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Guide - How To Get Instant Personal Loan Online Without Documents

2021-06-04
3 Min Read
Author - Megha Khanna
 Guide - How To Get Instant Personal Loan Online Without Documents
372 views

Minimizing paperwork not only simplifies the process but also conserves our environment without any wastage of paper. Any physical documentation requires time and delays the loan sanction process. Like banks, can postpone your loan sanction and impact your financial planning through documentation and a prolonged verification process.

On the other end, an online application for a personal loan is an easy and rapid way to obtain money without worrying about documentation.

Personal loans are unsecured loans and are primarily provided based on your credit history. There are chances that if your credit score is good, you will require fewer documents which helps in quick loan approval. Most of the banks offer pre-approved personal loans to their existing customers with minimal documentation and makes it even easier to avail of finance.

Methods to Avail a Personal Loan without any Documents:

High Credit Score

Today, banks trust more on your credit history as your Credit Score shows your creditworthiness and makes you a reliable borrower. You need to maintain a good credit score of 700 and above to get loans hassle-free and document-free.

Clear Outstanding Dues and debts

If you have credit card debts or loans where you need to pay EMIs, make sure you do not miss them. Paying dues on time makes a good impact on banks and financial institutions, providing loans. Clearing your previous debts may help you get a personal loan faster without or with minimal documentation.

Do not Miss Payment Dues

If you have certain fixed monthly payments like your electricity bill, rent, credit card bill, you need to pay them on time. If you miss any payments or make a delay in payments, it conveys a message to the lending institution that you cannot manage your finances properly and getting a loan without documents is not possible in such cases. So, do not miss any payments or dues.

Maintain a Good Relationship with Financial Institutions

If you are already a customer in a lending institution, try to maintain a good relationship with the lender, which might help you get a loan without documentation and moreover low-interest rates on a personal loan

Check your Debt-to-Income Ratio

A low debt-income ratio indicates a high repayment capacity of an individual. A 40% DTI ratio is the highest a person should borrow from a lending institution in India. Of course, lenders may prefer an individual with less debt-to-income ratio.

Who can Apply for an Instant loan Online?

Any individual who has a valid PAN card, monthly fixed income, and a high credit score can apply for an instant loan online. Your salary slip is a vital factor in the willingness to pay EMIs for personal loans. It will also reveal your spending and saving patterns to determine loan amount and eligibility.

In order to get an instant personal loan from leading banks or NBFCs in India, you must fulfil the following eligibility criteria

  1. An Indian resident with a minimum salary of Rs. 20,000 per month
  2. Must be a salaried professional working in a private company, MNC or government sector
  3. A credit score of 700 and above
  4. Minimum work experience of a year

Why Apply for an Instant Personal Loan Online?

A personal loan is a flexible loan scheme that makes it perfect for usage in times of urgent cash needs. A personal loan interest rate varies from one financial institution to another.

  • No need to physically visit the branch of the financial institution.
  • It is less time-consuming than applying for a physical loan at a bank branch.
  • Online personal loans are instantly sanctioned, require less paperwork; one can get the loan amount within 24 hours directly into their bank account.
  • An individual can instantly check their loan eligibility online to avoid waiting for your loan application approval.

A variety of advantages and benefits suggests that a personal loan is ideal for getting cash for unexpected or unforeseen expenditures. Since they are instantly authorized, you can expect the money immediately.

The online application process also allows you to apply for a loan efficiently without filling out paperwork or waiting for your loan application to be approved.

The online process is fast and straightforward, making it perfect for anyone looking for a loan to quickly obtain a personal loan and with minimal inconvenience. You may apply for a personal loan without submitting any physical documentation and receive instant approval.

About Author

Megha Khanna
Megha Khanna | Living, loving and laughing | She loves writing and reading in her free time. Working with MyLoanCare since 2019

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