How to Get an Instant Rs 50,000 Loan without CIBIL Score?
The credit score is one of the most crucial parameters determining your loan eligibility. However, if you need a loan but don't have a good CIBIL score, it does not mean you cannot qualify for a loan when required. There are ways to obtain a 50000 Rupees loan with a low CIBIL score. Let’s look into them.
4 Ways to Get 50,000 Loan Without CIBIL Score
Although getting a 50,000 loan with a low CIBIL score comes with limited options, here are a few ways to increase your chances:
1. Show you Earn Enough to Pay Your EMIs on Time
Lending institutions may perceive sufficient repayment capacity if you show them enough earnings to pay your EMIs on time. Mention all your income sources in the loan application to improve your approval chances.
2. Get a Guarantor or Apply with a Co-Applicant
If your income or credit score is low, you can add a co-applicant or guarantor to your application to enhance your approval chances. It will make your application less risky for the lender, convincing them to approve your loan with better chances of timely repayment.
3. Request a Reduced Loan Amount
If your credit score is low, the lender will avoid putting a larger amount at risk by lending it to you. However, they may agree to sanction a smaller loan due to the lower risk involved.
4. Check Your Credit Report for Errors
Errors in the credit report are common. If your credit score is low due to a mistake or wrong entry in your credit report, file a dispute to correct the error. It will instantly boost your credit score
and improve your loan eligibility.
Also, Read: How To Get Instant Personal Loan for Low CIBIL Score?
How Can a Low CIBIL Score Impact on Your Personal Loan Application?
A low credit score may impact your chances of getting a Personal Loan in the following ways:
1. Reduced Loan Amount
A low credit score will make you a high-risk borrower with high chances of missed EMIs and default. Even if a lender agrees to approve your loan application, they may offer you a lower loan amount to minimise their lending risk.
2. Limited Loan Options
When you apply for a 50,000 Personal Loan without a CIBIL score, only a few lending institutions may agree to sanction your loan. That means you have fewer loan options to compare and finalise.
3. Potential Rejection of Loan Application
Getting a 50,000 Personal Loan with a low CIBIL score is challenging. Since lending institutions need assurance of timely repayment, a low credit score may give them a good reason to reject your loan application.
Eligibility Criteria for a Rs 50,000 Loan on CIBIL Score
Here are the eligibility conditions to apply for a 50,000 loan without a CIBIL score:
- Occupation: Salaried or self-employed
- Citizenship: Indian
- Age: 21 to 58 years
- Work Experience: Minimum six months for salaried and two years for self-employed
- Monthly Income: At least Rs 15,000 per month
Also, Read: How to Get Urgent Personal Loan for Cibil Defaulters
Documents Required for Rs 50,000 Loan without CIBIL Score
When applying for an instant Personal Loan for a low CIBIL score, you must scan and upload the following documents online:
- Duly filled application form
- Coloured passport-sized photograph
- Identity proof: driving licence, passport, PAN card, Aadhaar card
- Address proof: driving license, passport, Aadhaar card, ration card, utility bill
- For salaried employees:
- Address proof, like maintenance bills, utility bills, property documents, or rent agreements
- Income proof, like the last six months' salary slips, the previous six months' salary account statement, Form 16 for salaried employees
- Job continuity proof, like an appointment letter from the current employer or an experience certificate from the previous employer.
- For self-employed professionals:
- Residence ownership proof, like maintenance bills, electricity bills, or property documents
- Business existence proof, like shop establishment proof, a copy of tax registration, or a company registration certificate
- Income proof, like the last six months' bank statements and ITR for the previous two consecutive years
Interest Rate and Charges on Rs 50,000 Loan without CIBIL Score
Be ready to pay these interest rates and additional charges when applying for a 50,000 Personal Loan with a low CIBIL score. Here are the charges at Hero FinCorp. However, these may vary depending on the applicant’s credit profile.
| Fees & Charges | Chargeable Amount |
| Interest Rate | Starting at 19% per annum |
| Processing Fee | 2.5% to 3.5% |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
How to Apply for a Rs 50,000 Loan Without CIBIL Score
If you fulfil the eligibility criteria and documentation requirements, follow these steps to apply for a 50,000 loan without a CIBIL score from Hero FinCorp:
- Download and install the Hero FinCorp personal loan app or visit the website.
- Register using your mobile number and email address.
- Enter a few necessary details like your personal, professional, employment, and financial information.
- Scan and upload the required documents.
- Let the verification process complete and get approval with a loan offer.
- Accept the loan offer to initiate the disbursal process.
Also, Read: How You Can Get A Personal Loan With Credit Score 600
Conclusion
Are you looking for a 50,000 loan without a CIBIL score? Use the ways mentioned here to improve your approval chances. Although Personal Loan interest rates might be higher than normal, they can help you build a credit history and get better loan deals in the future. You can apply for a Personal Loan with Hero FinCorp to evaluate your Personal loan eligibility and get the required funding despite a low CIBIL score.
Frequently Asked Questions
1. How much can I borrow instantly without a CIBIL score?
You can borrow up to Rs 5 Lakh at Hero FinCorp. However, your loan approval will depend on your income, DTI ratio, and other eligibility criteria.
2. What are the repayment terms for a loan without a CIBIL score?
Depending on the lender’s approval, you can opt for a repayment term of up to 36 months when borrowing a 50,000 Personal Loan without a CIBIL score.
