How to Apply for an Instant Loan Without Documents?
Instant loan without documents are usually pre-approved loan offers made by a financial institution with which you have a long-standing working relationship. Documentation will not be required as the financial institution will already have the necessary documents. Moreover, before making the offer, the lender will only assess the applicant’s repayment ability.
If you need instant funding to deal with financial emergencies, you can avail an instant personal loan without documents. Let us explore some of its important details.
Features and Benefits of Instant Loan Without Documents
First, let us look at the features and benefits of instant loans without documents:
1. Hassle-free
The entire procedure is designed to be hassle-free and convenient. The only requirements for loan application are a stable internet connection and a device such as a mobile or a laptop. You can apply for the required amount from anywhere and at any time of your convenience.
2. 100% Paperless
Previously, applicants had to stand in long queues to submit their applications and documents. But, now, if the lender requires you to submit any document, you can simply upload it online. Moreover, if you are a long-standing valued customer of the bank, the lender might sanction your loan amount with zero or minimal documentation.
3. Less Time Consuming
The processing time of an instant loan without documents is lesser than what is required for regular loans. You can apply for this loan the moment you require funds and receive the money in your account instantly.
How to Apply for Instant Loan Without Documents?
Follow these steps to apply for an instant loan without documents:
- Download the lender’s app from Play Store or App Store. You can visit the official website as well.
- Click on the ‘Apply for Personal Loan’ button and proceed to the following page.
- Fill up the details as required and submit the required documents online if the lender asks. Keep your PAN, Aadhaar and bank account details handy.
- Complete your video-KYC once the lender’s representative contacts you.
- The amount will be disbursed to your registered bank account immediately after the lender completes verifying your application.
Instant Loan Without Documents Details
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
Eligibility Criteria for Instant Loan Without Documents
The eligibility criteria for availing instant loans vary from lender to lender but for the benefit of readers, some of the general parameters are discussed below:
1. Age
The upper limit of age depends on whether the applicant is salaried or self-employed and varies from one financial institution to another. But, applicants must be of minimum 18 years to apply for an instant loan without documents online. However, certain NBFCs and banks have set the lower threshold at a higher age such as 22 or 23 years.
2. Credit Score
Having a high credit score of 750 or above is of great help to get instant loans sanctioned by lenders. Financial advisors recommend maintaining a good credit profile if applicants wish to get credit sanctioned smoothly.
3. Occupation
While financial institutions offer instant loans without documents to both salaried and self-employed individuals, they might have parameters set for the income amount.
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Documents Required for Instant Loan
Given below is a list of documents you can keep ready when applying for an instant personal loan online:
- Aadhaar card
- Proof of address
- Latest salary slips
- PAN card
- Your company name and address
- Bank statements for the previous 6 months
- Passport size photographs
How to Calculate Interest Rate of Instant Loan Without Documents?
Calculating EMIs will help you to have a better understanding of your monthly financial obligations. You can calculate your EMIs manually by using the following formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Here,
- P stands for the principal loan amount.
- R is the interest rate per month.
- N is the number of monthly instalments
Manual calculations are lengthy, tedious and prone to mathematical errors. Using an online personal loan EMI calculator is a much better alternative. All you have to do is insert the loan amount, interest rate and tenure to receive your EMI amount within seconds. It is user-friendly and a great time-saver.
You can use Navi online personal loan EMI calculator to get the amount you have to pay every month:
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Ways to Avail Instant Loan without Documents
Discussed below are some of the ways you can avail instant loans without documents:
1. Have a Good Credit Score
Banks and NBFCs prefer loan applicants with a credit score above 750 as it indicates a greater repayment ability. To maintain a good credit score, make sure you repay all your dues on time. Also try to close outstanding loans, if any.
2. Choose Existing Lender
When you need an instant loan without documents, consider applying with your existing lender. Communication will be easier as you already have a working relationship with the bank. Moreover, it will be easier for the lender to assess your creditworthiness and determine your repayment ability. Maintaining a good relationship with the lender will also enable you to negotiate instant access to loans and favourable terms and conditions.
3. Choose Pre-Approved Offers
Often, financial institutions provide pre-approved offers to their valued and long-standing customers. This is another reason why building a fruitful business relationship with your bank would be helpful in the long run. Apart from receiving favourable terms and conditions, having an account with your existing lender would prove to be helpful.
Final Word
You can consider availing an instant loan without documents to address financial issues. The procedure is simple and convenient and will save important time. Make sure you have a good credit score. If not, then improve your credit history by repaying every outstanding debt. Do not forget to keep at hand your PAN, Aadhaar and bank account details as it will prove to be helpful.
Are you looking for an instant cash loan? Navi Cash Loan is here for you! It’s hassle free with 100% paperless process, affordable rates, zero processing fees and more.
FAQs
The maximum instant loan amount varies from lender to lender. However, Navi offers personal loans up to ₹20 lakh for all kinds of financial requirements with minimum documentation. The amount is disbursed immediately after verification.
Generally, people cannot avail instant loans without furnishing their PAN details, especially if the amount exceeds ₹50,000. Although some lenders offer small cash loans without PAN details, they ask for Form 60. But, keeping PAN details ready while submitting your loan application form would be beneficial as it would help in getting it sanctioned easily.
Financial institutions prefer applicants with an income and a high credit score for instant loans as it signals strong repayment ability. But, people who are new to credit and do not have a good credit score can receive loans from some lenders at higher interest rates.
Paperless personal loans are usually personal loans where you need minimal or zero documents to submit during the loan application.
Yes, you can apply for loans with minimal documentation through app-based financial service providers like Navi. However, loan approval entirely depends on loan eligibility.
You can get loans without documents or with minimal documents through tech-based personal finance apps. However, you might need to have a good credit score, proper Aadhaar and PAN card for KYC and employment details – salaried or self-employed, to avail of such loans.
Lenders like Navi don’t ask for your income proof while servicing your loan. However, you may still need to show your PAN or Aadhaar along with employment details to get a personal loan without income proof. Some lenders may assess your credit score and repayment capacity for such loans. Also, having a good business relationship with your lender helps.
In general, you need to have a salary account to get a loan. However, if you’re approaching an individual lender, you could get a loan without a salary account. In such cases, you may have to provide collateral. Another way would be to ask your spouse or sibling having a salary account to take a loan. You could repay them as per mutual agreement.
Tech-driven lending apps like Navi won’t ask you for a salary slip. However, you may need to provide employment details and PAN and Aadhaar Card for KYC to avail of a loan without a salary slip.
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