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 have 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 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.
- High CIBIL score
A score of 750 and above is essential for unsecured loan approval, so ensure that your credit behaviour builds your score and does not diminish it.
Read more: How to check credit score
- 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
A long-standing relationship with the lender can help you get a personal loan without documents, along with better terms and conditions or lower personal loan interest rates.
Now that you know how to get a personal loan without documents follow Bajaj Finserv’s personal loan application process and apply in minutes. Optionally, make use of a pre-approved personal loan.