India is going digital and to stay aligned with the digitisation-for-all goal, most financial institutions are also implementing new technology to mitigate the need for physical documents. From transferring money and making online payments to offering instant loans without documents, which seemed a distant affair only a few years ago, are now a reality.
Gone are the days when one had to prepare countless documents and visit financial institutions frequently to sanction their loans and get approval. With cutting-edge technology, personal finance service providers are offering instant personal loans without documents. With 100% paperless loans, lenders like Navi are changing the fintech space with a positive impact. This article talks about how you can get instant loans without documents.
Not all banks or financial institutions offer loans without documents. However, you could still get a loan with minimal documents provided you have an excellent business relationship with your bank or lender. Such relationships are built on mutual trust where the lender has faith that you would repay the loan in time.
However, there could be other factors that the lender might consider before instant loan approval:
If you’re looking for an instant personal loan with minimal documents, apply through the Navi app. With Navi, you only need PAN and Aadhaar verification to complete your KYC and avail of loans up to Rs. 20 lakh.
|Type of Employment||Salaried or Self-employed|
|Monthly Income||Minimum of Rs.15,000|
While applying for an instant loan without documents, the paperwork required should be minimum. There are many facilities available online, from where you can avail of the benefit of paperless loans. The benefits of paperless loans are as follows:
In case you’re in need of an instant personal loan, the best way to go about it would be to approach a lender that won’t ask you for any physical documents for verification purposes. However, you will still need to provide certain basic information to the lender to process your loan further. Here are the information that you might need to furnish:
However, with Navi, you will only need to show your Aadhaar and PAN details via video KYC. Once verified, and if you’re eligible, it won’t take more than 20 minutes to get the loan amount disbursed into your account.
Here are a few simple steps and processes to be followed where you can easily get an instant loan without documents from Navi:
You can get an instant loan up to Rs. 20 lakh at attractive rates starting at 9.9% p.a. from Navi.
While it can be tempting while applying for loans, especially when you don’t need any documents to submit, still there are a few important things that you need to be aware of.
Thanks to technology now you can get instant personal loans without documents. Now most of us don’t have to worry about the long and lengthy loan documentation process in times of emergency.
With the Navi app, you can get instant loans without documents up to Rs. 20 lakh with flexible tenures of up to 72 months or 6 years.
Ans: Paperless loans are usually personal loans where you need minimal or zero documents to submit during the loan application.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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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