Paperless Personal Loan Options in India

Updated on: 19 Jan 2024 // 4 min read // Personal Loans
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With the government of India moving towards a more cashless way of transactions, the introduction of paperless personal loans was predictable. Most of the transactions that take place in today’s world are over the internet and paperless personal loans are just another way to ensure that we are all moving towards a digital way of life.

If you are not aware of the nuances of this crucial line of credit, let us walk you through what paperless loans actually denote, and how they are changing the way traditional loans work. Read on to know more:

What Are Paperless Loans?

As the name indicates, in a paperless Personal Loan, you get your loan money in your account without the need to present all the documents needed to process a loan. If the banks need any information, all this can be obtained from online documents or documents and files uploaded on the net. There is no need to submit physical papers.

Eligibility for Paperless Loans:

Now that you know what paperless loans are, you will need to fit into some criteria to ensure that you get your loan. Here are the broad eligibility requirements:

  • You must be a citizen of India
  • You must be at least 25 years of age
  • Your bank account must be in an Indian bank
  • You must have a valid photo ID, residence proof, and work proof
  • Your monthly income should be at least Rs. 25,000

Once you have all these in place, you can simply head to the Personal Loan company of your choice and apply for the loan.

Documents Needed for Paperless Loans

Once you have ticked all the eligibility criteria, you can apply for the paperless loan online and fill up the application form. The bank will verify the documents that you will upload online. However, before that, you will need to submit online copies of the following:

  • Photo: Two passport size photos
  • Identity Proof: Aadhaar card, passport, Voter ID, PAN card, driving licence (Please keep the soft copies to upload them to the portal)
  • Address Proof: Electricity/water bill/telephone bill of the last three months
  • Age Proof: Your tenth/twelfth passes, birth certificate, employee ID card
  • Financial Documents: The only finance-related documents you need in paperless loans are your pay slips from the last three months. If you go to your bank, they can also give it to you in soft copies that you can submit while applying for the loan

Benefits of Paperless Loans

Have you wondered why you should be choosing paperless personal loans online? What makes it so special for the fast-paced generation of today? Here are the reasons that may inspire you to get paperless loans, especially the one that Bajaj Finserv Personal Loan provides:

  1. The equated monthly instalment (EMI) is much lower than other types of loans (in some cases, this is up to 45%).
  2. Once you submit all the documents and apply for the online loan, it is processed and approved in less than ten minutes (the quickest you can get the loan is in 5 minutes).
  3. Your loan is disbursed quickly – In 24 hours, the loan is all yours and in your account!
  4. To meet your financial needs, you can get a loan of up to Rs. 25 Lakhs.
  5. We have already mentioned the documents that you need for getting the loan. If all the documents are complete and in place, the loan approval and disbursal is quick.
  6. The tenure to return the loan is flexible – you can either choose the return in 12 months or as long as 60 months, depending on your capability and choice.
  7. There are also pre-approved loan options. For these you simply need to share your basic details.
  8. You don’t necessarily need collaterals – Since this is a type of unsecured loan, you can get your loan without the need to specify or provide any collaterals.
  9. You can easily manage your account online – All the specifics of your loan are available in your account and you can simply login and see the details.
  10. No hidden charges are involved – When you get the loan, the bank will specify all the terms and charges to you and there are no hidden charges.

We hope that you are now better informed about the incredibly convenient tools that paperless Personal Loans have come to be. Then again, competitively priced alternatives like the Bajaj Finserv Personal Loans are always there to make things even easier for you!