If you need a personal loan right now and your credit score is low, then you have arrived at the perfect location right now. This article is going to provide you with information on some of the top Zero CIBIL Personal Loan Apps that will provide you with a personal loan of up to two lakh rupees in the smallest amount of time there is. This Zero CIBIL Personal Loan App does not require you to make any payments before the loan, it is also approved by the Reserve Bank of India (RBI), and it provides you with a personal loan based solely on the contents of your Know Your Customer (KYC) documents.
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Zero CIBIL Score Loan 2024 – Loan Apps
If you have never taken out a loan before and you do not have any proof of income, such as a salary slip, an income tax return, or a bank statement, you can still get a personal loan with the assistance of these loan applications. Even though this loan app provides you with a personal loan of up to two lakhs, the payback period of which may be up to twenty-four months, the loan is costly. However, if you ask for a loan of Rs. 2 lakh at the beginning of the process, you will not receive that big of a loan.
However, with this Zero CIBIL Personal Loan App, you may acquire loans ranging from Rs. 1000 to Rs. 2 lakhs. If you continue to make payments on this loan on time, your credit limit will progressively expand. Consequently, if you have a credit score of zero, you can use these loan applications.
- Smartcoin
- TrueBalance
- Kreditbee
- Money view
- HomeCredit
- Navi
- Kreditzy
- SimplyCash
- PayTM Personal Loan
- RapidPaisa
Zero CIBIL Score Loan 2024 – Eligibility
You must fulfil a few requirements to be eligible for the Zero CIBIL Personal Loan Application. These requirements are listed below. First and foremost, you must fall in the age category of 21-58 years and be an Indian citizen. You need a cellphone number linked with your Aadhaar, and this is necessary for verification. You should also have online banking enabled and an active savings account. You also need to have a smartphone and a reliable internet connection during the application process. Lastly, establish if loan applications are possible in your city or not.
Zero CIBIL Score Loan 2024 – Documents Required
The documents needed to apply for a Zero CIBIL Personal Loan are few, and one can easily go through these steps to get their application approved quite smoothly. Now, in brief, this is a requirement:
- Identification Proof – PAN Card
- Address Proof: Aadhar Card
- Proof of Income – Bank Statement. This may be required in certain applications
- Your Photograph: Selfie via the App
- Aadhaar OTP: While e-signing the loan agreement
- NACH Approval: Some applications require this for auto-debiting of loan payments. This can be done via internet banking.
Zero CIBIL Score Loan 2024 – Fees
Along with availing of a personal loan from any zero CIBIL loan app, there are some costs associated with the credit. Annual interest can go as high as 36% which might eventually severely dent the total amount repayable. There is also a processing charge of up to 5% of the total loan amount which is levied. There is no requirement for the prepayment of the loan, but one needs to be very regular in payment of dues since late fees are charged daily if payments fall due. Also, an 18% GST will be charged on all fees, which increases the cost of the loan.
Frequently Asked Questions – Zero CIBIL Score Loan 2024
Ans: Yes, one can avail of a loan even with zero CIBIL through certain loan applications. The apps sanction personal loans based on KYC documents without high credit scores.
Ans: The rates of interest on zero CIBIL score loans may range up to 36% per annum. Moreover, there can also be a processing fee of up to 5% of the loan amount plus 18% GST.
Ans: You will be required to show a PAN card for identification, an Aadhaar card as address proof, a selfie for verification of yourself, and in some instances, income proof with a bank statement. You would also be required to use your Aadhaar OTP for doing the electronic signing of the loan agreement.