Banks consider CIBIL scores when approving loans. This score measures an individual’s creditworthiness based on their loan repayment history, credit card payments, and other financial obligations. A higher CIBIL score indicates better chances of loan approval.
CIBIL scores range from 300 to 900. Those with scores above 750 have a 79% chance of getting a loan. However, individuals with low CIBIL scores may need help in obtaining loans and may have to pay higher interest rates.
To address this issue, there are apps approved by the Reserve Bank of India (RBI) and registered with NBFC that offer loans even to those with zero CIBIL score.
These apps provide loans ranging from Rs 1,000 to Rs 10 lakhs and have a repayment period of 60 months. Borrowers who repay loans on time may see an increase in their CIBIL score, instilling a sense of hope that their creditworthiness can improve, making it easier to access more loans in the future.
These loan apps have minimal documentation requirements and offer quick loan disbursement directly into the borrower’s bank account. Some of the approved apps in India with their interest rates and loan amounts are as follows:
- KreditBee: Interest rate starts at 1.02% per month, offering loans from Rs. 1,000 to Rs. 4 lakhs
- Faircent: Interest rate ranges from 12% to 28% per annum, providing loans from Rs. 30,000 to Rs. 10 lakhs
- CASHe: Interest rate starts at 2.50% per month, offering loans from Rs 1,000 to Rs 4,00,000
- PaySense: Interest rate ranges from 1.4% to 2.3% per month, providing loans from Rs. 5,000 to Rs. 5 lakhs
- InCred: Interest rate ranges from 16% to 36% per annum, offering loans up to Rs. 3 lakhs
- IIFL Finance: Interest rate ranges from 12.75% to 33.75%, providing loans from Rs. 5,000 up to Rs. 5 lakhs
- Lenditt: Interest rate ranges from 0.1% to 0.4% per day, offering loans from Rs.10,000 to Rs.50,000
- Fibe (Early Salary): Interest rate starts at Rs. 9 per day, offering loans from Rs. 5,000 to Rs. 5 lakhs
- L&T Finance: Interest rate starts at 13% per annum, offering loans from Rs. 50,000 to Rs. 7,00,000
- MoneyView: Interest rate starts at 1.33% per month, offering loans from Rs. 5,000 to Rs. 5 lakhs
- Loanbaba: Interest rate starts at 0.1% per day, offering loans from Rs. 5,000 to Rs. 2 lakhs
- MoneyTap: Interest rate starts at 1.08% per month, offering loans from Rs. 3,000 to Rs. 5 lakhs
- Prefer: Interest rate ranges from 18% to 36% per annum, offering loans from Rs. 10,000 to Rs. 3,00,000