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 an instant paperless loan?
Many lenders provide loans without customers having to submit physical copies of documents. These are often called instant paperless loans.
Advantages of a personal loan without documents
Getting a personal loan without needing to submit physical documents helps in managing emergencies where you need urgent funds. Here are some of the benefits:
- Gathering all the physical documents and visiting the lender’s branch can be cumbersome and time-consuming. Getting a personal loan without documents significantly reduces the time and effort in applying for a loan.
- When the process is entirely online, you can apply for a loan even from the comfort of your home.
- A quicker application process also ensures that your disbursal is significantly faster, allowing you to access the funds you need as soon as possible.
How does a paperless loan work?
Usually, customers have to visit physical branches of lenders to apply for a loan, submit relevant documents, and wait for approval. Paperless loans have a much faster process:
- The application procedure is online
- You can upload your documents
- Your loan is approved in due time
- The money is disbursed to your bank account
What is the procedure to apply 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.
Eligibility criteria for a paperless personal loan
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.
Documents required for an instant paperless personal loan
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*. You can also use our personal loan EMI calculator to estimate the EMIs for the required loan amount.
Frequently asked questions
Here is how you can apply for a personal loan without bank statements:
- Approach a familiar lender for better chances and possible negotiation on interest rates
- Maintain FOIR below 50%
- Aim for a credit score of 685 or higher
- Build a positive repayment history
Yes, a bank statement is required for getting an instant paperless personal loan. Depending on the lender, you may not have to submit a physical copy, an online copy should suffice. Before approving the loan, lenders typically ask for bank statements to assess the applicant's financial health, income, expenses, and repayment capacity.
Many lenders provide loans without customers having to submit physical copies of documents. These are often called as paperless loans.
The eligibility criteria for paperless loans differ from lender to lender. You do not have to check these criteria for our Insta Personal Loan since we already verify creditworthiness before extending loan offers.
These are like regular loans, and you can use them for any various purposes, including wedding expenses, medical emergencies, education expenses, and so on.
You need a CIBIL Score of 685 or higher to apply for our personal loan.
You can repay your personal loan in the form of EMIs (equated monthly instalments) where a fixed amount is automatically deducted from your bank account every month. You can set up a NACH mandate with your bank to pay the EMIs.