Read our guide to applying for a Personal Loan online
Digitisation has simplified all aspects of life, including securing a paperless personal loan. Once you choose a lender, you can apply online in no time and access the financing you need.
What is the application procedure for a paperless personal loan?
- Visit the lender’s website and locate the online loan application form.
- Fill in all necessary details, including employment, financial and personal details.
- Choose the right loan amount and a comfortable tenor for repayment.
- Provide soft copies of all documents required to process your loan application.
- Await swift approval and disbursal.
To ensure that approval and disbursal are indeed swift and instant, you must meet the eligibility criteria and submit the necessary documents.
Paperless personal loan: Eligibility criteria
Typically, you must have a credit score of 685 or higher, fall within the right age bracket, be an Indian citizen, work in a private/public company or an MNC, and earn the minimum salary as defined by the lender.
Paperless personal loan: Documents required
Once you meet the eligibility criteria, gather the necessary documents. Commonly, lenders require the following:
- Identity and address proof: Driver’s license, Aadhaar card, voter’s ID, or passport
- Proof of employment: Employee ID card
- Proof of financial stability: Bank account statements and salary slips
In your hurry to get a loan instantly, don’t forget to check personal loan interest rates and other charges. This will help you be sure of smooth, affordable repayment.
Also, consider a paperless personal loan from Bajaj Finserv. Get a nominal rate of interest, Flexi facility and apply online. Best of all, you can get approval in 5 minutes* and funds in your account in 24 hours*.