Since a personal loan is an unsecured form of credit, loan approval depends on several factors, mainly your credit history, creditworthiness, and CIBIL Score. Once this is in place, lenders like Bajaj Finserv offer a personal loan easily and require you to submit only a handful of documents, such as your identity and address proof.
Your credibility and borrowing behaviour has a significant bearing on whether or not you can borrow a loan. Follow these steps for personal loan approval without documents.
- Repay existing dues on time
Lenders look for your creditworthiness, which is a product of faultless repayment history. If you default on payments, it will show the lender that you are irresponsible with credit. So pay credit card bills and loan EMIs on time and avoid defaults or delayed payments at all costs. You can use our personal loan EMI calculator to plan your loan repayment journey wisely.
- High CIBIL Score
A score of 685 or higher is essential for unsecured loan approval, so ensure that your credit behaviour builds your score and does not diminish it.
- Debt-to-income ratio
A debt-to-income ratio of 50% or less is required for loan approval without documents. The lower the ratio, the greater your disposable income and repayment abilities are. This will also establish you as a low-risk borrower.
- Relationship with lender
In many cases, a long-standing relationship with the lender can help you get a pre-approved personal loan without any documents in India, along with better terms and a competitive personal loan interest rate.
Who can get an instant personal loan without documents?
Select existing customers of Bajaj Finance Limited looking for an urgent cash loan without documents such as income proof and bank statements, can consider our Insta Personal Loan. Depending on their profile, new customers may need to submit additional documents.
Features and advantages of getting an instant loan without documents
Easy application – Since an Insta Personal Loan is a pre-approved offer, the application process is easy and smooth. You can fill the application form in little to no time, and get your loan processed quickly.
Quick disbursal – Getting a personal loan without documents speeds up the disbursal process since you are already approved. You can get our Insta Personal Loan in as little as 30 minutes* to 4 hours.
Convenient tenures – You can repay our Instat Personal Loan comfortably up to 96 months.
*Terms and conditions apply
Eligibility criteria for a paperless personal loan
Our Insta Personal Loan provides pre-approved offers to existing customers. New customers can also generate a pre-assigned limit by entering their mobile number and OTP. Since we check the creditworthiness of borrowers before extending offers, you do not have to check any eligibility criteria separately. The age limit for getting an Insta Personal Loan is 21 years to 80 years*.
For our regular personal loan, the eligibility criteria are as follows:
- 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 applicable at the time of loan maturity.
How to apply for a personal loan without documents?
If you require instant access to funds, our Insta Personal Loan is the best option for you.
- You can check your pre-assigned limit by simply entering your mobile number and OTP
- You will see a pre-assigned limit
- You can choose to go with the offer or a lower amount
- You can fill the rest of the form, select the tenure that suits you best and complete the application
The process may vary depending on your profile. Some of our existing customers don’t even have to submit documents. New customers, however, may be asked to submit additional relevant documents based on their profile.
Now, that you know the Bajaj Finserv Personal Loan application process, you can apply for it in minutes and get the loan amount of up to Rs. 40 lakh. Optionally, you can also check your pre-approved personal loan offer, which requires zero to no documents.
Read more: How to check credit score
Frequently asked questions
Loans which are pre-approved and where you do not have to submit any documents for verification are called paperless loans. Select customers can get out Insta Personal Loan without any paperwork.
You can get an instant loan online by visiting the Insta Personal Loan page on our website. Follow these steps:
- Click on ‘CHECK OFFER’
- Enter your 10-digit mobile number and OTP
- Go with the pre-assigned limit or choose a different loan amount
- Choose a repayment tenure that suits you best
- Click on ‘PROCEED’ to complete the online process
The online process may differ depending on whether you are a new customer or have an existing relationship with us. Select customers may not have to submit any documents.
You can check your pre-approved offer by entering your mobile number and OTP.
Select customers can get our Insta Personal Loan without submitting any documents, such as their PAN card, income proofs, and so on.
Typically, you are required to submit the following documents to get our personal loan:
- Passport-size photographs
- KYC documents
- Bank account statements for the last 3 months
- Salary slips for the last 3 months
Select customers, who have a pre-approved offer of our Insta Personal Loan, may be able to get funds without submitting any documents.
In the case of our Insta Personal Loan, you can borrow up to Rs. 12,76,500. Select customers may be able to get the funds without submitting documents.
Select customers, who have a pre-approved offer of our Insta Personal Loan, may be able to get funds without submitting any documents. The funds are disbursed to your account within 30 minutes* to 4 hours.
*Terms and conditions apply.