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How to get an Instant Loan without documents
- Updated on: 18 Sep 2024
- Published on: 29 Jul 2021
Barely a decade ago, paperless loans seemed a far-fetched option. However, advancements in digital banking and access to the internet have transformed the way you can now access credit. While getting a loan was tedious, inefficient and complicated once, today, it is easy. In fact, you can get a paperless personal loan online in a matter of minutes.
Even though documentation is one of the core steps of getting a loan, it can be a pain to go through when applying for conventional loans, as you need to submit physical copies. But with a paperless personal loan, you no longer need to submit any written application or documents. You could apply for a loan through the digital platform and get urgent cash loans without documents.
To know more about easy loans without documents and how to get one, read on.
Also known as easy or instant loans, paperless loans offered by digital lenders require no hard copies of documents. It’s fairly straightforward; you can submit your application online and upload the required documents via a lending platform.
One such lender is Fibe. You can get up to ₹5 lakhs as an urgent cash loan without documents on the Fibe Personal Loan App. You can also go to our website to learn about your EMI, interest rate, tenure and other loan details before beginning the application process.
Hassle-free processing comes in handy when you require immediate funds. With a digital application, you can get an urgent cash loan without documents that need to be physically submitted. This is because it is an entirely online process from start to finish. This way, you avoid visits and waiting hours as well as added stress.
The fact that everything happens online makes the whole process efficient. From submission of documents to disbursement, the entire process takes only a few minutes with the right lender. Through Fibe, you can get funds in just 2 minutes!
Paperless personal loans are a great option to get instant funds, especially when you have time constraints. Here are other tips to avoid lengthy paperwork:
Most lenders offer pre-approved loans to existing customers. These come with better loan terms and a relatively quicker process. Moreover, applying for them generally requires no additional documentation from you.
This is because your current status as a customer makes you eligible based on your previous records. This includes your credit score, income and repayment capabilities.
Also Read: Personal Loan without income proof
By maintaining an excellent relationship with your lender, you can make your borrowing experience much better. This is why getting loans from the same lenders is far easier. Of course, this relationship goes both ways.
When opting for a personal loan online, pick a lender with an easy and transparent application process and great customer service. This helps ensure that your borrowing experience is worry-free.
Certain digital lenders are well known for their speedy disbursal of an easy loan without documents needing to be physically submitted. Applying with these lenders can mean quick and hassle-free access to funds.
While the paperless process is a convenient method to get an easy loan without documents, lenders still assess your borrowing capacity. For this, your credit score is an important factor as it displays your repayment capacity and creditworthiness. Therefore, having a high credit score improves your chances of getting funds digitally.
The term paperless loan may give you the wrong idea as you still need to submit your primary identification and income documents. This includes KYC documents like an Aadhaar card, PAN card and current and permanent address proof.
In addition, lenders also need you to submit your bank statements for a check before loan disbursement. However, you need to upload these online, hence the term paperless. In some cases, lenders require salary slips or IT return documents, but if you do not have them, you can submit other documents like Form 16. Confirm the list of required documents from your lender to stay prepared.
With these facts, you can handle your financial requirements better when getting a paperless personal loan online. As easy as getting instant loan approval has become, it requires you to be more focused on your submission. So, read the terms and conditions thoroughly before finalising your loan.
Be entirely sure about every detail that comes along with instant loan approval. This way, you can ensure that you don’t have any issues or confusion during repayment. When you need an urgent cash loan without documents needing to be submitted physically, you can rely on Fibe. Our eligibility criteria are straightforward and you only have to furnish basic documents to get an affordable instant Personal Loan of up to ₹5 lakhs. Download our Personal Loan App or register on our website to get started!
To get a paperless personal loan online, you can apply with a lender who offers digital loans. While applying for such loans, you only need to submit a few soft copies of basic documents, such as your PAN number, bank statements, etc. The entire process generally takes just a few minutes.
This depends on the lender you apply with. Generally, lenders require you to have an income source to showcase your repayment ability. To get a personal loan from Fibe, you must be a salaried individual with a minimum in-hand salary of ₹15,000 if in non-metro cities and ₹18,000 if in metro cities.
You can get an instant loan without income proof in the following ways:
However, remember that the approval is at the lender’s discretion and showcasing good income improves your chances of approval as it demonstrates good repayment capacity.
In case you don’t have the complete set of documents, applying for a personal loan with an existing lender is a good option.
The eligibility criteria vary across lenders. To get an easy loan without documents that need to be submitted physically from Fibe, you must be:
A paperless loan is when you apply for a personal loan by submitting your documents as soft copies to the lender. It is a simpler way to get instant funding from lenders such as Fibe, where you can get a loan of up to ₹5 lakhs in just a few minutes.
