15 Fastest Instant Personal Loan Apps in India 2024 The entry of loan apps has changed the way Indians borrow money. You don’t have to spend hours completing your application or wait for days just to get an approval anymore. Borrowing money has now become a matter of just a few taps because instant loans are revolutionizing the experience. No document uploads, no paperwork. Just submit basic information like your name, income details and PAN to get approval within minutes. Top 15 Instant Loan Apps in India 2024 Name Max Loan Amount Starting Interest Rate (Annual) Zype Rs. 5 lakhs 18%  Bajaj Finserv Rs. 40 lakhs 11%  MoneyTap Rs 5 lakhs 12% PaySense Rs 5 lakhs 16% KreditBee Rs 5 lakhs 16% MoneyView Rs 10 lakhs 16% Fibe (EarlySalary) Rs 5 lakhs 16.75% Stashfin Rs 5 lakhs 11.99% TrueBalance Rs 1 lakh 60% Navi Rs 20 lakhs 9.9% Kissht Rs 2 lakhs 18% SmartCoin Rs 1 lakh 30% IIFL Loans App Rs 5 lakhs 21% Tata Capital Personal Loan App Rs 35 lakhs 10.99% mPokket Rs 30000 0% 1. Zype Zype is the fastest instant personal loan app of India designed to offer a differentiated experience to the users. Whether you need emergency loan or want to splurge on yourself, you can meet your diverse financial needs. Trusted by more than 900k users, Zype aims to change the way Indians borrow money by providing a seamless credit experience to them. Why Zype is the Best Fastest Instant Personal Loan App in India Maximum Loan Amount: Rs 5 lakhs Personal Loan Minimum Loan Amount: Rs 1000 Maximum Loan Tenure: 1 year Interest Rate: Starting at 1.5% (per month) Minimum Salary Required: Rs 15000 Documents Required: Only PAN & Aadhaar card. Features: Application takes 5 minutes, Loan approval in 60 seconds, Loan Disbursal within 24 hours, No hidden charges, No pre-closure charges, With one credit line get multiple loans, Pay interest only on the amount you use, No Collateral, No document upload or paperwork. 2. Bajaj Finserv Bajaj Finserv is a non-banking financial company (NBFC) that offers a diverse range of financial solutions. With the app, you can get different kinds of loans, manage your investments, and even get insurance. Maximum Loan Amount: Rs 25 lakhs Minimum Loan Amount: Rs 30000 Maximum Loan Tenure: 84 months Interest Rate: Up to 34% (annual) Minimum Salary Required: Rs 25000 monthly Documents Required: KYC Documents like Aadhaar card or passport, PAN card, Employee ID card, Salary slips of last 3 months, Bank statement of last 3 months. Features: No prepayment charge, Flexible repayment tenure, Quick Approval, Fast Disbursal, No Hidden charges, No collateral. 3. MoneyTap MoneyTap is a credit line loan app that offers a credit line to salaried individuals. You can take multiple personal loans from the line whenever you need. Maximum Loan Amount: Rs 5 lakhs Minimum Loan Amount: Rs 3000 Maximum Loan Tenure: 36 months Interest Rate: Up to 36% (annual) Minimum Salary Required: Rs 30000 monthly Documents Required: Aadhaar number, Identity proof (Driving Licence/Voter ID/Passport/Aadhaar/PAN), Address proof (Driving license/Voter ID/Passport/Aadhaar/Utility bills/bank statements), Passport-sized photo/Selfie. Features: Flexible repayment tenure, Pay interest only on the borrowed amount, Paperless application. 4. PaySense PaySense is one of the registered fastest instant loan app of India that provides different kinds of loans including personal loan for Wedding, vehicle loan, travel loan, student loan, medical emergency loan, etc. Maximum Loan Amount: Rs 5 lakhs Minimum Loan Amount: Rs 5000 Maximum Loan Tenure: 3 to 60 months Interest Rate: Up to 36% (annual) Minimum Salary Required: Rs 18000 monthly Documents Required: Identity proof like PAN card or Aadhaar card, Address proof like Utility Bills, Rental agreement or Aadhaar, and bank statement of last 3 months. Features: Quick loan approval and disbursal, Simple application process, Flexible repayment tenure, Transparent terms of use, No collateral. 5. KreditBee KreditBee is an instant personal loan app that offers flexi loans to both salaried and self-employed individuals in a few simple steps. There is no restriction on the loans that can help you meet both big and small expenses. Maximum Loan Amount: Rs 4 lakhs Minimum Loan Amount: Rs 1000 Maximum Loan Tenure: 24 months Interest Rate: Up to 29.95% (annual) Minimum Salary Required: Rs 15000 monthly Documents Required: Real-time selfie verification, Identity proof like PAN card, Address proof like Aadhaar card or passport, employment proof and bank statement. Features: Quick Approval, Flexible repayment options, paperless, No hidden costs. 