✓Minimal Documentation ✓Collateral Free Loans ✓Instant Loan Disbursal | Apply for Personal Loan Now! Apply Now

Ideally, a loan is provided to a borrower after a complete screening of their credit score on the part of the lender is performed. This is done in order to be able to accurately assess the risk of non-repayment attached with a particular borrower.


However, there are some lenders who are willing to grant a loan to a borrower without taking a look at their credit-behaviour. Such a form of lending option is known as a No Credit Check Loan. This article will take you through that very concept and touch upon how you can apply for a No Credit Check Loan. Read on to know more.

How do no Credit Check Loans Work?

No Credit Check Loans, as the name itself implies, is best for those individuals that have a substandard credit history and/or a low CIBIL score. When it comes to sanctioning No Credit Check Loans, the lender can do the same without pulling up the borrower’s CIBIL report. However, given the overall risk profile of the borrower, which usually increases with a low credit score or lack thereof. They are usually charged a higher rate of interest than an individual that has a credit score which is deemed to be ideal by lenders.


 In most cases, the only document that a borrower will have to furnish is a proof of income, which will help the lender determine his ability to repay the No Credit Check Loan. Such a kind of loan is also said to be one of the best options for those individuals who are unsure about their credit history.

What are the Features of a No Credit Check Loan?

No Credit Check Loans, much like any other forms of lending availed through financial institutions, have their own distinct features as well. What you will find below is a list of those features along with what are the implicit benefits of taking up a No Credit Check Loan. Read on for more.

No Credit Check Loan Features

  • Such a loan is sanctioned irrespective of the borrower’s previously-exhibited credit behaviour.

  • The time taken to approve such a loan is generally shorter.

  • Borrowers of a No Credit Check Loan pay a higher interest rate.

  • The borrower of a No Credit Check Loan can choose to repay it over a time period as long as 20 years.

  • Higher loan amounts can also be availed if a borrower goes for a No Credit Check Loan.

What are the Benefits of a No Credit Check Loan?

What you will now find below is a list of some of the benefits that a borrower of a No Credit Check Loan can avail, most of which is attributable to its very own nature. Let us take a look at the same right away.

Benefits of a No Credit Check Loan

  • A No Credit Check Loan is passed with less documentation and paperwork

  • No need for keeping any of your prized possessions such as your house or jewellery as collateral

  • Since there is no need for a collateral, the institution cannot take possession of any assets

  • The interest rates tend to stay stationary

What are the Disadvantages of a No Credit Check Loan?

A No Credit Check Loan surely comes with its own set of positives, but it does not mean that there are no drawbacks of the same. Such disadvantages are also something that one must make a note of. You will find a list of the same below.

Drawbacks of a No Credit Check Loan

  • Loan terms are usually unfavourable - In the absence of a credit history in such a case, the lending institution tends to set the loan terms as per their own liking and comfort zone as they are granted sans any collateral or credit check. The terms which are set for such forms of loans do not tend to do the borrower any favours.

  • Interest rates are higher - As mentioned before,Eli no credit check translates to a higher risk profile in the mind of a borrower, who then consequently charges the borrower a higher interest rate.

  • Relatively shorter loan repayment tenures - Depending upon the lender, it is entirely possible that the borrower will be required to repay their dues over a shorter span of time, as the lender may have chosen to give them a shorter loan repayment tenure due to the fear of the borrower defaulting.

Eligibility for No Credit Check Loan

If you fulfil the following eligibility criteria, you can avail a No Credit Check loan: 

  • You must be a citizen of India

  • You must be at least 18-year-old 

  • You can either be an employee or a self-employed

  • In case you need a No Credit Check loan for business purpose, some lender may ask for documents proving you have been operating a business for a specified time

  • You will have to prove that you have a stable and regular income

No Credit Check Loan Scenario in India

As of now, banks and other financial institutions alike that operate in India do not offer No Credit Check Loans to borrowers. However, some of the institutions have no qualms over sanctioning the same even though the borrower has a bad credit score. It is said that secured form of loans are the best alternatives to No Credit Check Loans in India. 


Such a form of lending not only makes it possible for people who do not have a strong credit history, but the same also facilitates the construction of a good credit score and history. Currently, all Indian banks and financial institutions provide secured loans.


If you are someone who does not have a credit score which is considered to be ideal by lenders, you can take a look at the various loan options that the partners of Bajaj Markets have on offer. 


As a user of Bajaj Markets, you can take advantage of features like instant approval of loans and flexible loan repayment options, amongst others. As a user of Bajaj Markets, you can understand the procedure of how to apply for a personal loan of up to as much as ₹25 Lakhs and repay it over as long as 5 years with the help of 60 easy EMIs. 


You can also use an online personal loan calculator to check your eligibility before applying! The interest rates for such loans start at 10% p.a, which is considered to be one of the most affordables rates in the lending market as of now.  Apply for a loan through Bajaj Markets right away and make any of your dreams come true!

FAQs on No Credit Check Loan

The documents required for a No Credit Check loan include some valid documents that prove your identity and address. Bank statements, salary statements in case of an employee or an income statement in case you are a self-employed person are some additional documents required. While this is a general list of documents, your bank will inform you about any specific documents that are needed.

You should be at least 18-year-old to avail a No Credit Check loan.

No, the CIBIL score is not needed for a No Credit Check loan.

You will be charged at a higher interest rate for a No Credit Check loan.

You can avail a No Credit Check loan if you want an urgent loan with bad credit in India.

The different types of No Credit Check loans are education loan, business loan, car loan and loan against property.

You can avail a No Credit Check Loan if you are salaried or employed as well as self-employed.

Loan Offer
Download App
Credit Score