Paperless Loan Advantages
Explore the benefits of paperless loans, including faster processing times and reduced environmental impact. Find out how going paperless can help you save time and money
Due to digitization, paperless personal loans are getting popular amongst the borrowers. Paperless personal loans have a seamless process right from their application to their disbursement in virtually no time. This results in the borrowers getting the required funds quickly in their time of need.
What Is A Personal Loan?
A personal loan is an effective way to meet all your stressful financial needs. A personal loan is an unsecured loan thus it requires no collateral deposit. Most of the personal loans have no end-use restrictions thus they can be used to meet any financial need like a wedding, house refurbishment, medical emergencies or a vacation. Personal loans require minimum documents like proof of ownership, income and address for the application to be processed. Some lenders may have eligibility conditions like stable monthly income and a good credit score.
Nowadays, borrowers can avail a personal loan just like purchasing a commodity online. The borrowers need to fill the application, upload scanned copy of required documents and after the approval of the loan; funds are directly transferred to the borrower’s bank account.
A Green Approach: Online Paperless Personal LoanIn recent past a lot has changed how customers are dealing with their banking needs. Most of the customers require quick solution to their banking and financial needs. Government is also building a cash-free infrastructure. The advent of digital markets in the financial sector has led to paperless personal loans.
How Does Paperless Loan Work?
Financial institutions find it easier to receive and verify the digital documents before approving a loan. Potential borrowers also favour online personal loans as they do not visit the branch and fill out the form manually. The borrower can submit the scanned copies of the required documents. The online loan can be applied from anywhere and get it approved easily.
There are many instances where easy paperless personal loans can be helpful:
• As financial support in times of financial crisis
• During medical emergencies
• Meeting unplanned wedding expenses
• To make a sudden repair to your house
• To meet the expenses of business operations
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Eligibility To Apply For An Online Personal LoanIn order to have a seamless process of availing a loan, you must fulfil the conditions given below:
• You must be an Indian citizen
• You must be between 22 and 58 years
• You must have a good credit history and a good credit score of minimum 750
• You must have the soft copies of the required documents
List Of Documents Required For Online Personal LoanThe process of an online personal loan can be fastened if the borrower has the following documents in the form of a soft copy
• Proof Of Identity –Aadhar card, PAN card, Driving license, Voter’s ID card or any other valid ID with your photo and name on it
• Proof Of Residence –Utility bills, Passport, Ration card or Voter’s ID card
• Proof Of Service –Your work ID card of your current employment
• Financial Documents –You may need to submit your bank statements, Form 16 or equivalent tax form and salary or income slip of last 2 months
Benefits Of Applying For Online Paperless Personal Loan
• No Paperwork –Since the whole process is digitized, the borrower no longer is required to visit the branch with the required documents and undergo the tedious process of completing multiple forms manually.
• Quick Disbursement –As soon as the documents are verified the loan is disbursed in to the borrower’s account directly. You may also access pre-approved loan which also makes the process faster.
• Eco-Friendly Approach –Using digitized approach to avail a loan saves substantial quantity of papers making it an environment friendly approach.
• Low Cost –Lenders can reduce the cost of form printing and other operational costs by promoting online paperless personal loans. The lenders can pass on the benefit of reduced costs to the borrower. Thus, attracting more customers.
• High Security –It is always a risk of losing an important document in the traditional way of applying for a loan. In the paperless approach all the required documents are scanned and stored digitally. Hence the risk involved reduces manifold times.
Applying for a personal loan online is easy and hassle –free process. It is less time-consuming where you do not need to manually fill out multiple forms. Once the documents have been verified, the loan amount is credited to the borrower’s account.
IIFL Finance understands the need for quick capital and has designed its loan products to come with the lowest personal loan interest rates. Personal loans are flexible and include customised repayment options, keeping in mind the capital needs of borrowers. Furthermore, IIFL Finance personal loans have no hidden costs or charges. Once you apply for a personal loan with IIFL Finance, you can be assured of an ideal loan product with utmost transparency.
Frequently Asked Questions
Q1. Are instant loan apps safe?
Ans- You can safely apply for loans online if the instant loan app works with an authorized and reputed bank or NBFC.
Q2. Do instant personal loans require collateral?
Ans- No, you do not need to pledge any collateral for an instant personal loan.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.