HomeResourcesBest Personal Loan App Where You Don’t Need CIBIL Score

Top Personal Loan Apps Without CIBIL Score

The table below highlights the top personal loan apps wherein you can avail of a loan without a CIBIL score:

Loan App Name
Nira
MoneyTap
PaySense
FlexSalary
Fibe
 
Loan AmountEligibility
Up to Rs. 3 Lakhs
  • Age 21-55 years
  • Work experience of 6 months
  • Monthly income of Rs. 11,000 or more
Rs. 35,000 to Rs. 5 Lakhs
  • Age 23-55 years
  • Full time employee or self-employed professional
  • Minimum monthly income of Rs. 30,000
Rs. 5,000 to Rs. 5 Lakhs
  • Age 21-60 years
  • Both salaried and self-employed are eligible
  • Minimum monthly income of Rs. 12,000 for salaried and Rs. 15,000 for self-employed
Up to Rs. 3 Lakhs
  • Minimum age 21 years
  • For salaried individuals
  • Minimum monthly income Rs. 8,000
Rs. 5,000 to Rs. 5 Lakhs
  • Age 19-55 years
  • Salaried individual
  • Minimum income Rs. 25,000 per month

Benefits of Using Personal Loan Apps

Applying for a personal loan with an app has many advantages, such as:

  • right-arrowApply anytime: Before digitisation, we used to go to the bank to apply for a loan, and it took days. Now, with a personal loan app, you can apply anytime. So wherever you are, whatever the time is, with a loan app, you can apply whenever you have time.
    right-arrowNo branch visits: You are lucky if you have a bank branch nearby, and those who aren’t that lucky have to travel. But not anymore; with a personal loan app, you can complete the entire process from the comfort of your home or anywhere you are.
    right-arrowNo lengthy procedure: Personal loan apps are user-friendly and help you guide through the application process. This reduces the hassle and time involved in applying for a new loan.
    right-arrowNo paperwork: You don’t have to photocopy the documents and attach them to the application form anymore. Download the app, fill in your details, and upload the soft copy of your Aadhaar, PAN and salary slip. Once done, your documents will be processed for the loan application.
    right-arrowEasy to track: Using the personal loan app, you can check the current status of your personal loan. See whether the loan is approved, pending or rejected. To track the status, use the reference number you’ve received after the loan application.

    • Choosing the Right Personal Loan App

    Choosing the right personal loan app depends on your individual needs and the situation you are in. Here are a few things to consider while choosing a personal loan loan app.

  • right-arrowApplication process: Compare loan apps based on their simplicity. If a personal loan app has a straightforward application process with less documentation, consider the same. It will help you borrow the loan instantly without going through a lot.
    right-arrowEligibility and loan limit: Check the eligibility criteria set by the loan apps. See which apps have lenient requirements for their loan. A personal loan app where you don’t require a CIBIL score is a key feature you can consider when comparing apps.
    right-arrowInterest rate and other charges: See which personal loan app has the lowest interest rate on their loan offer. Because a low interest rate can reduce your repayment burden. Other than the interest rate, check the miscellaneous charges, such as processing fee, prepayment fee, etc.
    right-arrowRepayment option: What is the maximum tenure? A longer repayment period can help you dissect the loan balance and interest payout in easy EMIs. Compare the apps and see which has the longest repayment period available.
    right-arrowApp rating and reviews: While browsing the personal loan apps on the Play Store or App Store, check their rating and reviews. With the help of customer reviews, you can see the pros and cons of each app. A high rating indicates that the customer has given it a good rating based on their experience.

    • Conclusion

    Personal loan apps give you the convenience of accessing loans without a CIBIL score. With an easy application process, minimal paperwork, and the ability to apply anytime and from anywhere, these apps cater to a diverse range of borrowers, including those new to credit.

    When selecting the right personal loan app, it's crucial to consider factors such as eligibility criteria, interest rates, repayment options, and user reviews to ensure you make an informed choice that aligns with your financial needs.

    By using a personal loan app, you can find a suitable loan solution and can manage your financial commitments more effectively.

    Written byWriter logoTeam Rupyy

    Frequently Asked  Questions

    Can I get a personal loan without a CIBIL score?
    How do personal loan apps determine loan eligibility?
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