Have you been eying your favorite new smartphone for a while now? But it simply seems too expensive and out of your reach? You’re not alone. With the world becoming more and more technologically advanced, top mobile phone brands are releasing top class smartphones every year. Even the most basic model may start at nothing less than 15,000 Rupees.
However, today, you can buy a smartphone on EMI, for which you’d require a debit or credit card. But the next question you’re probably asking yourself is, “My CIBIL score is very low:, or “I don’t even have a credit card! What do I do?”
Know more: How To Improve Your CIBIL Score
It is not easy to get an instant loan without a credit card or a low CIBIL score. Here’s diving deeper.
A CIBIL score is basically a 3 digit number ranging from 300 to 900, that determines whether you can get a loan. Anything above 750 is considered to be good.
But having a low score or not having one at all can severely hamper your chances of getting any kind of loan. Banks and financial institutions find it difficult to trust you to pay back your dues in time.
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So how do you get an instant loan without CIBIL?
1. Find lenders:
Thoroughly research lenders and companies that are willing to offer you credit without a credit card or a low score. Make sure that the company is trustworthy and not a virtual loan shark. Check how transparent they are and ideally talk to people who have used their services.
See more: Beware of Credit Card Fraud – Some Traditional and Modern Techniques Used
2. Be careful about interest rates:
Some fraudulent companies, both online and offline, will entice you with their offerings on instant loan without CIBIL, but will charge a very high interest rate on your loan. Be wary of these conditions and as a general rule, avoid institutions that charge exorbitant amounts of interest.
This will financially drain you out as you start paying back your EMIs. If you want to buy a zero downpayment mobile phone online, always check out interest rates and then take a call.
3. Check out online lenders:
Gone are the days where you have to physically visit a bank or a money lender to get a loan. In today’s data driven, AI world, there are several fintech companies that have made it very easy for people to get an instant loan without CIBIL score. One such company is ZestMoney.
Here’s how it works:
- Sign up on Zest
- Fill out your details and submit KYC documents
- Use Zest credit that you receive to buy whatever you want
- Pay back in flexible time periods through no-cost EMI
So, the next time you’re looking for zero down payment mobile phones online, consider ZestMoney! Buy now, pay later!
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