With the government of India encouraging digital transactions across all customer segments, a lot of financial organisations are adopting paperless procedures even for loan approvals. In line with the paperless transaction techniques adopted by commercial organisations, today, most lenders have a simple and secure personal loan sanction process without any documentation to give applicants a hassle-free borrowing experience.
In recent times, a lot has changed due to advancements in technology. Everything can be done with just a few clicks, thanks to the much-needed new inventions in the tech world, from the way the banking sector works to how people buy groceries these days. Rather than waiting for days, most people are looking for easy and quick solutions to all their banking needs.
Even the government has been promoting the mantra “go cashless”, which promotes the digital marketplace in the banking and financial sector. In the same way, some reputed financial institutions are offering paperless personal loans that is only helping the digital financial sector grow and become more powerful.
Because of all the positive changes in the digital sector of finance, more and more people have started to look for all sorts of instant solutions for their financial needs. Personal loans are the top option for people when they quickly need help with their financial crisis.
Experts believe that the future of personal loan is going to be absolutely paperless; that is why big companies have started offering paperless personal loans to their customers.
Today, all financial organisations, especially the lending institutions, are relying heavily on innovative digital technologies to provide better services to the customers and get rid of the mundane documentation-related administrative works. Many experts have corroborated that the paperless loans have been a boon to all customers as it helps them get the necessary funds during a financial emergency.
Benefits of Paperless Personal Loan
- One of the significant benefits associated with an instant loan without documents is its unsecured nature. This means you need not pledge any asset to the lender against the borrowed amount. The collateral-free nature makes it more feasible, and affordable, especially for those who need a loan but do not have any substantial asset to pledge.
- As the name itself suggests, it is a paperless personal loan. The process is completely digital, hence you won't need to visit the branch to submit your application or your documents.
- Thanks to the paperless personal loan without documents, the hectic process from filling, waiting in long queues, and spending time and effort to get the approval can be avoided.
- Going digital for your personal loan needs also means the process is a lot efficient and quick comparatively. Once all the online documents have been verified, you will receive the loan amount instantly, which doesn't take a lot of time.
- Some banks also offer pre-approved loans to their old customers who already have bank accounts with them.
- One of the most important benefits of a paperless personal loan is that it is eco-friendly. This means you will not be wasting important resources like paper. You can just simply send the documents online, and you will help save the earth and save your time too.
- Follow the digital approach for your personal loan. You can get it for comparatively lower costs by the lenders because the cost of printing can be eliminated completely in this process.
- The digitalisation of the financial activities has made the documentation and customer verification process quick. This applies to personal loans, as you need not meet the lending officer or provide any physical documents.
- Today, online personal applications are approved within a few minutes. This is mainly because computer software does the verification process. So, if you are facing an emergency and need quick cash, personal loans could be your saviour.
- Unlike other types of loans, which are meant for a specific purpose like home loans must be used only for buying or construction of a home, a personal loan has no such restrictions. You can use the amount borrowed for any purpose you want, expect for any illegal activities like gambling, or betting.
Who can avail an online personal loan?
Anyone can apply and avail an online personal loan provided they meet with the lenders' eligibility requirements. While the criteria to qualify for a personal loan from a lender to lender, most lenders have the following eligibility criteria:- You must be aged between 21 to 60 years at the time of applying for the loan.
- Your credit score must be 700 (or more). This may vary from lender to lender.
- If you are a salaried employee, your monthly income must be at least 25k per month. For self-employed professionals and business owners, the annual gross income should be at least five lakhs. (this may differ based on the amount you apply)
- Some lenders would require you to be employed for at least 12-24 months with the same organisation at the time of applying for a loan. For self-employed, the business should be in operation for at least three years.
How to Apply for a paperless personal loan?
The steps to apply for a paperless personal loan is the same as that of a standard loan.- Visit the lender's website
- Fill the application form, upload the necessary documents
- Get e-approval from the lender
- Accept the lender's offer
- Receive the amount in your account
To make sure you are eligible for a personal loan and speed up the process, it will be good for you to follow the following steps. The steps will help you maintain a good rapport with the bank, build a trust factor, speed up your approval and verification process, get great deals and offers, lower interest rates and flexible repayment process.
Repay all your existing loans & dues on time- Repaying your past loans and all your pending dues on time will surely help you in your current application for a paperless personal loan without documents. Lenders will keep an open eye for creditworthiness, which you can achieve when you repay your loans and dues on time. If you pay your dues and loans on time, it will make the lender trust you more, which means you will be one step closer to your loan approval.
If your repayment history is not as good as your lender wants it to be, your lender will think that you are not very responsible with credit. There are a few changes that your lender may not approve of your application if you have pending dues and existing loans. Paying your loan EMIs and credit card bills on time will help your application. Make sure you avoid delayed payments and defaults on your payments at all cost.
Don't miss out on any dues- Paying your dues is as important as watering your plants. If you don't water your plants, you won't be able to enjoy the fruit later when the plant grows. The same goes with paying all your dues. Paying your dues on time will help you in future when you need any type of loan to fight off the financial crisis or take a little help for the time being without having to affect your savings, budget and monthly expenses. People tend to think they won't need another loan and avoid paying the dues on time.
