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How to Avail A Loan or Credit Card With ‘0’ Cibil Score?

Cibil Score

A lot has been said or written on a cibil score, allowing you to know what it is all about, how to improve the same and so on. But one of the most common queries of all times is-No Cibil Score. That’s Right! The people who don’t have the three-digit numeric summary are always concerned about the same, thus you can easily find many queries regarding the same on the internet, rather on search engines.

Cibil Score

Cibil Score

If you are someone who is also going through the same dilemma, need not to worry as we are here to help. No credit score. No need to worry. Let’s just know more about the same in the article below.

Anyone who has ever applied for a loan or card will surely agree on the fact that what significant role this 3-digit numeric summary plays in an individual’s financial lifecycle. It is nothing but a creditworthiness of an individual, showing a detailed credit history and repayment record. And, if an individual is having a credit score, he/she must have the credit report as well. Yes, it is one such unified document which includes each and every detail of an individual’s financial journey. Moreover, the report includes-loan details, EMIs details, repayment data such as defaults on loan or card (if any), credit limit, transactional details and what not.

Furthermore, banks and NBFCs receive this data on a monthly basis from many agencies that actually maintain this record. You read it right! Lenders do keep an eye on an individual’s score and report, hence on the basis of the same take the decision. But what happens if you do not have a three-digit numeric summary? In that case, what lenders will refer to? Well, this is not the story of just one individual, it is a story of millions of Indians who want to enter into this marketplace but do not have a  score due to lack of credit-related activities.

If we talk about this segment, it basically includes newly employed workers who have just started to earn or you can say the unmarried youngsters who don’t have the higher financial needs in life. However, it totally depends on the individual to individual and his/her needs and financial conditions. Well, whatever the case maybe, it would not be wrong to say that availing a loan could a problem, if an individual does not have a cibil score the numeric summary.

Talking more about the same, there is no denying the fact that many loan/card applications get rejected after lenders find that an applicant is not having any history. That’s True! Many lenders before offering the loan/card do check the same of a person just to have a quick access to his/her  history and repayment record. And, if they find any default either on loan or card, the application got rejected. And, another reason of rejection is low or no cibil score. In both the cases, lenders usually reject the loan/card application of an applicant as they find it risky to offer a card or lend the money in such a situation. But don’t be disheartened because if there is a problem, there has to be a solution for the same. And, yes, we have a solution for this too. In case of low cibil, an individual with the help of some simple tips can improve his/her profile and can become eligible for a loan/ card he/she wants.

And, now comes the real problem. How to avail a loan/card, if someone is not having a cibil? Well, a simple solution for the same is that try to apply for a loan/card in the bank in which you are having a savings or current account. Yes, if you are not having a credit history or repayment record of a loan or card availed from another lender, you can get in touch with your bank. If you are an existing customer of a bank and have maintained the good terms with the lender, it would be possible that the same bank can lend you the loan or give you the card by looking at your past record. In fact, for the loyal customers, banks do offer special deals as banks have their own database and they maintain a record of their every customer. And, if they find your customer relationship fruitful, you might get the best deal. Moreover, for individuals with ‘0’ cibil score, lenders usually prefer to offer a bike loan or the secured fixed deposit credit cards. However, if you have the good terms with your bank, you can even negotiate for better deals or loan or card you want.

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Patricia Franklin

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