Want To Apply For An Instant Loan Without Documents? Here’s What You Must Do!

 Some years ago, availing of a loan from a financial institution used to be a lengthy, complex and time-consuming process. However, with digital banking, securing a loan is faster than ever before. There are several lenders- banks, NBFCs and digital lenders- making the process easy.  

With this, the pain of endless documentation, too, has been taken away. No more waiting for photocopies and the lengthy verification by officers- paperless loans have revolutionised the way instant loans are being processed. 

Instant Loan Without Documents 

An instant loan without documents is a digital loan, and it doesn’t need any written application or documents. It’s known as instant loans or easy loans. The borrower can apply for the loan through online digital platforms. The loan amount, interest rate, tenure and EMIs are fixed during the application process. There is no need for photocopies or attested documents, and hence the entire process is quite simple and fast. 

How to Apply for Instant Loans Without Documents 

Often people encounter situations where they need immediate cash. In such scenarios, applying for instant loans is the best way. As there is no lengthy loan application process, it helps to avail the required money fast. 

Three Ways You Can Avail of an Instant Loan Without Documentation

Take advantage of pre-approved loans. 

Most banks and NBFCs offer pre-approved loans to their existing customers. Such loans make you automatically eligible for a particular credit. You need not have to submit additional documents or go through a lengthy application process to avail of the loan.  

Pre-approved loan offers are often designed for select customers, and it helps you borrow money at affordable interest rates. You can find your pre-approved loan offers by logging onto your internet banking account. Choose the offer that best suits you and agree to the terms and conditions. Once the application is processed, they will credit the approved loan amount to your bank account within minutes/hours. 

However, pre-approved loan offers are provided to customers depending on their financial profile. Factors like your relationship with the bank, credit scores, repayment history, income levels, etc., are taken into consideration before determining the pre-approved offers for a customer. 

Choose a Lender With Whom You Maintain a Good Financial Relationship 

Loyalty goes a long way in the finance world, and this is especially true for availing credits. Compared to new customers, lenders prefer borrowers who have been maintaining a relationship with them. If you’re a long-term customer of a bank and hold assets like FD, mutual fund, insurance policies and savings account, you can easily avail of an instant loan without submitting additional documents. 

As the bank already has your KYC documents and access to your financial history, they don’t need any additional documents to process your loan request. Banks also look for income proof before sanctioning personal loans. If you have a salary account with a particular bank, then it’s easy for you to get an instant loan online without documents.  

Neo-Banking 

Neo-banks are banks with no physical branch locations, and they serve customers with savings, payment services and loans on completely mobile and digital infrastructure. The rise of fintech has revolutionised the banking industry, out of which mobile banking forms a sizeable chunk. 

In the digital world, customers are increasingly demanding easy digital access to their bank accounts, especially on their mobile phones. Though most major banks offer some kind of mobile banking feature, the rise of neo-banks has made comprehensive digital banking a reality. 

In a rapidly developing economy, consumers have been increasingly demanding easy digital access to their bank accounts, especially on mobile phones. Though most major banks now offer some kind of mobile banking feature, with the rise of neo-banks, mobile banking has become widespread and seamlessly integrated.

Benefits of Paperless Loans

Hassle-Free process

The loan process, from loan app to approval and loan disbursal, is carried out online. Customer can apply for the loan from the comfort of his or her home or office within minutes. No more long queues and paper verification.  

Quick disbursal

As the entire loan process is done online, the time taken is very less. The loan sanction and money disbursal take place within a few hours.  

Safe and Secure

Contrary to the belief, applying for a loan online is very safe. The information you provide online is kept private and is protected.

To Conclude,

Thanks to technology, lots of platforms are now open to giving out an instant personal loan without documentation, it is a hassle-free process, and the loan amount gets credited within hours. Make sure to take advantage of these avenues in times of need!