Apply For Instant Paperless Personal Loan Online

ByNafas

Personal Loans are gaining popularity among customers looking for instant financial support. With digital and paperless processes, the time taken for documentation and verification is quick and hassle-free. As a result, personal loans are an accessible source of funds when there are sudden emergencies. You can easily apply personal loan online with affordable interest rates and completely paperless using Buddy Loan.

This article will help you know your eligibility and guide you to get an instant paperless personal loan.

 

Eligibility Criteria for a Paperless Personal Loan

The first and foremost step is to check if you qualify for all the required eligibility criteria. These criteria may vary depending on the banks or lending institutions you apply.

 

  • The applicant must be an Indian citizen.
  • The applicant must be between the ages of 21 to 59 years
  • The applicant must be either a self-employed or a salaried employee.
  • The applicant must have a stable income of at least INR 20,000 per month.
  • The applicant must have a credit score above 750.

Minimum Online Documentation

If you qualify for all the requirements, the next step is to submit the documents. Since it is a paperless process, you can submit the documents online without physically visiting the bank.

 

  • Proof of Identity: Aadhar Card, Voter ID, Pan Card, etc.
  • Proof of Residence: Electricity bill, water bill, Aadhar Card, PAN Card, Passport, etc.
  • Age Proof: Voter ID, Aadhar Card, Passport, etc.
  • Salaried employees must submit their last three months’ salary slips and their bank statements for the previous six months.
  • Self-employed individuals must submit their Income Tax Returns for the last two years audited by a CA and the bank statements over the previous six months.

 

Steps to Get a Paperless Personal Loan Online

Here is a step-by-step guide on how to get a paperless personal loan online.

  1. Visit the official website of the bank or lending institution.
  2. Check if you meet the required eligibility.
  3. Apply for the personal loan by filling out all the relevant personal and professional information.
  4. Select the loan amount, interest rate, and repayment period according to your budget
  5. Finally, submit the documents required for KYC verification.
  6. After submission of the application, the verification process will take a few hours.
  7. After the verification process, you will get your loan amount disbursed to your account within 24 to 48 hours.

EndNote

Following the above steps, meeting the required eligibility, and submitting valid documents will help you avail of the loan quickly. However, you must maintain a good credit rating to get personal loans at comparatively low-interest rates.