6. MoneyView MoneyView is an instant personal loan app that offers small-ticket and big-ticket loans to both salaried and self-employed individuals all over India.They are currently serving more than 5000 locations in the country. Maximum Loan Amount: Rs 10 lakhs Minimum Loan Amount: Rs 5000 Maximum Loan Tenure: 3 months to 5 years Interest Rate: Up to 39% (annual) Minimum Salary Required: Rs 13,500 monthly Documents Required: Proof of identity and address like PAN card, valid Indian passport, valid voter ID, driver’s license, or utility bills and a proof of income (last 3 months salary slips or bank statement). Features: Paperless application process, Flexible EMIs, No hidden charges, Quick disbursal, No collateral, Affordable interest rate. 7. Fibe (EarlySalary) Fibe formerly known as EarlySalary offers unsecured personal loans to young and tech-savvy Indian customers for their diverse financial needs.They offer different kinds of financial products like short-term personal loans, long-term personal loans, and other buy now pay later services. Maximum Loan Amount: Rs 5 lakhs Minimum Loan Amount: Rs 5000 Maximum Loan Tenure: 3 to 36 months Interest Rate: Up to 74% (annual) Minimum Salary Required: Rs 15000 monthly Documents Required: PAN card, Aadhaar card and bank statement. Features: No collateral, Minimal paperwork, No pre-closure charges, Digital process, Instant approval. 8. Stashfin Stashfin is a credit line and fastest instant loan app that is powered by Akara Capital Advisor that offers personal loans in more than 30 cities across India. Maximum Loan Amount: Rs 5 lakhs Minimum Loan Amount: Rs 1000 Maximum Loan Tenure: 3 months to 36 months Interest Rate: Up to 59.99% (annual) Minimum Salary Required: Stable source of income Documents Required: Address proof like Aadhaar card, Voter ID, Passport or driving license, Identity proof like PAN card, Bank Statement (Optional), ITR/GST papers (optional). Features: Flexible repayment options, Minimum documentation, Instant approval, Quick disbursal, No joining fees, Pay interest only on the loan amount you use, No hidden

How To Get More Loan Approved By Zype? If you’ve an active Zype credit line but are not satisfied with your current credit limit, follow these steps to apply for a higher limit – Open the Zype app and tap on “increase limit” at the top-right corner of the screen Tap on ‘Continue’ to upload your last four months’ salary bank account statement. Select the bank where your salary is credited Choose your preferred method between netbanking or PDF upload to share your bank statement If you choose netbanking, enter your Login ID and password and tap on “Log in” If you want to upload the PDF, keep it ready by downloading it from your bank’s website or app. Then, tap on “Choose PDF File” and upload the document Once your bank statement upload is successful, you will be evaluated for a higher credit limit. Zype also does timely credit assessments and if we see that you’re making regular EMI payments and showing good credit behaviour, we offer an increased credit limit. Also Read: Get Personal Loan App On Your Mobile Phone Apply Now YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0 Personal Loan Difference between Debt Consolidation and Debt Settlement May 24, 2024 0 Personal Loan Pre-Qualified vs. Pre-Approved Personal Loan: What’s the Difference? May 24, 2024 0

Personal Loans Without a PAN Card – Is it a Good Idea? Instant personal loans play an integral role in bridging the gap between people and their immediate need for cash. Many banking and non-banking financial companies offer digital loans that are convenient, hassle-free and require no documentation. All you have to do is submit basic information like your name, monthly income, and PAN to apply for a personal loan. According to the regulatory practices of the RBI, it is mandatory for you to submit your PAN. This allows the lender to assess your credit profile, determine your credit worthiness and give you an appropriate loan offer. However, there are a few NBFCs that offer personal loans without a PAN. They ask for other alternatives like bank statement, Aadhaar card and permanent address proof. Read More: Why Opting For an NBFC Personal Loan is a Better Option? Personal Loan Without PAN Card Most lenders require a PAN card to approve you for a personal loan. While there are lenders out there who offer a personal loan without PAN, they require some alternate documents.This is a list of documents that can act as an alternative to your PAN card Aadhaar card Driver’s license Passport Voter ID Please note that the documents required can vary from lender to lender. Check the requirements of the lender before starting your loan application. Read More: Documents Needed for Personal Loan Eligibility Criteria for Online Loan Without a PAN Card To get a personal loan without a PAN card, you need to meet the eligibility criteria of the lender. These are some common requirements that most lenders follow: 1. You should be 18 years or above. 