In India, no banks or lenders provide loans or instant cash without valid documents. Documents provide a sense of security to lenders, and it’s not possible to obtain a loan without providing these required documents. Though the private institutions and their entitlements have reduced the paperwork and quick and easy loan schemes are trending in finance marketing, yet the basic documents are taken into consideration.
But, as we know, there are exceptions to each and every sector, and so here also a few institutions have a mandatory soft credit check with the paperless online application process which finally determines your approval status. These are called online personal loans and are getting a huge success in the financial market. Instant personal loans are unsecured loans provided to individuals on the basis of their credit history.
Personal loans can provide huge reassurance in times of adhoc financial crunch. Such a loan ensures to meet your financial goals at your fullest potential. When you google us up, we will be found on top. Personal loans are unsecured as there is no collateral required.
Today technology has enabled lenders to lend money with a minimal amount of paperwork and this is because all your personal information is easily accessible online.
Instant loans or easy loans are those in which the borrower applies online via a digital platform. There is no need to submit any photocopies or attested documents, thus simplifying the process.
Easy ways to apply for loans without documents
- Take advantage of the pre-approved loan offer
- Look for lenders who are ready to provide quick and paperless loans
- Maintaining the good and high credibility score
- Keeping the required basic paperwork ready
- Prepare alternative proofs
- Have a good relationship with the lenders
Personal Loan Details
Amount Tenure, Fees, and Other Charges:
Loan Amount: ₹25,000 to ₹2,00,000
Minimum Annual Percentage Rate (APR): 19%, Maximum APR: 49%
Minimum repayment period: 6 months, Maximum repayment period: 36 months
Processing Fees: 0% to 5%
(Customers opt for a Value-Added Service, the fee for the same shall be levied additionally)
Representative Example:
For ₹25,000 borrowed for 12 months, with an annual interest rate (APR) of 19%*, a user would pay:
Processing Fees = 0%
Interest = ₹4750
Monthly EMI= ₹2479
Total Amount Repaid after a year = ₹29750
Some of the things you can follow in order to avail of a documentation-free personal loan:
- Establish a good relationship with your bank.
- Pay all your dues on time with the bank,
- Do not miss any payments associated with the bank.
- Maintain a high credit score.
How can I apply online for a Personal Loan?
To get an instant personal loan, follow the given steps on the online app:
*Choose the lender you want to have a relationship with.
*Open the app and click on Boost loan.
*The instant cash loan page will appear on the page. Click on ‘I am interested’.
*Type in your personal details i.e., Aadhar card number and PAN number, as the next step.
* The apps check your eligibility for an instant loan online. The amount you are eligible for will be reflected on the screen.
*You can type the amount you want to withdraw and click on ‘boost credit’.
*The amount will instantly reflect in your wallet as an instant loan online i.e. small loan.
*Everything is going online, from application to approval; documentation merely seems like a time taking a step, which may be avoided in some exceptional cases.
Ways to avail personal loans without documents
- Repayment of existing debts and loans
- No default in paying the past dues
- Good terms with the lenders
- Maintaining a high credit score
- Keeping a serious check on debt-to-income ratio
The major benefit of an unsecured loan is that the users do not require pledging of any collateral or asset to avail of your instant personal loan.
Some online apps allow the users to avail themselves of an instant personal loan without the requirement of any collateral or assets, making the process smooth and easy. So, no hustling anymore; get your desires fulfilled within a click. The process of availing of a personal loan has been simplified with minimal documentation as compared to other loans.
Summing up and studying the article well, we get the answer to an important query and one of the most searched questions online – How can I get a loan instantly without documents?
To get a loan instantly without documents, you can consider many of the options available online. These are hassle-free and involve minimal procedure while you can get the loan within a few hours when needed though in some cases with a higher rate of interest or special fees for the services.