How to Get a Personal Loan Without Documents?

There are some unexpected times in life when you need quick funds to cater to your immediate financial needs. There can be a wedding in the house, an unexpected travel abroad, an unforeseen medical emergency, or any other requirement that demands instant cash flow.

What if you don’t have sufficient money at those times? Your family and relatives can be helpful, but what if they too lack money at that point in time?

Well, there is nothing to worry about! You can easily apply for a personal loan and get the funds needed. A personal loan can be a boon in disguise for you during those moments.

If you have sufficient income to service your loan and all the correct documents required to get a personal loan, then this option can be the best alternative. However, what if you don’t have enough time to visit the bank to submit the hard copies of your documents?

Don’t worry! There are some lending options that don’t require you to submit hard copies of documents. You do not even have to step out of your home through the entire loan process. These options are often called Paperless Personal Loan or Digital Personal Loan.

Benefits of Paperless Personal Loan

There are many advantages of a Personal Loan without documents, including the following:

• No paperwork required: As the entire process is digital, you do not have to visit the bank branch to submit your application and documents in hard copies. You can completely avoid the tedious process of filling up multiple forms and other hassles of paperwork.
• Instant disbursal: The digital approach by lenders to personal loans has made the process significantly fast and smooth. Once the lender verifies your documents submitted online, the loan amount is disbursed instantly (sometimes in a few minutes). On top of that, if you are an existing customer with the lending bank, you can get access to pre-approved loans.
• Eco-friendly option: The submission of a huge pile of documents also leads to paper wastage. This is one of the reasons why many lenders are promoting the digital or paperless approach. As the process is completely digital, banks as well as customers can save a lot of paper by following an eco-friendly approach, which ultimately reduces your carbon footprint and contributes to the environment.
• Cost-cutting: Lenders as well as borrowers can reduce their overall costs through the digital approach. Visiting lenders/borrowers, printing copies of the documents, and their storage involve a significant cost for lenders and borrowers. These costs can be completely eliminated in this process.
• A secure way: It is believed by most industry experts that the digital paperless process is more secure than maintaining paper files as the later one always involves the risk of losing key paper documents.

How to Apply for a Paperless Personal Loan?

• Through websites of the lenders: You can apply for a paperless personal loan by visiting the lending institution’s website, filling up the online form, and submitting soft copies online.
• Through mobile applications: Many lenders have mobile applications for direct loan disbursal to their customers. Using mobile apps helps them reach a wide network of customers in the market and offer financial solutions to their needs. These apps ensure easy registration through creating an account, submitting photos of required documents and get instant funds. Customers can also maintain their loan accounts through their smartphones and keep track of their loan amount and repayment via applications.

Who can Avail an Online Personal Loan?

The following individuals can avail online personal loans:

• Salaried employees, self-employed professionals, and self-employed non-professionals.
• Employees of select private limited companies and public sector undertakings.
• Individuals between 21 and 66 years of age.
• Individuals with at least 2 years of work experience, with a minimum of 1 year experience at the current organisation.
• Applicant earning a minimum net monthly income of Rs. 25,000.

There are many benefits of paperless personal loans for both lenders as well as borrowers. Be it the cost-cutting, instant application, quick disbursal, and no requirement of submitting hard copies of documents. These Instant loans have transformed significantly in recent times due to the digital approach.

So, if you want to get a personal loan without documents submission, paperless loans can be the best alternative for you.