Loans up to ₹50,000 without civil score: Complete process of instant loan

People often need to take an urgent loan to meet their day-to-day needs in the economy. Even if you have a low CIBIL score or absence of a good credit score, you can get a loan of up to ₹50,000. You can easily get such loans through personal loan platforms or non-banking financial companies (NBFCs).

Eligibility for Loans 

The eligibility conditions for getting a loan without CIBIL score are simple. Generally, the following conditions apply:

• Age:
  
  • The age of the loan applicant should be between 21 to 58 years.
    
• Monthly Income:
  
  • Minimum monthly income for salaried employees should be ₹12,000 to ₹15,000.
    
  • Minimum annual income for self-employment must be more than ₹1.5 lakh.
    
• Regular Income:
  
  • Regular income certificate for employed or self-employed persons.
    
• Bank Account:
  
  • A working bank account is required to deposit the loan amount.

Necessary documents 

The following documents are required before applying for a loan without CIBIL score:

1. Identity Proof:
   
   • Aadhaar Card, PAN Card, Passport, or Voter Identity Card
     
2. Residence Proof:
   
   • Electricity Bill, Water Bill, Ration Card, or Aadhaar Card
     
3. Proof of monthly income:
   
   • For Salaried: Salary Slip and Bank Statement
     
   • For Self Employed: Last 2 years ITR and Bank Statement
     
4. Bank Statement:
   
   • Last 6 months bank statement
     
5. Photograph:
   
   • Recent passport size photographs
     

Platforms available for loans 

Some of the top platforms/apps that offer loans without CIBIL score:

PaySense

• Loan Amount: ₹5,000 to ₹5,00,000
  
• Interest Rate: 16% to 36%
  
• Loan Tenure: 3 to 60 months
  
• Features: Instant loan approval and fast fund transfer.
  

MoneyTap

• Loan Amount: ₹3,000 to ₹5,00,000
  
• Interest Rate: 13% to 24%
  
• Loan Tenure: 12 to 36 months
  
• Specialties: Flexible loan options with lines of credit.
  

Cash

• Loan Amount: ₹1,000 to ₹3,00,000
  
• Interest Rate: 27% to 33%
  
• Loan Tenure: 3 to 12 months
  
• Specialties: Instant approval for small loans.
  

CreditBee

• Loan Amount: ₹1,000 to ₹2,00,000
  
• Interest Rate: 18% to 29%
  
• Loan Tenure: 3 to 15 months
  
• Features: Instant fund transfer and easy application process.
  

Navi

• Loan Amount: ₹10,000 to ₹5,00,000
  
• Interest Rate: 9.9% to 36%
  
• Loan Tenure: 3 to 60 months
  
• Features: Loan approval in minutes and direct deposit into account.
  

Process of applying for a loan 

Online Application Process:

1. Download Loan Application:
   
   • Loan app from GP Store or Apple App Store.
     
2. Create a profile:
   
   • Create a profile with name, mobile number, and PAN card details.
     
3. Upload document:
   
   • Scan the required documents and upload them on the app.
     
4. Select Loan Amount:
   
   • Choose a loan amount up to ₹50,000 as per your requirement.
     
5. Submit Loan Application:
   
   • The loan is approved within minutes after the application is submitted.
     
6. Loan sanction and amount deposited:
   
   • After loan approval, the amount is directly deposited into the bank account.
     

Offline Application Process:

1. Visit the nearest NBFC/Banks:
   
   • Go to an NBFC or bank that offers loans without CIBIL score.
     
2. Fill the loan application form:
   
   • Fill the loan application form and submit it along with the required documents.
     
3. Document Verification:
   
   • The bank or NBFC approves the loan after verifying your documents.
     
4. Loan sanction and amount deposited:
   
   • After document verification, the loan amount is directly deposited in the bank account.

Features and Benefits of Loans

• Approval without CIBIL Score:
  
  • Possibility of loan approval despite low or bad CIBIL score.
    
• Quick Approval:
  
  • Loans are approved within 10 to 30 minutes.
    
• Flexible Payment Option:
  
  • Facility for convenient monthly repayments through EMIs.
    
• Advance Payment Option:
  
  • Interest can be saved by repaying the loan early.
    
• Multiple Platforms:
  
  • Options available to applicants for loans on platforms like MoneyTap, PaySense, KreditBee, and Navi.
    

Important notices

• Please understand the terms and conditions of the platform and the interest rate before availing the loan.
  
• Eligibility conditions and submit documents properly.
  
• Develop a good credit score by paying EMIs on time.
  
• Entering invalid or incorrect information may result in cancellation of the loan.

Conclusion

Applying for loans up to ₹50,000 without CIBIL score is now easy. Instant loan approval can be obtained through apps/platforms like PaySense, MoneyTap, KreditBee and Navi. You can get instant loan by filling the right documents and eligibility conditions.