2. You should have a valid Aadhaar card, passport, or voter ID . 3. You should have a stable source of income. 4. You should have a good credit history. Note: The eligibility criteria may be different for different lenders. It’s best you confirm the eligibility criteria of the lender before applying for a loan. Read More: Personal Loan Eligibility But is it a good idea to take personal loans without a PAN card? Here are the pros and cons. Pros: 1) Flexibility for Non-PAN Holders If you don’t have a PAN card or are a student who urgently needs money, then such lenders can help you out. The absence of your PAN won’t stop you from getting instant access to the money you need. Cons: 1)   It Could be a Chinese Loan App If your lender is giving you a personal loan without PAN, then there is a possibility that it could be a Chinese loan app and it’s best to avoid it. Chinese loan apps are fraudulent apps that target low-income groups and offer low-ticket loans at a very high interest rate. Such lenders don’t follow any regulatory guidelines of the RBI, engage in abusive practices for quick recovery and misuse your personal information to threaten you. 2)  You might End up Paying a Very High Interest Rate If you are getting a loan without a PAN, then you could be seen as a high-risk borrower. This might increase the chances of you getting a loan at a higher interest rate and processing fee. 3)  Your Lender won’t be Able to Report Any of Your Loan Activity to the Credit Bureau Your PAN card is linked to the credit bureau that helps you create a repayment history. This means if you take a personal loan without PAN and repay all your EMIs on time, it won’t reflect on your credit profile. This way you won’t be able to improve your credit score and face a lot of difficulty in creating a credit history. Conclusion Yes, personal loans without PAN seem like a convenient option when you don’t have the documents you need, but it is more important to take loans from a secure and credible lender. Make sure you take personal loans from a genuine Fintech platform like Zype. Apply Now Frequently Asked Question Can I Get A Loan Without A Pan Card? Yes, you can. There are many lenders out there who offer personal loans without a PAN card. However, taking a loan from lenders who require a PAN card is a much safer lending option. How Long Will It Take To Get A Loan Without A Pan Card? The time taken to get a loan without a PAN card depends on the lender you’re choosing. Can I Get A Personal Loan From Zype Without A Pan Card? No, a PAN card is a mandatory document to complete your credit line application on Zype. YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0 Personal Loan Difference between Debt Consolidation and Debt Settlement May 24, 2024 0 Personal Loan Pre-Qualified vs. Pre-Approved Personal Loan: What’s the Difference? May 24, 2024 0

How to Pay Bills With Zype? Making bill payments on Zype is fast and rewarding. Pay for electricity, FASTag, DTH, gas cylinder, etc from the Zype app and get guaranteed cashback on every payment. Bill Payments And Recharges You Can Do on Zype Electricity bill FASTag DTH recharge Gas cylinder booking and piped gas Water Postpaid bills of mobile, landline and broadband Insurance premiums Cable TV Hospital bills Subscriptions Etc How to Pay Bills on Zype? Follow these quick steps to pay bills through the app: Open the Zype app and choose one of the utility or recharge option on the home screen. You can also tap on “See all” to view all payment categories. Once you choose the utility or recharge option, choose the biller. For example – If you want to pay the electricity bill, you will need to choose your biller, (like Adani Electricity, Tata Power, etc) and enter your consumer number Tap on ‘Pay’ and complete your transaction using your preferred UPI app Benefits of Paying Bills With Zype Get Flat 1% Cashback Pay bills and recharges from the Zype app and get flat 1% cashback on every payment. No Extra Fee Pay your bills with Zype without paying any transaction fee. Apply Now YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0 Personal Loan Difference between Debt Consolidation and Debt Settlement May 24, 2024 0 Personal Loan Pre-Qualified vs. Pre-Approved Personal Loan: What’s the Difference? May 24, 2024 0

