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:

1. 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. 
2. 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 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.

Eligibility Criteria for Instant Loan without Documents

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 where 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

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.

Steps to Get Instant Loan at Navi without Documents

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 Android or iOS device
• Step 2: Go to “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 on Instant Loan without Documents

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