loan or credit card The first requirement for taking credit score is. Without this, banks or NBFCs do not want to give loans. However, it is not that the loan will not be given. You can take an instant personal loan from the bank even with a bad or no credit score. Today we are telling you how you can easily take a personal loan with a bad or no credit score.
How to take personal loan without credit score?
- Guarantor: If you have someone who is willing to verify your credit, you can easily get a loan. A guarantee is like a security that promises the bank that it will repay the loan if you do not repay it.
- Income: Instead of credit score, banks also consider the income of the person. You can use your income tax return, bank records or pay stubs to prove that you have the ability to repay the loan.
- Collateral: To get a loan from the bank, you can offer a property as collateral, which could be real estate or something like gold. Banks easily give loans against mortgage.
- NH Status: Create a credit report that shows a “No Credit History” tag (NH), which means you have never applied for a loan or signed up for a credit card. Seeing this also banks will give loan.
How to apply for loan?
- Visit the website or mobile app of your bank or any other financial institution.
- Select “Instant Personal Loan”.
- Enter your phone number and verify it using OTP.
- Fill the information about your job, income and KYC.
- Upload the required documents.
- The bank will verify your application.
- Once the loan is approved, the amount will be deposited into your bank account.
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