This can severely affect your credit score, which will make your future loan applications hard to accept. Lenders will not grant loans to people with bad credit scores and irresponsible repayment histories. Even after all the financial planning, any emergency expense can come knocking on your door without informing you in advance. That is when there are chances that you might think to take a personal loan. But if your credit score isn't up to the mark, you will not get the loan easily. Paying your dues on time will help your lender trust you more, which will speed up your verification and approval process.
Maintain a good relationship with the lender- In this economy where borrowing money can be tight, maintaining a good credit score can be hard work; building and maintaining a good relationship with your lender can help you a lot. If the lender knows you and trusts you, you will be able to get loan approval quickly as compared to people who don't have a great relationship with the lender. It can help you with your application, your business and get you better deals. You can also get the loan approved without submitting documents to the lender, because you decided to maintain a healthy relationship with the lender.
These are not the only perks and advantages of it, other benefits of it are that you will get your loan approved with a better deal and lower personal loan interest rate, which you might not get if your relationship with the lender isn't strong. If you are wondering how you can build a relationship with your lender, you need to start small. You can spend time with your lender on the branch, discussing the loan terms, sharing information about yourself and your business, ask for their professional advice, and build trust with time.
Maintain a high credit score- A high credit score can prove extremely helpful in many ways. The facilities, offers and deals available to an individual depend on consumer behaviour. Lenders tread cautiously before approving a personal loan or approving a credit card application. They make sure the applicant has a proven track record of timely payments and has been maintaining a high credit score. When the credit score or your report drops below the point of asking, the lenders may become very wary of you and will hesitate to approve your application. They might not eve your application because of your poor credit score. It is because their risk of investment is greater in this case.
If your credit score is high, you will get quick approvals of all sorts of personal loans. You will also be able to get lower interest rate offers, and you can easily avail of a competitive processing fee. In certain cases, a high credit score has helped people with pre-approved loan offers, which will lead to your process speeding up. You can easily negotiate and get better deals like low-interest rates because your CIBIL score is high. The required CIBIL score for unsecured loan approval is 750 or above.
Keep your debt-to-income ratio in check- The debt-to-income ratio required for a hassle-free and document submission free loan approval process is 50% or less. If your ratio is lower, it means that your repayment abilities are great, and you have a reliable and great source of income. This will make you a risk- free and trustworthy borrower. You will get the loan approved quickly if you are a risk-free borrower. The quicker your loan is approved, the faster you are able to help yourself out of the financial crisis or whatever your reason was to apply for a personal loan in the first place. If your debt-to-income ratio is 21% -35%, it will be considered a very good ratio.
This will make sure you get personal loan approvals quickly and even get competitive interest rates and processing fees because you are a risk-free borrower. If your debt-to-income ratio is 35%-60%, your loan application will still be approved, but you will be paying a higher interest rate. But if your debt-to-income ratio is higher than 60%, it will be difficult for you to get a loan. Keeping your debt-to-income ratio in check for a hassle-free loan approval experience is essential.
Final word
The advent of paperless personal loans has made the lending approval and sanction process faster, and more convenient for both borrowers and lenders.
What is the easiest way to get a personal loan approved without documents?
Here are a few quick and simple ways to apply for a personal loan without documents.1) Decide which banking institution to use.
In the world of banking, loyalty is highly valued, and this is particularly true when it comes to taking out credit. If you have been a consistent customer of a financial institution, then you can simply apply for a personal loan without submitting any paperwork.The lender will already be in possession of the necessary details and will have privy to your financial background. If your profile reveals that you are significantly wealthy, then some lenders might even approve a personal loan without any income documentation.
2) Keep your credit score good.
Lenders emphasise your credit score because a personal loan is an unsecured type of credit, and they use it to assess the risk of approving your application. This is why it's critical to keep a strong CIBIL score for personal loan, which shows lenders that you've previously been dependable with borrowed money.Additionally, it suggests that you are less likely to skip or delay EMI payments.
3) Pick a lender with an instant personal loan approval option.
Typically, lenders who offer loans with rapid approval just need the bare minimal supporting papers.For instance, your bank might provide an online application form for a personal loan. Once your information is confirmed, the application is approved right away. Additionally, this loan may provide prompt disbursement within 24 hours of approval.
4) Utilize a pre-approved personal loan offer.
To experience low or no document loan applications, choose a pre-approved offer.On account of your financial profile, you can readily obtain pre-approved offers in this way.
While getting a quick personal loan with few documents is possible, keep in mind that you might still need to present some paperwork to the lender. Therefore, do your homework in advance to prevent any unpleasant surprises.
Can I get an instant loan without any documents?
Yes, you may be able to obtain a personal loan without paperwork and benefit from better terms and conditions or reduced interest rates for personal loan if you have a long-standing relationship with the lender.What are the eligibility criteria for a Personal Loan?
Here is the eligibility criteria for availing a Personal Loan:Nationality: Indian
Minimum Age: 21 years old
Working For: A public, private, or MNC.
CIBIL Score: 750 or more.
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Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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