Whether you’re looking for a personal loan without documents in Mumbai or any other city in India, keep in mind that lenders usually require documents to verify your identity, financial standing, etc. However, the need for paperwork has been minimised thanks to fintech, which allows you to apply online and access your loan amount without visiting a lender in person. Technology has enabled lenders to sanction a personal loan with minimal documentation as all your necessary information is easily accessible online.
Here are a few easy ways to get a personal loan without needing to submit too many additional documents.
1. Choose a financial institution that you maintain a relationship with
Loyalty goes a long way in the finance world, which is especially true when it comes to borrowing credit. If you’re a long-term patron of a financial institution, you can easily avail of a personal loan without documents. The lender will already have the essential information on hand and has access to your financial history. Some lenders may even sanction a personal loan without income proof if your profile indicates a significant amount of wealth.
2. Maintain a high credit score
Since a personal loan is an unsecured form of credit, lenders stress on your credit score to determine the risk involved in sanctioning your application. This is why it is important to maintain a high CIBIL score, as it tells lenders that you have been responsible for borrowed credit in the past. It also indicates that you are less likely to delay repayment or miss EMIs. Some lenders may even sanction a loan without your salary slips and bank statement.
Additional read: Personal loan with bad CIBIL score
3. Choose a lender that offers the instant approval feature
Typically, lenders with the instant approval feature attached to their loan offers require only the bare minimum documentation. For example, Bajaj Finserv offers an online application form for a personal loan, and once your details are verified, you receive loan approval within 5 minutes. Further, this loan also offers quick disbursal and transfers the entire sanction in your bank account within 24 hours of approval.
4. Avail of a pre-approved offer
To truly experience minimal or zero document loan applications, opt for a pre-approved offer. This way, you can easily access an offer that is pre-approved based on your financial profile. These offers are created specifically for you and give you a sanction at a comfortable personal loan interest rate.
You can compute your loan EMIs in advance using our personal loan EMI calculator based on your required loan amount and tenure.
Eligibility criteria for an instant personal loan without documents
The eligibility criteria vary from lender to lender. The eligibility criteria for a Bajaj Finance Personal Loan are:
- Nationality: Indian.
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*Higher age limit is applicable at the time of loan maturity.
Additional read: How to check your CIBIL score?
While it is possible to get a quick personal loan with minimum documents, remember you may still need to submit some documents with a reputed lender. So, research beforehand to avoid any surprises in the future. To get started today, check your pre-approved offer online and access a personalised loan offering that offers instant online approval.
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