How to Repay Your Zype Loan? What is a Zype loan? Zype loan is the fastest way to fund all your big and small expenses. Whether you’re caught in a medical emergency or are planning to buy your 1st two-wheeler, an instant personal loan from Zype can make sure you never fall short.  Here’s how you can get an instant access to a personal loan of up to Rs. 5 lakhs from Zype:  Complete your application in less than 5 minutes with no documents or paperwork.  Get approved for a personal loan in less than 60 seconds.  Get instant disbursal directly into your registered bank account. What Are the Options to Repay Loan on Zype?  What matters most when borrowing money isn’t just flexibility, but rather, how you go about repaying it. Keeping this in mind, Zype ensures that the convenience of borrowing goes beyond receiving the money in your account. This way, you will never feel any kind of financial strain.  Wondering how to repay loan  on Zype? Here are some quick, easy and flexible options.  Create a Budget The first and most important step when going about your loan emi repayment is creating a budget for it. Taking into account your income and all your expenses and make sure you make your loan repayment a part of it.  Make Part-Prepayments Whenever You Can One of the best parts about making your EMI payments on Zype is that there are no prepayment charges! If you have extra funds and want to clear your outstanding, all you need to do is open the app to make the payment.  Reduce the Tenure And Opt for Higher EMIs With multiple EMI options of 3, 6, 9 or 12 months, you can have a flexible loan emi repayment experience on Zype. If you want to clear your outstanding loan immediately, you can choose an EMI option of 3 months.  Prioritise High-Interest Loans Clearing your high-interest loans first can lighten the financial burden, helping you repay your loans as soon as possible.  Automatic Payments  One of the easiest ways of ensuring you don’t miss your EMI payments is by setting up an auto-debit. Zype allows this facility where you just need to set your auto-debit for loan repayments once and forget about it! The EMI amount will automatically get deducted from your registered bank account.  Avoid New Debt An important step when planning your finances is planning your loans and its repayments. Make sure you avoid any kind of new debt when you have an ongoing repayment.  Consider A Side Hustle Adding an extra source of income can help you speed up your loan repayment process. There are many part-time and freelance options available in the market that can help you open a new stream of income.  Stay Committed When you’re figuring out how to repay loan, it’s important to remember that staying committed to your repayment plan can help you ensure you don’t miss any due date. This will help you build a strong credit profile and maintain a healthy credit profile. This blog aims to tell you the step-by-step process of repaying your Zype loan EMI. 1. Open the app and tap on the ‘Account’ button at the bottom-right corner of the screen. 2. On the next screen, you can see your due amount. Tap “Pay Now” to initiate repayment. 3. Choose due amount or enter a custom personal loan to repay. 4. Choose your preferred payment method from Debit card, UPI and Net banking to complete the repayment process. 5. You’ll get the payment confirmation message once the payment is successful. Benefits of Paying EMIs on Time 1) Get Higher Credit Limit on Zype Paying your EMIs on time can increase your eligibility for a higher credit limit on Zype. This also helps to increase your credit score. 2) Improves Credit Score Your timely EMI payments prove that you can manage your credit responsibly. Each timely repayment adds on to positive payment history and increases your credit score. 