If you are looking to take a personal loan, you may most likely make an offline application. Whenever you apply for loans offline, a certain number of documents have to be physically submitted to the lender, be they any bank or NBFC.
However, if you are one of those who does not like the hassle of producing photocopies of physical documents for various purposes, and prefers the digital ways, you can actually get a personal loan without documents.
Nowadays, banks and NBFCs are allowing borrowers to apply for instant personal loans through online portals, where they can submit scanned copies of the documents that need to be submitted along with the application.
These will be automatically uploaded via the portals, allowing the borrower to avoid the hassle of standing in queues for the same.
Also Read : What is a Collateral Loan, and How Does It Work?
Who is eligible for a personal loan without documents?
If you are looking to apply for a personal loan but are unable to produce physical documents, you should remember the following important criteria:
- Existing borrowers or account holders at banks or borrowers who have already taken loans from an NBFC will be preferred. These borrowers must have their KYC details already confirmed with their lenders.
- Those who maintain a high credit score (750 or more) will be given more preference by the lenders to apply online for loans without documents. Interest rates may also be lowered considering their responsibility as borrowers.
Which lenders to approach for a personal loan without documents?
If you want a personal loan without submitting physical documents, you should ideally approach banks of NBFCs who already have your KYC details to reduce turnaround time for the approval of your application.
Approaching banks or NBFCs with end-to-end digital loan processing capabilities will also help you to get your loans approved quicker than the approval time needed in case of offline application.
Can I get a 50000 loan without a salary slip?
Yes, you can get a 50000 personal loan without a salary slip. If you are unable to produce your salary slip while applying for a loan, the lender may want to check your bank statements.
This helps them to understand in how many installments and over how long a tenure you will be able to repay the entire loan amount.
Bank statements can help your lender to understand your financial situation and fix the loan amount accordingly. In this case, you will not need to submit a salary slip.
Can I get a 30000 loan without income proof?
Lenders generally want to see income proof of borrowers in order to understand their financial standing at the time of applying for a loan.
However, you may not be able to produce income proof. In such a situation, the lender will ask to see your bank statements.
This will help them to understand your current financial situation based on cash flows from your end. This will help them to decide on a suitable loan amount for you.
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