How To Get Instant Paperless Personal Loan Online

Personal loan have become the popular option to meet financial need at the time of emergency. Read to know about paperless personal loan online.

18 Oct,2022 11:51 IST 317
How To Get Instant Paperless Personal Loan Online

Personal loans have become the choicest solution to cash crunches. Furthermore, a quick personal loan can provide the funds you need when you want to buy a car, get married, or pay a medical bill.

With digitisation, getting paperless loans is seamless, and lenders approve applications within minutes or hours after submission. The best part? You can simply visit the preferred lender's website to apply for an online personal loan from the comfort of your home.

This article discusses how to get an instant paperless personal loan online.

Eligibility Criteria For Instant Paperless Loan Online

The eligibility criteria for an online personal loan may vary from lender to lender. But, the general requirements are as follows.

• You must be a self-employed professional or a salaried individual
• You must be an Indian citizen
• Your age range during application must be 23-58
• Ideally, you should have a strong credit history and a credit score above 700.

Document List Required For Online Personal Loan

You can obtain a personal loan online by submitting the following documents:

• Identity Proof:

Aadhaar card, Voter ID, driver's license, PAN card, or any other valid ID that bears your name and photo.

• Residence Proof:

Utility bills, passports, ration cards, and voter IDs are all acceptable proofs of residence.

• Proof of Service:

Your work ID or business ownership documents serve as proof of employment.

• Financial Documents:

Include Form 16, your bank statements, and salary slips for the last two months.

Application Procedure For Online Personal Loan

Here are the steps to apply for an instant personal loan online.

• Go to the lender's website and find the application for an online personal loan.
• Fill out the necessary information, including your personal, employment, and financial information.
• Select a preferable repayment period and a suitable loan amount.
• Make sure you submit all the necessary documents electronically.
• Await swift confirmation and disbursal.

Points To Remember Before Taking A Paperless Personal Loan Online

• Maintain a high credit score

To qualify for a loan, your credit score must range between 750 to 900. To increase your credit score:

• Keep up with your existing debt repayments.
• Ensure you pay off all your existing loans before applying for a new loan.

• Compare All The Offers Before Applying

Ensure that you compare all available personal loan options before applying for one. This way, you can select a lender offering the lowest interest rate and the maximum loan.

• Check All Costs

Before applying for a personal loan, check all the charges applied by the lender, such as processing fees and prepayment penalties. Select a lender with the lowest or the most affordable rates

• Check Your Repayment Amount

Don't borrow more than you can afford to repay. Ensure your income is sufficient to cover EMI payments without causing financial adversity.

It is easy and time-saving to apply for a personal loan online. Applicants can apply for loans anywhere, anytime, without visiting the lender's office. You will receive your loan amount as soon as your loan application is approved. Fulfil all your personal needs with a personal loan!

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.

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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