Have you ever thought of getting an instant loan without documents?
Of course! Well, who hasn’t? You can apply for a personal loan to finance your lifestyle needs or to meet urgent expenses during an emergency. Personal loans are unsecured; hence a lot of paperwork was required to get approval earlier. However, the upgrade in technological advancements has enabled lenders to approve personal loans with minimum documentation. In this article, we are going to discuss the best five possible ways how you can avail an instant loan without documents from financial lenders.
Step 1: How to get an instant loan without documents Online
Many lenders, mainly Non-Banking Financial Companies (NBFCs) and a few private banks, are ready to approve personal loans without documentation based on their relationship with the customer. To become eligible for a document-free personal loan, you need to follow sound financial practices that improve your creditworthiness in the eyes of the lenders. Below are some of the suggested things that you should be aware of if you wish to take an instant loan without documents online:
- Maintain a Healthy Credit Score: Your CIBIL (Credit Information Bureau India Limited) credit score is the single most important sign of your creditworthiness. Hence it is, therefore, advised to maintain a good credit score, ideally more than 750 points, to become eligible for document-free personal loans.
- Pay All Your Dues on Time: If you have a credit card, you must always make sure that you always clear your dues before the payment due date and keep the credit utilization below 30%. Doing so indicates that you hold good financial health and are punctual to the lender.
- Maintain a Good Relationship with the Banks: If you apply for an instant document-free personal loan, you already have a good relationship with them, and you are more likely to get faster approval without any documentation from a bank as you already have an operating account with them.
- Avail Pre-approved Loans: If you had a good credit profile and credit score in the past, some of the lenders might even offer you pre-approved personal loans up to a certain amount. Also, these loans are already pre-approved does not require any documentation while applying.
Step 2: How to get an urgent cash loan without documents
- Take a loan from the same bank or NBFC as much as you can afford to repay later. You will become your NBFC loyal customer, and they will offer you a higher cash loan amount.
- When filling up the application form, provide all the correct information. Providing fake information may lead your application may get rejected.
- Be truthful and apply for an amount that you can repay it.
Step 3: How to get an instant loan without income proof
For most instant loans, one of the mandatory requirements during the loan application filling form is to submit your PAN card details along with your loan application. However, some financial institutions may allow you to avail of instant loans of small amounts, which is less than ₹50,000, without requesting you to submit your PAN card.
Step 4: How to get an instant personal loan without income proof
Since a personal loan is an unsecured loan, banks usually ask you to submit your last three months’ salary slips or income tax returns (ITR) certificate along with your loan application as proof of income at the time of availing instant personal loan without income proof. In case you are unable to submit your salary slips or IT returns the certificate, you may choose to submit Form-16 to prove your income:
- Submit Form-16: If you are a salaried employee, you will receive Form 16 from your employer as proof of tax deduction from your salary. In most cases, Form 16 is also accepted as proof of income. In case, for some reason, you are unable to provide your salary slips, you can submit the latest Form 16 to the lender or bank as proof of your income.
Benefits of Applying for instant loans without documents online
Suppose you want quick access to the personal loan completion process. Apply using an instant personal loan app that will save time and tiredness from running door-to-door to banks and lenders. As a customer, you can apply, get approval, and receive a loan from the comfort of your home. Below are a few benefits listed for applying for an instant loan without documents online.
- Perfect for emergency issues: You mostly choose instant personal loans without documents during crises and personal emergencies by visiting a bank or lender by applying for a loan and then waiting for disbursement. It is a lengthy, tedious, and time-consuming long process. Online loan apps and websites, time takes less processing time as compared to offline mode, and the loan amount is credited to your bank account. You can also monitor your loan portfolio, loan statement, set EMI reminders, etc., easily.
- Requires Less Documentation: Applying online or app requires less documentation than the offline process. You can avoid documentation stress as the online process is very smooth and time-saving. Upload your documents like ID proof, address proof, and income proof which are secured.
- Gets Quick Approval: When applying to avail loan through a website or app, the verification process is fast and has a higher chance that your loan request gets approved instantly, and you do not have to keep waiting for days. You need to upload your correct documents, after which you will receive a message that your loan is approved. The loan amount will get credited on the same day to your bank account.
- Confidentiality: It is said that paperless loans are a safe and secure process. Your account is kept private and confidential. It is also protected through encryption on secured loan platforms.
- Flexibility: You do not need to notify the bank about how you wish to use the loan amount. You can enjoy flexible loan repayment tenures from 12 to 60 months.
Wrapping Up:
Today availing of an instant loan without documents is an easy and simplified paperless process. When you apply for your first loan, you provide photos of your original documents to confirm your identity. You can get money within a minute without any documents for your second loan. You also get higher limits and instant approval from anywhere, anytime. For the benefit of getting the next loan within a minute without documentation if required, pay back on time to avoid becoming a defaulter and impacting your CIBIL credit score.
Also Read Interesting Articles: RSpedia.
