Take a Loan Without CIBIL Score
Step 1: Assess Your Eligibility
- Collateral: Do you own gold, property, or FDs?
- Digital Footprints: Active bank account with regular transactions?
- Government Schemes: Are you starting a business or self-employment?
Step 2: Choose the Right Option
- Urgent Loan for CIBIL Defaulters: Opt for gold loans or BNPL apps.
- Long-Term Needs: Apply for MUDRA loans or P2P lending.
Step 3: Gather Required Documents
- Basic KYC: Aadhaar, PAN, address proof.
- Collateral Proof: Gold appraisal, FD certificate.
- Business Plan: For MUDRA loans (Tarun category).
Step 4: Apply Online or Offline
- Online: Use apps like Paytm Loans or SBI YONO.
- Offline: Visit local NBFC branches (e.g., Muthoot Finance, Fullerton India).
Risks and Considerations
- High Interest Rates: BNPL apps and P2P lenders charge 18–36% p.a.
- Debt Traps: Missed repayments damage your CIBIL score.
- Scams: Avoid apps demanding upfront fees or fake government schemes.
Always verify lenders via the RBI website or Consumer Complaint Forums.
Alternatives to Traditional Loans
- Sell Unused Assets: Gadgets, gold, or furniture for quick cash.
- Part-Time Work: Swiggy, UrbanClap, or freelance gigs.
- Borrow from Family/Friends: Interest-free with flexible repayment.
Also Read | Ways to Secure a Loan Without Having a Job
FAQs
Q: Can you still qualify for a loan without having a CIBIL score?
A: Yes, via gold loans, P2P lending, or MUDRA schemes. Collateral or a co-applicant improves approval chances.
Q: What are the ways to urgently borrow ₹3,000 without a CIBIL score?
A: Use BNPL apps like LazyPay (₹5,000 limit) or gold loans (₹3,000+ with 5 gms gold).
Q: Is it possible to get a ₹1 lakh loan without a CIBIL score?
A: Yes, via P2P lending or gold loans (₹1 lakh requires ~15 gms gold).
Q: Can I get a loan with a low CIBIL score in Tamil Nadu?
A: Yes, Tamil Nadu-based NBFCs like Manappuram offer collateral-backed loans without CIBIL checks.
Q: What is the fastest way to get a loan without a CIBIL score?
A: Gold loans (1-hour disbursal) or BNPL apps (5-minute approval) are the quickest options.
Q: Are there personal loans for CIBIL defaulters?
A: Yes, Bajaj Finance and Fullerton India offer personal loans with spouse income proof as collateral.
Final Thoughts
Getting a loan in India without a CIBIL score isn’t impossible, but it does take strategy. If you’re in this boat, consider loans backed by collateral or explore government schemes like MUDRA. These options are often safer and can help you avoid sky-high interest rates from risky lenders. But before signing anything, compare offers, read the fine print, and understand exactly what you’re committing to.
I’ve been down that rough road myself. At one point, without a steady income, I took a loan that haunted me for months. Sleepless nights, mental exhaustion, and the weight of unpaid bills—it felt like I was drowning. Managing loan EMIs while trying to hold a family together without regular cash flow was one of the hardest challenges I’ve ever faced.
That’s why I strongly urge anyone in a similar situation: pause and think. Can you sell something you don’t use? Can you find temporary or part-time work to cover urgent needs? Can you reduce your monthly expenses? Try every possible alternative before taking on debt. Because once you’re in it, the stress can cost more than the money ever gave you.
Your mental peace and financial health matter more than any short-term fix.
About the Author
I’m Om Prakash — founder of Paisagyaan.com, a blog focused on making financial knowledge simple, relatable, and useful for everyday Indians. My journey includes over 10 years of navigating the Indian stock market, learning the hard way about investments, debts, and real estate.
Read About the Author in detail, who lost 75 lakh rupees during 2009 to 2019 which would be 4.5 crore now in 2025.
But here’s what those losses taught me: Financial knowledge matters — deeply, so you don’t repeat my mistakes. If you’re just starting out or have already faced setbacks, this blog is for you for educational purpose and not advice.
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