What is personal loan without documents? Before the commencement of “Digital India” Campaign by PM Narendra Modi, getting personal loan was a lengthy, complicated and time-consuming process. But for now, securing a loan has become faster than ever before as you can easily get it in paperless manner. Personal loan without document or paperless personal loan is a financial transaction that occurs between the lender and the borrower through digital lending platforms. Digital enablement of personal loans saves your time by avoiding need of heaps of photocopies or attested documents and frequent visits for loan approval.
Paperless loan speeds up the approval process by cutting down paperwork. In this loan approval process, technology and tools play a crucial role in reducing the time between approval and disbursal of the loan. However, you need to furnish some personal information for evaluation purpose. Information required may include your PAN number or your salary account details, address, etc.Easy ways to get a personal loan without documents
Selecting a financial institute – When it comes to borrowing credit, loyalty plays an important role. You can easily avail personal loan without documents, if you maintain a good relationship with the financial institute. When the lender already have important information such as KYC documents on hand and access to your financial history, then they can easily judge your creditworthiness and monetary stability.
Maintain a high credit score – Credit score is a numeric representation of your creditworthiness. As personal loan is an unsecured form of credit, it is used by lenders to determine the risk involved in sanctioning your application. It is important to maintain a high credit score (750 and above) as it determines your repayment capacity.
Repay your existing loans and dues on time – In order to secure a personal loan without documents, it is important that you don’t have missed EMI payments and loan defaults. In case, you’re using credit card, then your credit history should ensure that you paid the credit card dues as required, especially the total outstanding. Strong credit history helps you avail personal loan conveniently.Points to remember to get instant personal loan without documents
Though the personal loan is paperless, still you need to provide certain essential documents like your PAN card, identity proof, and address proof. It is mandatory to submit one’s PAN card as it is required by the tax laws. However, you can still avail personal loan of amount lesser than Rs. 50,000 even without a PAN card.
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Disclaimer – We don’t offer loans and don’t have partnership with any bank. Articles is strictly for informational purpose.