Complete Guide On How To Get Paperless Personal Online 

Complete Guide On How To Get Paperless Personal Online

Do you want to apply for a personal loan? Picture this: You're in line at the bank to get your loan approved when you realize you've forgotten an important document. It would be a hassle to go back home! Wouldn't it be easier if applying for a personal loan was as simple as sending an email from your phone?

Thanks to new apps and user-friendly websites, applying for a loan has become a simple process. In this article, you will learn about paperless personal loans, the eligibility criteria, the documents you need, and more.

What is Paperless Personal Loan?

A personal loan is a type of loan you can get from a bank without putting up any assets, like a house, as security. A paperless personal loan allows you to apply for this loan digitally. You submit your documents online, and, after approval, you receive the loan money directly into your bank account. Best of all, there's no paperwork involved, and you don’t need to stand in long lines for document verification.

How do apply for Paperless Personal Loan?

In today's digital age, applying for a loan online is quite easy. You don’t need to take documents to the bank. Here’s how you can do it:

1. Choose a bank to apply for your personal loan.
2. Visit the bank's official website.
3. Fill out the online application form with your personal details.
4. Submit the requested documents as mentioned in the application.
5. You can scan your documents and upload them easily.
6. Once the bank receives your documents, they will check their validity.
7. If everything is in order, your loan amount will be sent to your bank account usually within 24 hours.

Many banks now have helpful apps. You can apply for a loan directly within the app, and you can even track your application and pay your monthly installments through it. For example, SBI Bank has an app called YONO that lets you apply for loans.

What are the documents required for a Personal Loan?

While paperless personal loans are easy to get, you will still need to provide some documents. This helps the bank know that you are capable of repaying the loan. You can sign these documents digitally.

Here is a list of documents you need for a paperless personal loan:

- Identity proof (like PAN card, Aadhar card, Voter ID, or Driving License)
- Address Proof (like Aadhar card, Passport, utility bill, etc.)
- Digital copy of your bank statement
- Salary slips (ask your employer for a digital copy)
- Your latest loan statement
- Recent bank statements for the last 6 months along with proof of any loan repayment
- KYC (Know Your Customer) documents 

If you don't have digital copies, you can scan the physical documents and submit those.

Eligibility Criteria to apply for Personal loan

To qualify for a personal loan, you need to meet certain criteria:

- It depends on your salary.
- You must be an Indian citizen.
- Your credit score, known as CIBIL Score, should be 750 or higher.
- You must be employed by a multinational corporation, private firm, or public limited company.
- You can also use an Eligibility Criteria Calculator to see if you qualify.
- Your age should be between 21 and 67 years.
- Regardless of whether you earn ₹15,000 or ₹25,000, you can apply.

Different banks offer various types of loans. Here are a few:

Quick Personal Loan: These loans are approved quickly with minimal documentation.

- Pension Loan: This type is for government pensioners. You must meet certain criteria to apply, such as being a defense or government pensioner aged up to 76 years.

- Loans Against Security: These loans require collateral. You can use property or financial securities as a guarantee.

- Pre-approved Personal Loans: If you have a good credit history, some banks can offer you instant loans that are pre-approved.

Each bank offers different schemes, and you can compare them on their websites.

Some advantages of paperless personal loans include:

- Secured Process: Everything is done online, which reduces the risk of losing documents.
- Fast Disbursal: Once the lender approves your loan, the funds are typically transferred to you within 24 hours.
- Time-saving: You don't have to visit a bank branch, as you can apply directly from your smartphone.

How to transfer a paperless Personal loan?

If you're struggling with your current loan's interest rates, you might be able to transfer your loan balance to another lender offering lower rates. This means another bank will pay off your debt, and you will repay the new lender instead. You can also transfer personal loans online without needing to visit a bank branch.

Final Thoughts

We hope this guide helped you understand the basics of paperless personal loans and how to apply for one from anywhere in the world online. Different banks have different interest rates for personal loans, so it's wise to compare them before applying. If you still have questions, consider seeking advice from experts at https://www.piramalfinance.com/personal-loan to get a better understanding of everything, including current interest rates.