All You Need to Know About Paperless Personal Loans

In an age when the world is going paperless, why do you want to travel all the way to a branch and apply for a personal loan? Instead, sit at home, use the internet and apply for one.

Benefits of paperless loans

Paperless loans are online loans that require minimal documentation. And because we are moving towards a digital world, most of your documents like Aadhar card and driving license are accessible online. For the ones that are not, you can always scan them using your mobile phone.

Step-by-step process to get paperless personal loan

Step 1: You can take help of an online calculator to determine your loan amount and the equated monthly installment (EMI) amount. This will help you plan your finances accordingly.

Step 2: Compare the personal loan terms provided by different lenders. That’s because interest rate varies from lender to lender. They also provide unique services. For example, a lender like Bajaj Finserv offers flexible repayment options. Known as flexi personal loans, you don’t have to repay your principal and interest component from day one of the loan. Further, you can withdraw and repay the amount any time within the specified period.

Step 3: Check your credit score. Although lenders do this at their end, it is recommended that you verify your credit score before you apply for a loan. This will help you save time. That’s because if your credit score is low, you’d know that getting a loan is difficult. So, instead of wasting time by applying for a loan, you can use this time to improve your credit score.

Step 4: Go to the lender’s website and apply. Fill your personal and financial details. Keep soft copy of your documents nearby. This will help accelerate the application process. Every lender has more or less the same documentation process.

Step5: Call the lender and verbally provide all the details.

Step6: Get loan approval within 24 hours.

Step7: Read the offer document carefully. You need to confirm the rate of interest, tenor, the amount offered and other charges mentioned before you sign on the dotted line.

Step8: Get the loan in your account within 24 hours of your approval.

The benefits of availing a paperless personal loan

  • No need to visit the lenders’ office
  • Online documentation process
  • Quick approval (within 24 hours) and disbursal (within 48 hours)
  • Low processing fees
  • Online access to your account

To sum up

Now, you no longer need to visit the branch or worry about getting photocopies of the document. You just need to scan them on your phone and get the loan process rolling. So, apply for a personal loan online.

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