Nowadays, personal loans are available online instantly by providing minimal documentation. The term without documents or paperless does not mean that the individual is not required to submit any documents. It only means that the individual will be submitting them in digital format or will be uploading them online. So, these loans are called pre-approved instant personal loan without any documents or paperless. They save time and energy and involve hassle-free processing. Apply for instant loan without documents on CreditMantri and enjoy the benefits. 

Key Highlights of Instant Personal Loan Without Documents

  • Collateral Free: This calls for easier processing on both sides - On the lender’s side because he has fewer documents to process as there is no collateral. On the borrower’s side because he can avoid providing assets. 

  • They are instant hence the name: Instant loan without documents are processed online. Hence applying, verification process, and disbursal takes place quickly. 
  • Security: Online paperless loans are verified by following a meticulous process. Privacy of confidential data is ensured, and the information can only be viewed  after your approval. 

Interest Rates For Instant Loan From Top Financial Institutions - A Comparison
 

Financial Institution Name

Interest Rates (p.a.)

MoneyView 

Starting from 1.33% per month  

Fibe 

Rs. 7 per day 

Cashe 

2.50% interest rate per month 

KreditBee

1.02% to 2.49% per month 

PaySense 

1.33% and 2.17% per month

MyShubhLife

Between 1.25% and 2%

HDFC Bank 

10.50% onwards

ICICI Bank 

10.50% onwards

Kotak Mahindra Bank 

10.99% onwards

Bajaj Finserv

11.00% onwards

IDFC First Bank 

10.49% onwards

Important Tips To Avail Instant Loan Without Documents 

Ensure to Have a High Credit Score

The credit score is a very important parameter which banks and financial institutions look at before giving a loan. Higher the credit score, higher the chances of loan approval because a higher credit score indicates a good repayment history and that you can handle your finances with discipline. So, the lender is confident of your repayment capacity. On the other hand, lower the credit score, lower the chances of loan approval. A credit score of 750 and above is considered excellent. All lenders will be willing to lend for that score, and you will also get preferential interest rates. 

Debt to Income Ratio

The debt to income ratio reflects how much of your income goes towards debt payment. The debt to income ratio should ideally be below 50%. A low debt to income ratio indicates that less of your income is going towards paying debts, and the lender feels reassured about your repayment capacity then. Your chances of getting approved for an instant personal loan may be higher in that case. 

Have a Healthy Relationship With Your Loan Provider

For an instant loan, it is better to approach a lender from whom you are already taking financial services. An existing lender will already have your personal details and may not require any extra documents. He will consider your transaction habits and existing investments like fixed deposits and recurring deposits while evaluating your loan application. He may also have pre-approved instant loan offers for you based on your credit profile. It is always recommended to gain the trust of your lender by maintaining a good repayment history so that you can approach him anytime for credit. 

Who Can Get Paperless Loans Easily?

Existing customers of a financial institution can get paperless loans easily. This is because the institution already has your verified KYC documents and your personal details. It is thus easy for them to approve the loan and disburse it instantly. Some financial institutions also offer pre-approved instant personal loan based on your credit profile. 

What Are The Essential Documents For Paperless Loans?

The documentation required is very minimal, and they are as follows:

  • Address Proof: Water bills, electricity bills, driver’s license, gas bills, and aadhaar card, etc.  
  • Identity Proof: A valid passport, driver’s license, aadhaar card, and voter ID.
  • Income proof: Bank statements for the recent three months in PDF format 

How To Apply For Instant Personal Loans? 

You can apply easily for instant loan on CreditMantri. Choose the lender most suitable for you. Here are the steps to apply for an instant personal loan on CreditMantri. 

On CreditMantri

Step 1: Visit Short Term Loan Page

Step 2: Click on ‘CHECK ELIGIBILITY’ 

Step 3: Enter the basic details requested such as email, date of birth, loan amount requested, mobile number, residence city, and residence pincode. 

Step 4: Follow the rest of the instructions to complete the application

On The Lender’s Website

Step 1: Check your loan eligibility by giving some basic details. 

Step 2: Next, select the loan term, loan amount, and the repayment tenure. 

Step 3: Complete the KYC and income verification

Step 5: The amount will be disbursed to your account within a few hours after verifying your identity. 

What are the Advantages of Paperless Loans?

  • Safety and Security: Digital lending platforms are very safe and secure since they stick to strict security protocols set by the bank. So, all your financial details entered over the digital lending platform are secure.
  • Hassle-free processing: Applying for a paperless personal loan is easy. You can just do it with a few clicks online. You don’t have to go frequently to the bank and fill in long forms. 
  • Less time consuming: The process of applying for the loan and obtaining it can be done in a lower span of time as the entire loan journey is digital. You can save time and energy that is lost in visiting the bank and waiting 

Conclusion 

Instant loan are easily available in the financial market nowadays. It is just a matter of a few minutes and the loan amount gets disbursed to your account. But be cautious and verify the authenticity of lenders before you select one. You must choose legitimate, reputable, and trustworthy lenders when seeking an instant personal loan without documents.

FAQs

What is the process to apply for a personal loan without a salary slip?

Firstly, you should provide basic details about yourself and choose the loan term and amount. Post this, complete the KYC and income verification. Then, the loan amount is disbursed to your account. After the loan amount is credited to your account, you will get a loan confirmation letter and can make timely repaymentsAdhering to the terms and conditions of the loan. 

What is VKYC?

VKYC, or Video KYC is a feature that allows you to complete your KYC through a video. You can do it from the comfort of your own home while applying for a credit card, personal loan, or savings account. With this feature, the application process becomes even more simple and completely contactless.