Guide to applying for an instant paperless 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 an instant paperless loan?
An instant paperless personal loan allows borrowers to get quick access to funds without submitting physical documents. With a paperless personal loan online, the entire process—from application to approval—is digital, ensuring fast disbursal. Lenders verify details using digital KYC and minimal paperwork, making a paperless personal loan a hassle-free option. This convenient process helps eligible applicants secure funds instantly, whether for emergencies, travel, or other financial needs.
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 personal loan.
- 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
- Nationality: Indian
- Age: 21 years to 80 years**.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
Learn more about eligibility and documents for a personal loan to ensure a smooth application process.
Documents required for an instant paperless personal loan
Once you meet the eligibility criteria, gather the necessary documents. Commonly, lenders require the following:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
In your hurry to get a loan instantly, don’t forget to check personal loan interest rate 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. To check your Bajaj Finance personal loan application status, you can make use of the Bajaj Finserv loan app.
*Conditions apply
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
Many lenders provide loans without customers having to submit physical copies of documents. These are often called as paperless loans.
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.
You can apply for our personal loan by clicking on the APPLY button on this page. Once you complete the application process and submit digital copies of the required documents, our representative will contact you. Select customers with pre-approved offers may even get a loan without needing to submit any documents.
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
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.
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.