3) Avoid Penalty Charges Lenders usually charge late payment fees if you don’t pay your EMI on the due date. Paying EMIs on time will help you avoid this extra cost. Also Read: Missed Your EMI Payment? Know Its Consequences Apply Now Frequently Asked Questions How Can I Repay My Personal Loan Fast? Yes, you can. On Zype, you can pay your loan conveniently in 3, 6, 9 or 12 EMIs. If you have extra access to funds, you can also consider prepaying your loans as there are no prepayment charges on the same. Can I Repay My Personal Loan In 6 Months? Yes, you can. Zype offers multiple EMI options of 3, 6, 9 or 12 EMIs so you can repay loan on your terms. What Happens If I Pay More Than Emi? Typically, lenders charge an extra fee known as prepayment charges when you pay more than your EMI. However on Zype, you can pay more than your EMI with absolutely no consequences. What Should I Do Once I’ve Fully Repaid My Loan? When you have fully repaid your loan, you will be completely out of debt. You can consider taking another loan and make timely payments, which can help you improve your credit score. What Are The Penalties For Early Loan Repayment? On Zype, there are no penalties for early loan repayment.  How Do I Calculate The Total Loan Repayment Amount? You can use this simple formula to calculate your total loan repayment amount:  EMI = [p x r x (1+r)^n]/[(1+r)^n-1] P is your principal amount R is your interest rate  N is the tenure YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0

How to Get Instant Loans From Your Zype Credit Line? What is Zype Credit Line? Zype credit line is a credit facility which can be used to get pre-approved personal loans instantly without any hassles. Once your credit line is activated, you can transfer money from it to your bank account in one tap. You can take multiple loans simultaneously and only pay interest on the amount borrowed. How to Get a Loan From Your Zype Credit Line? If you have an active credit line, use the steps below to transfer money from your credit line to your account. In case you want to know how to activate your Zype credit line, click here. Tap “Get Loan” on Zype home screen Select the amount you want to withdraw Select number of EMIs for repayment Review loan summary and EMI details. Tap on “Transfer Money” to initiate loan transfer The money will be credited to your account in 2-24 hours Also Read: Personal Loan Balance Transfer Zype Credit Line Benefits 1) Get Multiple Loans You can take multiple loans at the same time from your credit line. This way, you can withdraw money only when you need it and avoid unnecessary debt 2) Get Loans Instantly Once your credit line is activated, you can transfer money to your account in a single click. No need to submit documents for the personal loan to get approved. 3) Zero Interest on Unused Credit You will not be charged any interest on the unused credit line. 4) Withdraw As Low As ₹1000 Zype credit line gives you the flexibility to withdraw as low as ₹1000 from your credit line. Also Read: Get ₹1000 Personal Loan Apply Now YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0 Personal Loan Difference between Debt Consolidation and Debt Settlement May 24, 2024 0 Personal Loan Pre-Qualified vs. Pre-Approved Personal Loan: What’s the Difference? May 24, 2024 0

How to Use the Zype App? What is Zype? Zype is an app where you can get instant loans, pay bills, monitor your credit profile and track your expenses. All you need to do is download the app and add basic details to get approved for a credit line instantly. You can get multiple loans up to ₹5,00,000 from your Zype credit line. Key Features of the Zype App Takes less than 8 minutes to apply Credit line approved under 60 seconds Get multiple loans from your Zype credit line Choose between 3, 6, 9 and 12 EMIs to repay Check your credit score and credit report for free Get guaranteed cashback on bill payments and recharges How to Activate Your Zype Credit Line? Download the Zype Instant Personal Loan App from Google Play Store Open the app and complete the following steps to create your account – Enter your mobile number Enter OTP to verify your mobile number Go through the permission details and privacy terms and tap on ‘allow’ Enter your first name and last name Enter your PAN number and date of birth Add your Gmail or any other email id to sign up Enter the OTP sent to your email id Once Your Account is Created, Complete These Steps to Generate Your Credit Limit Offer- Select your employment type (salaried/self-employed) Enter your work email ID, monthly income and your company name Verify your employment using the OTP sent to your work email Enter your residential address After this, a personalised credit offer personal loan up to ₹5,00,000 will be generated. You may be asked to upload your last 4 months’ salary bank statement if we need additional information to generate an offer for you. To accept the generated offer, tap on “Accept and