3. Will taking a loan without a CIBIL score impact my credit history?
Your credit score will improve if you pay your EMIs on time and deteriorate if you miss EMIs or default.
4. Are there alternative ways to build credit if I don't have a CIBIL score?
Using a credit card or obtaining a line of credit and making their repayments on time are alternative ways to build credit.
5. Can I get a ₹50,000 personal loan on Pan Card?
Yes, you can get a 50,000 personal loan on your PAN card from various lenders if you meet their eligibility criteria.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
4 Ways to Get a Rs 50000 Loan With a Low or No CIBIL Score?
Although getting a Rs 50000 loan with a low CIBIL score comes with limited options, here are a few ways to increase your chances:
1. Provide Evidence of Reliable Income
The most significant way to improve the odds of a loan being approved is to show an ability to repay the loan. Consistent income indicates to lending institutions that you have the capability to repay the loan. It is crucial for accurate information about your income sources to appear on your loan application.
2. Invite a Co-Applicant or Guarantor
If you have a low credit score or do not have enough income, you can have a co-applicant or guarantor with a better credit score, which may improve your chances of the loan being approved. This will help mitigate some of the perceived risks of making a loan to an individual.
3. Ask for a Lower Loan Amount
If your credit score is low, lending institutions may be hesitant to loan the full Rs 50000. So, asking for less than the maximum amount may reduce the lending institution’s perceived risk and improve the chances of the loan being approved.
4. Fix Mistakes on Your Credit Report
Mistakes on any of your credit reports could negatively affect your credit score. If you think your score is low due to mistakes on your report, you may file a dispute with the bureau and get it repaired. Fixing a mistake may provide a significant improvement in your credit score so you can get a loan.
Also, Read: How To Get Instant Personal Loan for Low CIBIL Score?
Eligibility Criteria for a Rs 50000 Loan Without a CIBIL Score
Even without a CIBIL score, certain eligibility conditions need to be met for you to qualify for a loan. These include:
- Age: Between 21 and 58 years.
- Income: A minimum monthly income of Rs 15000.
- Employment: Salaried or self-employed individuals can apply.
- Citizenship: You must be an Indian citizen.
Documents Required for Rs 50000 Loan Without a CIBIL Score
You must upload a few key documents when applying for a Rs 50000 loan. These include:
- Identity Proof: Aadhaar card, passport, PAN card, or driver’s license.
- Address Proof: Utility bills, rent agreements, or passport.
- Income Proof: Salary slips (last three months) or bank statements (last six months) for salaried employees; business financials for self-employed individuals.
- Photographs: Passport-sized photos as per the application form.
Also, Read: How to Get Urgent Personal Loan for CIBIL Defaulters
Interest Rates and Charges on Rs 50000 Loan Without CIBIL Score
When applying for a loan without a CIBIL score, be prepared to pay a slightly higher interest rate. The interest rate can vary depending on the lending institution and the applicant’s profile. You may also be charged processing fees up to 3.5% of the loan amount. Be sure to inquire about all applicable fees before proceeding with the application.
| Fees & Charges | Chargeable Amount |
|---|---|
| Interest Rate | Starting at 19% per annum |
| Processing Fee | 2.5% to 3.5% |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
4 Ways to Improve Your Chances of Loan Approval
- Demonstrate Financial Stability: A steady income stream significantly boosts your credibility with lending institutions.
- Find a Co-Applicant or Guarantor: If your credit score is low, consider adding a co-applicant or guarantor.
- Request a Smaller Loan: If a larger loan is difficult to secure, request a reduced loan amount.
- Fix Credit Report Errors: Dispute inaccuracies in your credit report to improve your score.
Also, Read: How You Can Get A Personal Loan With Credit Score 600
Steps to Apply for a Rs 50000 Loan Without CIBIL Score
The application process for a Rs 50000 loan without a CIBIL score is simple. Follow these steps:
- Visit the Hero FinCorp website or install the instant Personal Loan app
- Go to the Personal Loan page and click ‘Apply Now’
- Enter your mobile number and verify with the OTP received
- Choose the loan amount you need
- Verify your KYC details to check income eligibility
- Click ‘Submit’ to complete your application
Also, Know How to Calculate EMIs on Personal Loans
Conclusion
Getting a Rs 50000 Personal Loan without a CIBIL score is possible but may require some extra effort. You can increase your chances of approval by demonstrating your ability to repay, correcting errors in your credit report, and adding a co-applicant. If you meet the Personal Loan eligibility criteria and have the required documents, applying for a loan with Hero FinCorp or other lending institutions is easy and quick.
Frequently Asked Questions
1. How can I get Rs 50000 fast?
You can apply for a Personal Loan online with minimal paperwork. Some lending institutions offer instant approval with fast disbursement.
2. Can I get a loan without income proof?
Yes, some lending institutions offer loans without proof of income, but you may need a co-applicant or a guarantor.
3. What is the interest rate for a loan without a CIBIL score?
The interest rate will depend on the lending institution and your financial profile. It could range between 19% to 30% per annum.
4. Can I get a Rs 50,000 loan with a low CIBIL score?
Yes, it’s possible. However, you may face higher interest rates and a smaller loan amount.
5. How do I improve my CIBIL score for better loan approval?
Pay your EMIs on time, reduce credit card usage, and fix any errors in your credit report.
6. How to get Rs 50000 immediately without CIBIL?
Depending on eligibility, you can get Rs 50000 instantly through a Personal Loan from various lending institutions or gold loans.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
