Paperless Personal Loan Features, Benefits, EMI and Interest Rate
Technology has reduced human efforts, and things have become easier, be it transferring money or getting a loan from anywhere, anytime and on the go. When everything is made available at your fingertips with 100% paperless personal loans, why rush to banks and financial institutions for loans when?
In this blog, you will learn about how a paperless loan works and how you can apply for one.
What is a Paperless Personal Loan?
Paperless personal loans are loans that do not require you to go through the lengthy process of filling out forms and submitting documents. Most lenders who offer paperless loans have an app-based ecosystem where the entire loan journey – from loan application to disbursal happens in a 100% paperless manner with zero to limited human intervention.
With advancements in technology, you can get instant approval and disbursal of a personal loan without submitting any documents. All you need to do is submit some required details online through the app/website of the lender.
Thanks to paperless loans, the entire loan process has become time-saving and hassle-free.
Features and Benefits of a Paperless Personal Loan
You can avail the following features and benefits if you apply for a paperless personal loan:
1. 100% Paperless Process
Lenders like Navi offer personal loans in a 100% paperless manner. This saves borrowers from unnecessary paperwork.
2. Instant Disbursal
If you have shared correct personal details with your lender, you can get your money directly credited to your account within minutes. Personal loans usually have a simple loan journey – from loan application to disbursal.
3. Flexible EMI Options
Repayment tenure can range anywhere between 3 months and 7 years. Select your preferred loan tenure and repay the loan as per your convenience.
4. Attractive Interest Rates
Borrowers with a credit score of 750 or above can get personal loans with lower-than-advertised interest rates. Also, customers with a pre-approved loan offer can enjoy lower interest rates.
5. No Collateral Required
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.
6. Minimal Documentation
Though you cannot get a personal loan without documents, today, you can get a personal loan with a few generic documents like PAN and Aadhaar details.
How to Apply for a Paperless Personal Loan?
Here are the steps to apply for a paperless personal loan:
Step 1: Go to the website or download the personal loan app from Play Store or App Store.
Step 2: Check your loan eligibility by filling in some details such as name, address and PAN details.
Step 3: Check the interest rate offered and enter your preferred loan amount and repayment tenure.
Step 4: Submit or upload the necessary documents and complete your KYC process.
Step 5: Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the documents you might need to apply for a paperless personal loan:
- PAN Card
- Aadhaar Card
- 3-6 months bank statements or salary slips
Also Read
Eligibility Criteria
Here’s the eligibility criteria for employed and self-employed individuals for availing a paperless personal loan:
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate & Other Fees on Paperless Personal Loan
Refer to the table below to get an idea of paperless personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate EMI on Your Paperless Personal Loan?
You can manually calculate your EMI with the following formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P is the loan amount, r is rate of interest, and n is tenure or the number of months.
However, you can skip this hectic calculation and use our online personal loan EMI calculator instead. Just enter the interest rate, loan amount and loan tenure to get the accurate EMI estimate within minutes.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types of Paperless Personal Loan
Here are some of the types of personal loans:
1. Marriage Loan
No need to compromise on your dream wedding or honeymoon. Apply for instant personal loan for marriage and enjoy your big day without any inhibitions.
2. Travel Loan
Tired of postponing your vacation for a long time due to shortage of funds? Apply for instant personal loan for travel and plan for your trip today!
3. Car Loan
Having a car makes commuting a lot easier. Apply for instant personal loan for car for car and travel anywhere in or out of your city hassle-free.
4. Bike Loan
In case you’re planning to buy a bike but don’t have enough funds to make the down payment, you can take a personal loan for two wheeler . Enjoy flexible repayment options and attractive interest rates.
5. Second Hand Bike Loan
Falling short of funds to purchase a second-hand bike? Take personal loan for second hand bike with minimal documentation and enjoy the joyride.
6. Used Car Loan
Not planning to heavily invest in a new car? Purchase a second-hand car. In case you’re falling short on funds, get a personal loan for used car. Enjoy instant disbursal with minimal paperwork.
Final Word
Paperless loans help save time and make the loan journey enriching. However, before applying, make sure to compare different lenders in terms of interest rates, fees and other factors.
If you’re looking for an instant loan, download the Navi app and apply for Navi Cash Loan. You can get loans up to ₹20 lakh in a 100% paperless manner. So, why wait? Apply today for the loan of your choice and repay in easy EMIs!
FAQs
Ans: The loan disbursement process of a paperless loan can be as quick as 24 hours provided that all the right documents are furnished and the verification is completed without any hassle.
Ans: Instant personal loans are unsecured loans. So, you do not need to provide collateral or security to avail the funds. You need to have a constant source of income and a high CIBIL score to be eligible for such loans.
Ans: The age limit to apply for a paperless loan is a minimum of 21 years and you need to have a PAN card. However, this might vary across lenders.
Ans: No, you cannot get a personal loan without CIBIL verification. You need to maintain a good CIBIL score for availing a personal loan.
Ans: We can get up to Rs.20 lakh instant personal loan online without documents from Navi mobile application.
Before you go…
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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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