Continue.” If you want a higher limit, tap on “Need Higher Limit” to upload the bank statement and generate a new offer. Click here to know more details about increasing your credit limit. To Activate Your Zype Credit Line, Complete the Following Steps – Enter your Aadhaar number and the captcha displayed on screen Enter the OTP you get on your Aadhaar-linked mobile number Take a selfie and confirm your identity to complete your KYC Add your salary bank account details or UPI ID. Your loan will be transferred to this account Tap on ‘Authorize’ to set-up Auto-pay Complete e-sign of loan documents and take your first loan from Zype credit line How to Take an Instant Loan From Your Activated Zype Credit Line? Tap “Get Loan” on Zype home screen Select the amount you want to withdraw Select number of EMIs for repayment Review loan summary and EMI details. Tap on “Transfer Money” to initiate loan transfer The money will be credited to your account in 2-24 hours Eligibility Criteria This is what you need eligibility criteria to get an personal loan from Zype: – For salaried professionals – Minimum monthly salary of ₹15,000 – Valid PAN Card and Aadhaar card Do More With Zype Pay Bills on Zype And Get Flat 1% Cashback Enjoy the convenience of paying for electricity, FASTag, DTH, gas cylinder, etc from the Zype app and get flat 1% cashback on every payment. View All Your Credit Cards And Loans in One Place With Zype Credit Insights, know your credit score, details about your loans and credit cards, repayment information, credit score history, etc. Apply Now YOU MAY ALSO LIKE Personal Loan Control Number in CIBIL Report: What is It & How to Get it? May 28, 2024 0 Personal Loan Top 10 Emerging Trends in Financial Services in India May 28, 2024 0 Personal Loan What is Unsecured Debt? Definition and Examples May 27, 2024 0 Personal Loan Step By Step Guide to Overcoming Financial Crisis May 27, 2024 0 Personal Loan Difference between Debt Consolidation and Debt Settlement May 24, 2024 0 Personal Loan Pre-Qualified vs. Pre-Approved Personal Loan: What’s the Difference? May 24, 2024 0

How to Get a Personal Loan with Low Credit Score? If you see a product online with low rating and poor reviews, you wouldn’t feel like buying it, right? Similarly, a lender would be reluctant to give you a loan if you have a low credit score. Your credit score reflects how trustworthy you are as a borrower. It usually ranges from 300-900. Credit score above 750 is considered a good credit score. If your credit score is low, loan companies would be reluctant to lend you money and even if they decide to lend you money, they will charge you a higher interest rate as you would be considered a risky borrower. If you see a product online with a low rating and poor reviews, you wouldn’t feel like buying it, right? Similarly, a lender would be reluctant to give you a loan if you have a low credit score. Your credit score reflects how trustworthy you are as a borrower. It usually ranges from 300-900, with a score above 750 considered good. If your credit score is low, loan companies would be reluctant to lend you money. Even if they decide to lend you money, they will charge you a higher interest rate as you would be considered a risky borrower. For those who need a personal loan with a bad CIBIL score, it can be challenging but not impossible. Financial institutions are aware that many individuals need personal loans for bad credit scores, and thus, they have tailored products to cater to this segment, albeit often at higher interest rates. Your Credit Score Could be Low Due to the Following Reasons – 1. You applied for a credit card or personal loan with multiple lenders at the same time. 2. You maxed out your credit card or utilized a large portion of your available limit. 3. There was an error from the credit bureau’s end or your credit information was incorrectly reported. 4. You defaulted on a loan or credit card payment or paid after the due date. 5. You are new to credit and don’t have a credit history. 