Getting a loan without a credit history might seem impossible, but did you know that you can still get a loan of up to Rs 3 lakh even with a zero credit score? Many people in India, especially young professionals and first-time borrowers, face difficulties in securing loans because they have never taken credit before. However, there are ways to access personal loans without having a CIBIL score.
This article will break down how you can secure a loan of up to Rs 3 lakh with a zero credit score, the secret methods lenders use to approve loans, and how you can increase your chances of getting one. Whether you’re a student, freelancer, or salaried employee, this guide will help you understand the process in a simple and actionable way.
Zero Credit Score Loan Get Up to Rs 3 Lakh Easily
| Feature | Details |
|---|---|
| Loan Amount | Up to Rs 3 lakh |
| Credit Score Requirement | Zero or No Credit History Needed |
| Lenders Offering These Loans | NBFCs, Digital Lending Apps, Private Banks |
| Approval Time | Instant to 24 Hours |
| Interest Rates | 12% – 36% (varies by lender) |
| Best Loan Apps | Fibe, Nira, MoneyTap, mPokket |
| Best Bank Options | Bajaj Finserv, Tata Capital, HDFC Bank |
| Eligibility | Stable Income, Valid ID Proof, Bank Account |
Even if you have a zero credit score, you can still secure a loan of up to Rs 3 lakh through fintech apps, NBFCs, and banks that consider alternative eligibility criteria. By choosing the right lender, offering collateral, or using a guarantor, you can increase your approval chances. Additionally, it’s wise to start building your credit score today to ensure smoother loan approvals in the future.
Why Do Some People Have a Zero Credit Score?
Before jumping into how you can get a loan, it’s important to understand why some people have no credit score in the first place.
- Never Taken a Loan or Credit Card: If you have never taken any form of credit before, the credit bureaus have no data on your repayment behavior.
- Young Borrowers & Students: Many students and freshers in India don’t have a credit history yet.
- Cash-Based Transactions: If you rely on cash payments rather than digital transactions, lenders cannot track your financial behavior.
- Not Enough Credit History: Even if you have taken a loan, if it’s too recent, it may not be reflected in your credit score yet.
see also: FD vs SIP Which One Is More Sensible to Invest In?
How to Get a Loan of Rs 3 Lakh with a Zero Credit Score
1. Use Digital Loan Apps
Many NBFCs (Non-Banking Financial Companies) and fintech lenders offer instant loans without requiring a CIBIL score. They assess other factors such as your income, employment status, and spending patterns.
Best Loan Apps for No Credit Score:
- Fibe (EarlySalary): Instant personal loans up to Rs 5 lakh for salaried individuals.
- Nira: Offers loans up to Rs 1 lakh, great for first-time borrowers.
- MoneyTap: Provides a personal credit line where you pay interest only on the used amount.
- mPokket: Ideal for students and young professionals, offering small-ticket loans.
How to Apply:
- Download the app and sign up.
- Provide basic details like PAN card, Aadhaar, and income proof.
- Get approved and receive the money in your bank account.
2. Apply for a Loan from an NBFC or Private Bank
Many NBFCs and private banks offer personal loans to individuals without a credit score. Instead of relying on CIBIL scores, they check your salary slips, bank statements, and job stability.
Top Banks Offering Loans Without Credit Score:
- Bajaj Finserv: Offers up to Rs 25 lakh for salaried professionals.
- Tata Capital: Provides personal loans with flexible EMI options.
- HDFC Bank: Gives personal loans to those with stable income and no prior credit history.
How to Apply:
- Visit the lender’s website or branch.
- Submit identity proof, income proof, and address proof.
- Receive approval based on your income and repayment capacity.
3. Use a Guarantor or Co-Applicant
If you don’t qualify for a loan on your own, getting a guarantor or co-applicant (such as a parent or spouse) can increase your chances of approval. The guarantor should have a good credit score and a stable income.
How It Works:
- The guarantor agrees to repay the loan if you default.
- This reduces the risk for lenders, making them more willing to approve your loan.
4. Take a Secured Loan
If you’re struggling to get an unsecured loan, you can opt for a secured loan, where you provide collateral such as:
- Fixed Deposit (FD)
- Gold
- Mutual Funds or Insurance Policies
Example:
- SBI Gold Loan: Get instant approval with minimal paperwork by pledging gold as security.
- Fixed Deposit Loan: Many banks offer loans up to 90% of the FD amount.
5. Start Building Your Credit Score for Future Loans
If you want to increase your chances of getting bigger loans in the future, start building your credit score today:
- Apply for a Secured Credit Card linked to an FD.
- Use Buy Now, Pay Later (BNPL) services responsibly.
- Pay bills on time and avoid defaults.
see also: Income of 7 Lakhs Per Year from PPF
Zero Credit Score Loan FAQs
1. Can I get a loan with zero credit score?
Yes, many fintech companies, NBFCs, and private banks offer loans without a credit score based on your income and employment history.
2. What is the easiest way to get a Rs 3 lakh loan without a credit score?
Using digital loan apps like Fibe, MoneyTap, or applying with an NBFC can be the easiest way.
3. Will taking a loan without a credit score affect my future loans?
If you repay on time, it will help build your credit score, making it easier to get bigger loans in the future.
4. Are these loans safe and legitimate?
Yes, but always check if the lender is RBI-registered to avoid scams.
5. What documents do I need to apply?
Generally, you need an Aadhaar card, PAN card, salary slip, and bank statements.
