Earlier the credit system was present where a lender used to give money or goods to the borrower. From this, the system of banks and other financial institutions came into the picture. Then, technological evolution changed everything. A person is now not necessarily needed to go to the lender for their loans. Now, they can just sit from the comfort of their home and apply for a personal loan in Delhi through different online media.
But even then, the CIBIL score of the borrower is checked by the lender before giving them money. So let us understand CIBIL score first before moving to the process of getting a personal loan without CIBIL check.
What is CIBIL Score?
CIBIL score is a grade or numerical representation of a person and their ability to repay the debt and is generally a number in the range from 300 to 900. The CIBIL score includes the credit history of the consumer and it is checked to know whether the person will be able to return the original sum with the interest to the lender or not.
Ways to get an online personal loan in Delhi without any CIBIL check
It is a misconception that only people with high CIBIL scores can get a personal loan. If you are having a low CIBIL score if you don’t have any CIBIL score at all, then also you can apply for personal loans through online media in Delhi without any CIBIL check by following these points:
1. Online Instant Loan Platforms
One of the most convenient ways to get an online personal loan is by applying through instant online loan platforms made from reputed financial institutions. These institutions only require certain documents such as a photograph, a PAN card photocopy, address proof of the consumer, Aadhar Card, and the bank statement.
After you upload these documents to the app or website, you will be able to browse different loan plans by the bank or the lending organization.
2. Creditworthiness
The most important aspect for any lender when they are going to give a loan to any person is the CIBIL score. And if you are trying to get a personal loan through online mode without any CIBIL check, then you can provide proof of a stable source of income that will ensure your creditworthiness to the lender and the loan will be passed more easily.
3. Collateral based loan platforms
Online personal loans are easy to get when you have a good CIBIL score. But if you don’t want a CIBIL check for your loan, then you can share collateral for your loan which may include any asset that you own right at that moment.
This gives you a better chance of getting the loan in the online application. After you provide valid proof of your collateral, your loan will be granted much more easily.
4. Co-applicant loan
You can also apply for a personal loan in any online financial institution platform without a CIBIL check by providing a co-applicant with a constant source of income. This shows you can be trusted with the repayment after the specified time and thus you will be able to get your loan without any complications.
Conclusion
With the rise in online banking and ease of access to financial institutions through calls and emails, it has been easier to avail of personal loans from the internet. And this article discussed some of the key points that are required to be fulfilled by you to get a personal loan in Delhi without any CIBIL score. The methods explained here are completely safe to use and can help you land on your loan faster than the normal methods if you are going for a personal loan in online mode.