6. You applied for a credit card or a loan and got rejected by few certain reasons. Why Is CIBIL Score Important? CIBIL score helps you to improve your creditworthiness when applying for a personal loan. The approval of your loan is largely dependent on your CIBIL score. Lenders rely on this score and assess the risk of lending money to you. A high CIBIL score may help you secure a good loan deal with better interest rates and quick loan approvals. If you have a low CIBIL score or no score at all, there are personal loan options without a CIBIL check. Few lenders offer personal loans for low CIBIL scores or even personal loans without a CIBIL score. These loans come with higher interest rates or much stricter terms. These are the best options for someone who is seeking personal loans with a low credit score. Factors that Affect Your CIBIL Score The 3-digit CIBIL score is not just about your payment history. It also depends on the other factors below. Factors Weightage Repayment History 30% Credit Utilization 25% Types of credit & duration 25% Other Factors 20% The other factors that can impact your CIBIL score are the number of credit enquiries you make, credit utilization, credit mix, etc. How CIBIL Scores Affect Eligibility for Personal loans? Your CIBIL score is more than just a 3-digit number. It’s a reflection of your borrowing habits based on which you can get approved for a loan. When you apply for a personal loan, one of the first things that your lender will check is this score. A good CIBIL score of 750 or above shows you’re a responsible borrower with a clean repayment history and strong credit profile. And having a track record of paying all your EMIs on time increases the trust in your potential lender. This automatically increases your loan eligibility which can help you get high value loans at low interest rates. But that’s not all. You also get other benefits like instant approval, quick disbursal and flexible repayment options, giving you an unmatched loan experience. Mistakes to Avoid When Applying for a Personal Loan with Low Credit Score If you’re someone who has a low credit score, taking a personal loan and repaying your EMIs on time can help you build your score. But before you even start your loan application, make sure you avoid these mistakes. 1. Not Creating a Budget While a personal loan can be a great way to build your credit score, not keeping a budget in place can backfire your plan. Make sure you carefully assess your financial goals and requirements to create a budget and then only choose a lender. 2. Not Comparing Loan Offers Across Various Lenders Make sure you compare offers across various lenders to get the best terms of borrowing. Using an EMI calculator can make this process easier. All you need to do is enter the offered loan amount, interest rate and tenure to find out what your monthly payment looks like. 3. Choosing a Tenure That Doesn’t Fit Your Budget Your loan tenure is nothing but the life of your loan. When choosing your repayment plan, make sure it fits your budget so you don’t feel burdened in any way. Also Read: The Dos and Don’ts of Personal Finance Planning  Top Features and Benefits of Personal Loan for Low CIBIL Score It’s no longer difficult to get a personal loan with a poor CIBIL score. Today, a large number of financial organizations focus only on serving borrowers with low credit scores by providing personal loans without CIBIL. These personal loans for bad credit intended to help people with low credit ratings get the money they need by offering financial support. Flexible Loan Amount You can choose the loan amount that best fits your needs with personal loans for bad credit for

Missed Your EMI Payment? Know Its Consequences Digital loans have made credit accessible to millions of Indians. But as convenient as it is to get access to money, it is equally important to keep a clean repayment history.   Sometimes, due to either unfortunate circumstances or poor financial planning people tend to miss their EMIs and that can lead to negative consequences on your credit profile.  What Does It Mean to Default on Your Loan? When you take a personal loan from a lender, you have to pay it back with interest according to your repayment plan. When you miss your EMI payment, it is known as defaulting on your loan.   The consequences of defaulting your loan can range from a dent in your credit score to legal repercussions. Classification of Loan Defaults Missing out on your EMIs is known as defaulting on your loan repayments. There are two types of defaults based on the number of days past your repayment due date that you haven’t paid the EMIs.    1. Minor Default: This happens if you don’t pay your EMI for up to 90 days. The consequences of making a minor default may be severe but you can make up for it over a period of time by repaying the overdue amount.   2. Major Default: This happens if you don’t pay your EMI for more than 90 days. When your EMIs are in major default then your loans would be classified under “Non-Performing Assets”.   