How to Get Personal Loan Easily from Your Home

How to Get Personal Loan Easily from Your Home

Personal loans are a useful and instant way to manage your planned and even unplanned expenses, like consolidation of mounting debt, unforeseen medical emergency, your child’s higher education, marriage, and so on.

Earlier, you would need to visit a bank or a non-banking financial company (NBFC), fill the lengthy application form, submit various documents, and wait for the decision of the bank regarding your personal loan application. It used to take various days to get the money you need. However, now many lenders offer paperless loan only on the basis of e-KYC based on Aadhar.

Loan on Aadhaar Card HDFC Insta Jumbo Loan

With the evolving technology, leading lenders have made it much easier to avail personal loans by simplifying the application process, speeding up eligibility checks & approvals, and reducing the time taken for disbursement of money. The tiresome loans have turned into contactless digital loan now.

And while this trend o is being followed by most lenders since the last few years, some lenders have gone even further. For instance, Bajaj Finance Limited has made it possible to avail an Instant Loan. They transfer money to your bank account instantly without you having to visit a branch, fill an application form, or submit any paperwork.

 

Contactless Emergency Loan with instant approval

 

You don’t need to step out of your home to get these paperless loans. Bajaj Finserv offers 100% online personal loans that come with no-touch verification and real-time disbursal. You can avail a personal loan using your smartphone and get the money instantly in a few minutes. Apart from Bajaj Finserv, various other lenders offer such contactless digital loans, including IDFC First, HDFC, MoneyTap, TATA, etc.

E-process for Instant Personal Loan

Here’s the E-process for instant Personal Loan:

  • Interested customers have to share the following information
    • Name
    • Mobile Number
    • DOB
    • PAN
    • Salary
    • Location
  • If CIBIL of the customer is above 700, and he is identified as a low risk customer, then he will be required to share below documents over email:
    • KYC including PAN, Aadhar
    • Latest 1 month’s Bank Statement
    • Latest 1 month’s Salary Slip
  • If CIBIL of the customer is below 700, and he is identified as a high risk customer, then he will be required to share below documents over email:
    • KYC including PAN, Aadhar
    • Latest 6 months’ Bank Statements
    • Latest 6 months’ Salary Slips
  • Lender will then verify the documents online
  • After checking the above details, approval for the case is given by the credit team
  • An e-agreement is generated and shared with the customer. Customer will sign it and send it back to the lender by scanning or by clicking photo.
  • The loan amount will be disbursed within 2 hours

Instant Personal Loan Eligibility

  • Your age must be between 23 and 58 years
  • You must be a salaried individual working with an MNC/ public/ private company
  • You must be a resident of India

Instant Personal Loan Documents

For these paperless loans, you require hard copies of your documents. You just need share below documents over email:

  • KYC including PAN, Aadhar
  • Latest 6 months’ Bank Statements
  • Latest 6 months’ Salary Slips

Benefits of Instant Paperless Loans

The paperless loan offers the following features and benefits:

1. Get instant money in your account

As soon as you pass the eligibility criteria of the lender, the instant personal loan amount gets disbursed in your bank account in just a few minutes. The instant online disbursal enables you to attend to your unexpected expenses without any hassle.

2. The entire process is paperless

The application process of an instant personal loan is paperless. You only have to review a few details about yourself in a pre-filled form and fill in some more information(if required). Everything is done online and the customer doesn’t require any paperwork. This makes the entire process faster.

3. High loan amount

As per your eligibility, you can get a high loan amount offered by the lender. The amount can be used as per your discretion as there is no restriction on its end uses. The high loan amount in less time allows you to address your financial need instantly. You can use these funds for medical bills, home improvement costs, debt consolidation, education needs, and so on.

4. No need for collateral and no hidden charges

Personal loans are usually collateral-free loans. You do not have to pledge any asset as security for the instant personal loan.Hence, the application is easy and hassle-free. The disbursal is also quick as there is no asset for the bank to verify or examine. As these are digital loans, there are no hidden fees or charges applied to your online loan application and its repayment.You can plan to pay off these loans easily.

5. Easy repayment with a flexible tenure

With flexible repayment tenure of up to 60 months, you can opt for the right period so that repaying the loan can be done as per your convenience. You can use the EMI Calculator to plan repayment as per your income and expenses.

Documents Required for a Paperless Loan

Paperless Loans require you to submit a few documents (mentioned) below through app or email:

  • Identity proof: PAN/ Aadhar Card/ Voter ID
  • Address proof: Aadhar Card/ Voter ID/ Passport/ Utility Bill
  • Digital copies of your bank statements and salary slips obtained from the employer

You can simply scan and upload these documents in the application portal. The company will verify the received documents during the processing stage.

You can apply for the instant personal loan online from anywhere and at any time, and get it in your bank account in just a few clicks. All you need to do is visit MyMoneyMantra and apply for a personal loan right now.

FAQs

✅ Which lenders offer instant paperless loans?

These loans are offered by Bajaj Finserv, IDFC First, HDFC, MoneyTap, TATA, and other lenders.

✅ How much Personal Loan can I get?

You can get up to Rs. 10 Lakhs as Personal Loan.

✅ Where can Personal Loan be used?

Personal Loans are multipurpose and can be used for marriage expenses, educational expenses, purchase of gadgets/consumer durables, debt consolidation, vacation, and so on.

✅ What is the minimum salary required?

The minimum salary required for instant Personal Loan depends on your city of residence. The minimum salary requirement is Rs. 25,000 to Rs. 35,000, depending on the city from where you are applying for the loan.

✅ How can I calculate my Loan EMI?

You can use MyMoneyMantra’s Online EMI Calculator to calculate your Personal Loan EMI instantly. All you need to do is enter the loan amount, applicable rate of interest, and tenure of repayment.

✅ How much CIBIL score is required to get a personal loan?

Usually, the CIBIL of the customer should be 700 or above.

✅ What are the eligibility criteria?

  • The age of the applicant must be between 21 to 58 years
  • Applicant must be a residing citizen of India
  • CIBIL score of the applicant should be 700 or above
  • Applicant must have a regular and steady source of income to repay the loan conveniently

✅ Why should you choose instant Personal Loan?

Instant Personal Loans are the best choice due to the following reasons:

  • Instant processing and loan approval
  • Instant money transfer to fund your immediate needs
  • Minimal documentation required
  • No or minimal paperwork involved
  • No hidden charges

✅ What are the processing fee and charges?

A processing fee of up to 4% of the loan amount plus applicable taxes can be charged. The interest rates and other charges vary from lender to lender.

✅ Can I get a loan without a salary slip?

You don’t need to submit the hard copies of your salary slips. However, Digital copies of your bank statements and salary slips obtained from the employer are required to avail the loan.

✅ How can I get a loan without documents?

You don’t need hard copies of the documents. You can scan and submit the soft copies through email or upload them through the app. If you have an existing relationship with the lender, they may grant you a loan without documents as well.

✅ Is it necessary to check CIBIL before applying for Personal Loan?

No. Doing so is not mandatory. However, knowing your CIBIL score helps you know your eligibility when applying for a Personal Loan.

Share This:
Category: Personal Loan