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How to Get a Touchless Personal Loan Completely Online

2021-06-11
3 Min Read
Author - Pawni Mishra
How to Get a Touchless Personal Loan Completely Online
204 views

Covid outbreak started in India from the first week of March 2020, and soon after, the whole country went into lockdown. As a result, nobody could step out of their house. Only essential services were allowed to function, which were hospitals, banks and grocery shops. So hospitals and visiting grocery shops were the necessity for people. However, many were refraining from visiting a bank branch until and unless things are stuck. That is the time when contactless and touchless banking started gaining immense popularity. Moreover, with the introduction of digital personal loans, things were made simpler for people who wanted money to meet the financial crisis.

What is a touchless personal loan?

A personal loan available at a digital platform or probably on an app by lenders is a touchless personal loan.These loans require minimal documentation, you are only required to submit KYC documents, and the loan amount is sanctioned in your account within 24 hours.

Eligibility criteria to get an online personal loan

The eligibility criteria remain the same as for a personal loan applied in a bank branch. Any salaried or self-employed professional who is between 21 years- 65 years of age sitting in the corner of the country can apply for the same.

Which banks or NBFCs offers touchless loan

These loans are available from all leading banks, NBFCs and fintech platforms. Here is a list of the top 5 banks offering digital loans:-

Bank

Interest rate

Early Salary

2%

Paysense

1.33%

MoneyTap

1.08%

HDFC Bank 

10.25%

Yes Bank

10.49%

Is the touchless personal loan a costly affair?

It is a myth that touchless and digital personal loan is expensive. Believe us, depending on a few factors like borrowers income, employer name, credit score, and few others; such loans can be less expensive because they do not have higher processing fees or higher interest rates.Therefore, to get the best offer, always compare the interest rate and other charges

Make sure your KYC is done.

To complete the process within no time and get the loan at an attractive interest rate, your KYC is required. Make sure you have an updated digital KYC footprint.

Tips to avoid digital personal loan rejection

  • Keep your mobile number and Aadhar number updated
  • Ensure that all your savings account net banking facility is working, especially in the account where you receive the salary.
  • You must update the current address in your aadhar card and savings account bank.
  • Your official email must be working correctly.
  • To complete the video KYC, you must have physical copies of your Aadhar card, PAN card etc.

How to apply for a digital personal loan

  • Visit MyLoanCare.in or download the app, or you can also visit the website of the selected lender.
  • Fill in personal and loan requirement details like name, number, income, residence, etc.
  • Once the information is submitted, a loan officer will contact you within few hours and help you with the whole process.
  • Upload the KYC documents like Aadhar card, PAN card etc.
  • Finally, the loan will be disbursed in the account within a few hours or in up to 1-2 days.

Last thoughts:Online personal loans were in the market, but they were progressing at a snails pace. However, during covid, more people started applying for loans digitally with the ease of applying for a loan from the comfort of their homes.




About Author

Pawni Mishra
Writing was her hobby and few years later she made it her profession, so to enjoy work. She has been in this field for 3.5 years now and loving every bit of this content world. Currentlly, she is writing on financial topics and is loving every bits of it.

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