Whenever an individual needs funds for an emergency or a big-ticket expense, the best financing option comes out to be a Personal Loan. These are collateral-free loans that have gained immense popularity over the last few years.
Personal Loans are easy to avail, have simple eligibility conditions, and have flexible loan terms to keep repayment manageable. However, many people have a misconception that Personal Loans involve loads of paperwork that are not that easy to fulfil. That was true a few years ago when banks did not easily approve Personal Loans. Now NBFCs have made Personal Loans easily accessible online with minimal paperwork. Some NBFCs even support 100% paperless loan procedures, which an individual may complete from their home.
Looking for a Personal Loan but afraid of the paperwork? Read on to learn how to get an instant paperless Personal Loan.
What is a Paperless Personal Loan?
Since demonetisation took place in India in 2016, the term ‘cashless’ has taken centre stage in the country’s financial realm. The effects are also evident in people’s personal finances, where the terms paperless loans and loans without documents have become popular. The increased technology implementation into lending platforms has successfully addressed lenders’ pain points and streamlined their loan processes.
Accepting digital loan applications online has drastically reduced the time and effort required for loan verification, approval, and disbursement. So, what are paperless Personal Loans? They are financial transactions between borrowers and lenders through online lending platforms. The lenders check the applicant’s eligibility by verifying their credit score, debt-to-income ratio, monthly income, and repayment capacity. Based on these numbers, they offer the applicant a loan amount and interest rate. Online loan procedures do not require heaps of attested documents and photocopies, so no paperwork is involved.
How to Apply for an Instant Paperless Personal Loan?
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Going digital is the only way to apply for an instant Personal Loan without documents. Those looking for one must follow these steps:
- Selecting a Lender: Numerous lenders provide Personal Loans online without any paperwork. One must find the lender that best suits their loan requirements and repayment capacity. Compare lenders based on their maximum and minimum Personal Loan amount, interest rates, customer service, etc.
- Checking Eligibility Conditions: The applicant must check the lender’s eligibility conditions and ensure they can fulfil them before applying to avoid rejection.
- Filling out the Application Form: While applying for a Personal Loan, one must provide a few essential details regarding income, bank account, and identity. Find their online loan application form and complete it to start the application procedure.
- Submitting the Necessary Documentation: Although there is no paperwork involved, lenders want to verify an applicant’s identity and financial condition. For this, they may ask applicants to upload scanned copies of their Aadhaar card, PAN card, bank statements, ITR, salary slips, and a few other documents. Submit them and wait for the lender to verify.
- Accept the Loan Offer to Receive Loan Amount: After verifying the applicant’s details and documents, the lender sends them a loan offer with the loan amount and interest rate. If agreeable, the applicant can accept the offer and receive their loan amount almost instantly.
Benefits of Applying for a Loan Without Documents
When an individual applies for a loan digitally, the lender checks their credibility through an online evaluation of their financial and personal information. Digital platforms make lending much easier and faster than traditional offline methods. Here are some benefits of applying for an instant paperless Personal Loan:
- Hassle-Free: The online application process is hassle-free since the applicant does not need to visit the lender’s office, submit bulky documents, or sign one form after the other. An individual may apply, get approval, and receive disbursal with just a few clicks.
- Time-Saving: Since the applicant can apply for a loan online without leaving their house, the loan procedure completes within a few minutes, saving time for the borrower.
- Information Confidentiality: Online lending platforms use stringent security procedures to keep applicants’ information protected and confidential. There is no risk of documents getting lost or stolen.
Paperless Personal Loans have made lending more convenient and faster for lenders and borrowers. Follow the procedure mentioned here to get an instant paperless Personal Loan online and get the required funds when you need them the most.
