Can I Get A Personal Loan Without Documents?

Can I get a personal loan without a documents? Click here to know what documents are required & what things are to be kept in mind while applying for a personal loan!

26 Sep,2022 11:38 IST 129
Can I Get A Personal Loan Without Documents?

Personal loans are ideal for borrowers with inadequate capital to cover their expenses. However, the loan application process includes the completion of KYC and submitting other essential documents. However, if the borrowers do not possess the documents during the application, can they get a personal loan without it?

What Are Personal Loans?

Lenders such as NBFCs and banks offer personal loans to borrowers who want to cover their immediate personal expenses. Such expenses include paying for marriage, education, home, renovation, vacation, etc.

Personal loans do not come with end-use restrictions, and the borrowers can use the loan amount for any personal purpose without detailing the use. Like other types of loans, borrowers are legally liable to repay the loan amount with interest to the lender within the loan tenure.

Can I Get A Personal Loan Without Documents?

When lenders such as banks and NBFCs offer the loan amount to any borrower, they take on a high risk if the borrower defaults on the repayment of the loan. Hence, lenders require that the borrower provides some personal documents to prove their identity and address a transparent personal loan process.

A borrower can get a personal loan without submitting documents in two of the following cases.

1. You Are An Existing Borrower Of The Lender

Borrowers prefer to take a personal loan from the lender from where they have taken a personal loan previously or have a current outstanding loan.

In such cases, the lender also has all the relevant documents needed to complete the KYC and ensure that the borrower is a legal citizen of the country who is financially capable of repaying the loan. You don't have to submit documents again if you take a loan from a lender with an existing professional relationship.

2. You Are An Account Holder In The Lending Firm

Lenders prefer borrowers who have a savings or current account with their company or institution. It is because they have all the relevant documents of the borrower submitted at the time of account opening.

Furthermore, as the account is with the lending firm or institution, it becomes easy for the lender to review the borrower’s creditworthiness and debit the monthly EMI directly from the account. Hence, borrowers also prefer to take a personal loan with a firm or institution with which they have their savings or current account.


The above points were the two situations where you won’t have to submit documents to take a personal loan. However, if you want a personal loan from a new lender, you must fulfill the set eligibility criteria and present all the relevant documents.


Q.1: Is collateral required to take a personal loan?
Ans: No, collateral is not required to take a personal loan, and you can avail of the loan amount without pledging any valuable asset.

Q.2: How much loan amount can I raise through a personal loan?
Ans: You can raise Rs 5 lakh maximum through a personal loan from a reputed lender.

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.

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