How to Get an Instant Personal Loan without Documents?
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.
How To Get Instant Loan 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:
- Credit Score: You need to have an above-average credit score to get a personal loan without documents. Usually, lenders prefer a credit score of 750 or above for such loans.
- Debt-to-income ratio: Debt to income ratio determines how much you earn Vs how much debt you have. Lenders often assess the debt-to-income ratio to check your repayment capacity.
If you’re looking for an instant cash 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.
Eligibility Criteria for Instant Loan without Documents
| Nationality | Indian |
| Type of Employment | Salaried or Self-employed |
| Monthly Income | Minimum of Rs.15,000 |
| Credit Score | 750+ |
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Advantages of Instant Loan without Documents
While applying for an instant loan without documents, the paperwork required should be minimum. There are many facilities available online, from which you can avail of the benefit of paperless loans. The benefits of paperless loans are as follows:
- No physical paper or documentation is required
- Hassle-free process
- Easy and convenient applications
- The instant amount can be received in the bank account
- Financial and personal information stays safe over the digital platform
- Time-saving and resource-saving
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Basic Information for Instant Loan without Documents
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:
- Bank account details for loan disbursal purpose
- PAN card & Aadhaar card for KYC verification
- Income details
- Employment status
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:
- Step 1: Download the Navi app on your device
- Step 2: Tap on “Apply for Personal Loan”
- Step 3: Mention loan details (amount, tenure, etc)
- Step 4: Complete your Video KYC
- Step 5: Submit bank details
- Step 6: Get your loan in under 20 minutes
You can get an instant loan up to Rs. 20 lakh at attractive rates starting at 9.9% p.a. from Navi.
Things To Remember Before Applying For a Loan
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.
- Your credit score: Your credit score reflects your creditworthiness. Having a poor credit score may lead to loan rejection. So, check your credit score before applying.
- Your repayment capacity: Are you already paying EMIs? Do you have other financial obligations to take care of? Ask these questions to yourself before applying. Take a loan only if you have proper financial standing.
- Your EMI: It’s important to know your monthly EMIs beforehand so that you can properly manage your finances. Use an online EMI calculator to calculate your monthly repayment obligations.
Final Word
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.
FAQs
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.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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