Under new scoring system (CIBIL TransUnion) of CIBIL, scores will range between 1 and 5. The score 1 represents highest probability for defaulting and 5 shows the lowest likelihood for the same. This system is taken in account for providing scores to new borrowers after considering details such as:
Some can fall in the range of 0 to -1 score. Little or no borrowing history or track record may mean that CIBIL can assign you scores 0 or -1, thus also known as 'not applicable' or 'NA'. The score '0' depicts that your credit history of past 6 months and less is available, while the score '-1' means there is no information on credit history, thus also known as 'no history' or 'NH'.
Most banks and NBFCs do not lend to those with a score of 0 or -1. However, some lenders can grant a loan by looking into relevant income proofs, credit appraisals, etc. Experian like CIBIL has a scoring range, but between 1 and 6 for borrowers who have less than 6 months of credit history.
Get a Loan Despite 0 or -1 as Credit Score
Speak with the bank in question and try to convince them you are eligible for getting loan. Submit income proofs along with letter from your employer to negotiate your case, and coax the bank in giving you credit by proving your credit worthiness. Once your loan is approved, stick to making payments on time, and repay in full amount when necessary. Do not arrive at a settle or foreclose the loan with bank.