Types of Loan Defaults A loan default need not always be a missed EMI. There are many other types of loan defaults you should be aware of:  Technical Default When you violate the terms and conditions of your loan agreement, it is considered as a technical default. Some examples of a technical default are not maintaining a particular debt-to-income ratio, not providing timely financial statements, etc. depending on the agreement.  Covenant Default  When taking a personal loan from any NBFC or Bank, you need to adhere to certain agreements known as covenants. This kind of default can occur when you don’t meet certain requirements like maintaining a particular level of collateral, not meeting the required financial ratios, etc.   Cross Default Cross default is when you default on one loan which triggers a default on any other loan with the same or different lender.  Strategic Default  A strategic default is when you intentionally miss your loan repayment.   Also Read: Why Opting For an NBFC Personal Loan is a Better Option? Consequences of Missing EMI Payments  Understanding the consequences of missing your EMIs can help you put into perspective the importance of making your repayments on time and keeping your finances on track.   Here are 6 things that can happen to you if you miss making your repayments on time:   1. Late Fees and Penalty Charges  If you keep delaying your EMI payments, you will end up attracting late fees and penalty charges. The penalties vary from lender to lender and also depend on the number of days you miss your EMIs. Many lenders offer a grace period where there are no penalties in the first few days. But you need to check your loan agreement to understand the repayment policies.   2. Negative Impact on Credit Score   Your credit score is a three-digit number that speaks volumes about your repayment habits. Whenever you miss your EMI, your credit score gets reduced. This can negatively reflect on your credit profile for a long period of time.      3. Reduced Chances of Getting a Loan in the Future  You get a credit offer after the lender carefully assesses your credit profile. While different lenders have different eligibility criterion, a bad credit profile and low credit score definitely reduces your chance of getting a loan with these lenders.   4. Account Reported to the Bureau  If you haven’t repaid your EMIs for more than a month, then your lender can report your account to the bureau.   When your loan account is reported to the credit bureau for non-repayment of your EMIs, it can further damage your credit profile which would limit your access to credit in the future.   5. Account Reported as Delinquent or Defaulter  If your account is reported as delinquent or a defaulter, it means you have failed to repay the overdue payments and have breached the loan agreement. Although being reported as a defaulter has a more severe consequence than being reported as delinquent, both significantly damage your credit profile.    6. More Persuasive Collection Attempts   Being constantly nudged by the recovery agents can be very annoying. But if you ignore them and continue not repaying the loan, the frequency of attempts to collect the outstanding money might go up.    What to Do next? If You Missed Your EMI Payment  1. Inform Your Lender Immediately If you haven’t repaid your EMIs due to a cash crunch and the lenders are making collection attempts, inform them about your situation. You can request your lender to allow you to make part-payments or even negotiate your repayment options.    2. Prioritize Your Repayments Before you prioritize your repayments, take your income, expenses, and savings into consideration.   Next, make a list of all your overdue payments along with factors like interest rates, size of the debt, minimum payment required, etc. Then decide which EMIs you want to close first.   Read more about ways to repay your overdue EMIs here.   3. Repay Your Loans in Part-Payments  You can request your lender to allow you to repay your loan in part-payments. This will reduce the pressure of having to repay your loan at once.   4. Use Your Emergency Fund or Savings to Clear Your Repayment.  If you have an emergency fund or savings handy, then use it to close all your EMIs. This will stop further damage to your credit score.   5. Take a Debt Consolidation Loan If you don’t have an emergency fund or enough savings, you can consider taking an emergency loan. You can combine all your ongoing debts and overdue EMIs into a